Sonny Vu, the ragged founder and chief executive of the wearable technology firm, Misfit, has had a busy summer season since he changed into once named the novel chief executive of 3D printing technology firm, Arevo.
Vu’s novel startup triggered a novel executive administration personnel, launched a crowdfunding campaign for its 3D printed Superstrata bicycle and is now asserting the cease of a $25 million financing spherical to red meat up the growth of its business.
It’d be a lot for anyone to bewitch on despite the true fact that it didn’t happen within the course of global pandemic. However Vu, a serial entrepreneur whose closing business went head-to-head with Apple earlier than it changed into once bought by Fossil for $260 million, doesn’t afraid a long way from challenges.
Vu changed into once first introduced to Arevo in 2019 and changed into once on the commence going to near on as an advisor to the firm. Since the acquisition of Misfit he had been investing from Alabaster, his personal funding automobile. First introduced by Vinod Khosla, an investor within the business, Vu rapid moved from being an advisor to an executive on the helm of the business and an investor offering bridge financing unless the firm would perchance perhaps also cease its most up-to-date spherical.
Vu had on the commence intended to commence his win business, nonetheless changed into once drawn to Arevo’s doable. “3D printing is set making issues slowly and in little quantities. With Arevo’s technology it’s good to manufacture mountainous issues rather snappily,” Vu talked about in an interview.
Several corporations strive to bewitch 3D printing into heavy business and gargantuan scale manufacturing. Relativity raised $140 million in its most most up-to-date financing to manufacture rockets the yell of 3D printers, Velo3D is a vendor of 3D printers to SpaceX, and now Arevo has $34 million for its efforts to scale 3d printers. Unnecessary to claim all of these investments faded when when compared to the whopping $438 million that Desktop Steel has raised for its 3D printing tech.
“Arevo is a compelling alternative for us as it combines our three major funding foci: user cyber internet, enterprise, and orderly tech. We gaze impossible doable in this market, and dangle backed Sonny earlier than at Misfit,” talked about Hans Tung, in a press release. “Arevo is led by an experienced personnel with actual technological foundation and 3D printing manufacturing know-how at scale – to give leap forward products at competitive prices.”
Arevo already has a worthwhile proof of belief with its Superstrata bicycle and manufacturing facilities in Vietnam which would perchance perhaps be intended to yell that the firm’s technology will work as anticipated.
“We’re making this bike to manufacture a point that we can manufacture complex shapes at a stunning gargantuan scale,” Vu talked about. No longer like varied corporations that sell their printers to producers, Arevo intends to sell substances. That’s since the printers are a stunning hefty tag for anyone to yell. At $1 million to $1.4 million, it’s a mountainous ask for a firm to construct if it wishes to commence the yell of 3D printing.
On high of that price, Vu talked about candidly that the firm’s Achilles heel changed into once the post-manufacturing cure course of required to fabricate the pieces. And whereas Arevo already counts automobile and aerospace corporations as potentialities (along side Airbus, which beforehand invested within the business), Vu wishes to lift this to customers. “We’ve had tennis racquet corporations, golf golf equipment, surfboards,” manner Arevo about the yell of the firm’s technology, Vu says.
“We can pause about two frames per day per machine,” Vu says of the most up-to-date production charges. “And springing up with our subsequent gen design we can pause about six frames per day.”
The ascension of Vu to the manager executive suppose and the novel capital infusion marks the most up-to-date chapter for Arevo which is on its third chief executive because it changed into once based. Two years within the past, Jim Miller, a ragged Amazon and Google executive, changed into once triggered board to bewitch the reins on the firm. Miller’s appointment coincided with a $12.5 million funding spherical led by Asahi Glass, with Sumitomo Corp., Leslie Ventures and Khosla Ventures participating. Miller changed into once fervent with participating with Studio West on the invent of its Superstrata bike.
Now, Defy Companions and GGV Capital are becoming a member of to lead the firm’s Sequence B spherical with participation from Khosla Ventures, Alabaster and others. Brian Shin, a scout with Defy Ventures is becoming a member of the board which now counts Bruce Armstrong, from Khosla Ventures, and Hemant Bheda, Arevo’s co-founder as directors (along with Vu).
“Arevo’s novel platform permits fabrication of high strength, low weight carbon fiber substances, currently now no longer that it’s good to imagine with nowadays’s regular systems,” talked about Trae Vassallo, founding accomplice at Defy. “We are pleased to be working with the personnel to back scale up this extremely impactful technology.”