With former Misfit founder Sonny Vu at the helm, Arevo raises $25 million for its 3D printing tech
Now, Defy Partners and GGV Capital are joining to lead the company’s Series B round with involvement from Khosla Ventures, Alabaster and others. Brian Shin, a scout with Defy Ventures is signing up with the board which now counts Bruce Armstrong, from Khosla Ventures, and Hemant Bheda, Arevo’s co-founder as directors (in addition to Vu).
Arevo’s potential.”3D printing is about making things gradually and in small amounts. With Arevo’s innovation you can make big things rather fast,”Vu said in an interview. Numerous business are trying to take 3D printing into heavy market and large scale production. Relativity raised$140 million in its most current financing to make rockets utilizing 3D printers, Velo3D is a supplier of 3D printers to SpaceX, and now Arevo has$34 million for its efforts to scale 3d printers. Naturally all of these investments pale in contrast to the tremendous$ 438 million that Desktop Metal has actually raised for its 3D printing tech .”Arevo is a compelling chance for us as it integrates our three main
investment foci: customer internet, enterprise, and clever tech. We see fantastic capacity in this market, and have actually backed Sonny before at Misfit,”stated Hans Tung, in a declaration. “Arevo is led by a knowledgeable team with strong technological structure and 3D printing manufacturing know-how at scale– to offer breakthrough products at competitive costs.”
Vu was first introduced to Arevo in 2019 and was at first going to come on as a consultant to the company. And while Arevo already counts aerospace and automotive business as consumers (consisting of Airbus, which previously invested in the business), Vu desires to bring this to customers. Two years earlier, Jim Miller, a former Amazon and Google executive, was brought on board to take the reins at the business. Now, Defy Partners and GGV Capital are joining to lead the business’s Series B round with involvement from Khosla Ventures, Alabaster and others.”Arevo’s brand-new platform enables fabrication of high strength, low weight carbon fiber parts, currently not possible with today’s standard techniques,” said Trae Vassallo, founding partner at Defy.
“We can do about two frames each day per device,” Vu says of the most recent production rates. “And coming up with our next gen system we can do about six frames daily.”
The ascension of Vu to the president position and the new capital infusion marks the latest chapter for Arevo which is on its third president given that it was founded. 2 years ago, Jim Miller, a former Amazon and Google executive, was brought on board to take the reins at the business. Miller’s consultation accompanied a $12.5 million investment round led by Asahi Glass, with Sumitomo Corp., Leslie Ventures and Khosla Ventures getting involved. Miller was included with teaming up with Studio West on the style of its Superstrata bike.
It ‘d be a lot for anyone to handle even if it didn’t happen in the middle of international pandemic. But Vu, a serial business owner whose last service went head-to-head with Apple prior to it was gotten by Fossil for $260 million, doesn’t shy away from difficulties.
Arevo currently has a successful evidence of concept with its Superstrata bicycle and manufacturing facilities in Vietnam that are intended to prove that the business’s innovation will work as anticipated.
“Arevo’s new platform makes it possible for fabrication of high strength, low weight carbon fiber parts, presently not possible with today’s basic methods,” said Trae Vassallo, founding partner at Defy.”We are thrilled to be dealing with the group to help scale up this exceptionally impactful innovation. ”
Sonny Vu, the former creator and president of the wearable technology company, Misfit, has actually had a hectic summer season since he was named the brand-new primary executive of 3D printing technology
“We’re making this bike to make a point that we can make complex shapes at a pretty big scale,” Vu stated. Unlike other business that sell their printers to manufacturers, Arevo means to sell parts. Since the printers are a quite hefty ticket for anyone to purchase, that’s. At $1 million to $1.4 million, it’s a big request for a business to acquire if it wishes to begin using 3D printing.
Expense, Vu stated candidly that the business’s Achilles heel was the post-manufacturing treatment process required to complete the pieces. And while Arevo already counts aerospace and automobile business as customers (including Airbus, which formerly purchased the company), Vu wishes to bring this to customers. “We’ve had tennis racquet business, golf clubs, surfboards,” technique Arevo about utilizing the company’s innovation, Vu states.
Vu was first presented to Arevo in 2019 and was initially going to begin as an advisor to the company. Since the acquisition of Misfit he had been investing from Alabaster, his personal investment car. Initially introduced by Vinod Khosla, an investor in the service, Vu quickly moved from being an advisor to an executive at the helm of the company and an investor supplying bridge funding up until the company might close its latest round. Vu had at first intended to start his own service, but was drawn to
company, Arevo. Vu’s brand-new startup induced a brand-new executive management team, introduced a crowdfunding project for its 3D printed Superstrata bike and is now announcing the close of a $25 million financing round to support the growth of its company.