Desktop Metal Lays Off Staff Amid Coronavirus Disruption
Burlington-based Desktop Metal, the 3D printing startup led by A123 Systems founder Ric Fulop, is the latest local company to reduce its workforce as the effects of the coronavirus pandemic trickle down to the startup economy.
The company declined to comment on what departments were affected or how many employees were let go. But a source, who wished to remain anonymous, told BostInno the cuts were made to the engineering, industrial design and lab and metallurgy departments.
“The impact of this pandemic has been felt across all sectors and, like many 3D printing companies, we need to ensure our company is properly positioned to weather the economic crisis that will follow,” the company spokesperson said. “Like most of our competitors, we’ve implemented cost reductions as a proactive measure for the health of our company.”
Founded in 2015, Desktop Metal is among the local cadre of 3D printing companies working with hospitals and health care facilities to manufacture medical supplies. The company launched an online site for manufacturers to submit their requests for medically needed, small complex metal parts.
The company closed its last venture round totaling $160 million last January, bringing its combined funding to $438 million.