Fast Radius and Desktop Metal partner to accelerate adoption of metal additive production applications
CHICAGO, May 20, 2019 – Fast Radius, Inc., a leading manufacturing technology company, today announced a partnership with Desktop Metal to help companies accelerate the discovery and launch of applications on the Desktop Metal Production System, the world’s fastest metal printer. Desktop Metal, based in Burlington, Massachusetts, is addressing the unmet challenges of speed, cost, and quality to make metal 3D printing an essential tool for engineers and manufacturers around the world. Headquartered in Chicago, Fast Radius’ technology platform and manufacturing footprint help customers bring new products and supply chain models to market that are uniquely enabled by additive manufacturing (“3D printing”).
As part of the partnership, Fast Radius will be one of the first companies to receive the Production System. The partnership also includes the development and execution of a Fast Radius Application Launch Program (“ALP”) specifically targeting production applications with Desktop Metal’s binder jetting technology.
The Fast Radius Application Launch Program is an invite-only, nine-month program where a cohort of non-competitive companies leverage the Fast Radius software platform and team of additive application engineers to identify, evaluate, design, and ultimately launch a production-grade application leveraging the latest additive technologies. Nearly 25 companies have participated in ALP, with dozens of production-grade applications identified and currently ramping. Now this proven methodology is being deployed to drive application discovery and launch with Desktop Metal.
“We are excited to partner with Fast Radius as one of our early customers for the Production System and look forward to working together on the Fast Radius Application Launch Program,” said Ric Fulop, co-founder and CEO, Desktop Metal. “We are confident that this partnership will further accelerate the identification and development of pioneering applications enabled by the Production System.”
“The Production System represents an entirely new manufacturing platform which will enable new part geometries, improved functional performance, and a more favorable cost structure for innovative product developers,” said Lou Rassey, Chief Executive Officer, Fast Radius. “We look forward to working with Desktop Metal and our upcoming ALP participants to identify and launch new applications uniquely-enabled by the Production System.”
In April, Fast Radius announced a $48M funding round led by UPS. Fast Radius customers include leading Fortune 500 companies across verticals, including automotive, industrial, aerospace, and consumer products.
The Production System is the world’s fastest metal printing press for mass production with over 400 percent productivity over the closest binder jet alternatives and more than 100 times faster than laser powder bed fusion systems in the market. These systems are designed to print a broad range of alloys, including reactive metals such as titanium and aluminum. This process enables the use of metal powders that are 80 percent lower cost than laser powder bed fusion metals, delivering parts at 1/20th the cost.
The Fast Radius software platform, also known as the Fast Radius Operating System (“FROS”), supports customers across the product lifecycle and is a key enabler of the Fast Radius Application Launch Program. The platform helps customers identify potential applications, conduct engineering and economic evaluations, accelerate new product development, and ultimately manufacture industrial-grade parts in Fast Radius factories at scale with the latest additive technologies.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with end-to-end metal 3D printing solutions. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make metal 3D printing an essential tool for engineers and manufacturers around the world. Since its inception, the company has raised $438 million in financing with a portfolio of strategic partners and investors including Ford Motor Company, GV (formerly Google Ventures), GE Ventures, BMW iVentures, Koch Disruptive Technologies, Lowe’s, New Enterprise Associates (NEA) and more. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies. For more information, visit www.desktopmetal.com.
About Fast Radius
Fast Radius is the leading provider of additive manufacturing solutions, including application discovery, product design and testing, and production-grade manufacturing. From entirely new products uniquely enabled by additive manufacturing to global supply chain solutions leveraging a virtual warehouse, Fast Radius brings the future of manufacturing and the supply chain to its clients. Last year, Fast Radius was recognized as one of the 9 companies best “implementing technologies of the Fourth Industrial Revolution” by the World Economic Forum (WEF)—the only company honored that is based in North America. Fast Radius is headquartered in Chicago, with offices in Atlanta, Ga and Singapore, as well as a production hub on-site at the UPS Worldport facility in Louisville, Ky. Visit fastradius.com for additional information.