3D printing has the potential to drastically reduce manufacturing costs across multiple industries, especially for specialty metal parts that would normally require manual fabrication, but the cost of metal 3D printers puts them out of reach for most individuals and smaller businesses. Massachusetts-based startup Desktop Metal Inc. thinks it can solve that problem, and today the company announced that it has closed a large $115 million late-stage funding round.

Desktop Metal’s Series D round involved more than a dozen investors, including New Enterprise Associates, Google Ventures, GE Ventures, Future Fund and Techtronic Industries. The startup previously closed a $45 million Series C round in February, and now its latest funding brings Desktop Metal’s total funding to date to $211.8 million. CNBC reported that the new round values the company at more than a billion dollars, making it a so-called “unicorn.”

Desktop Metal was founded in 2015 by manufacturing and robotics experts who wanted to create affordable metal 3D printers for both engineers and manufacturers. The company plans on offering two different printer styles: the smaller Studio System, which is designed as a safe, “office-friendly” printer for small-batch prototyping, and the larger Production System, which is designed for fast, high-volume production.

Ric Fulop, chief executive and co-founder of Desktop Metal, said that the company will use the new funding to speed up its time to market, as well as to expand its sales team and further develop its technology.

“We are on the brink of an exciting transformation in how metal parts will be designed, prototyped, and ultimately mass produced,” said Fulop. “This latest funding puts us in an ideal position to ship our Studio System in the coming months and our Production System in 2018, while also enabling us to grow our company globally.”

Desktop Metal said its Studio System is 10 times cheaper than existing technology and its Production System is 100 times faster than other laser-based additive manufacturing systems. Steve Taub, senior director of advanced manufacturing at GE Ventures, said that Desktop Metal has “delivered on exactly what they’ve promised: a vision to change the way parts are manufactured, with the innovative metal 3D printing technology to make that a reality.”

Photo: Desktop Metal