Sonny Vu, the previous creator and chief executive of the wearable innovation business Misfit, has had a hectic summertime given that he was named the new president of 3D printing technology company Arevo. Vu’s new start-up induced a brand-new executive management team, launched a crowdfunding campaign for its 3D-printed Superstrata bike and is now revealing the close of a$25 million financing round to support the development of its business.
If it didn’t take place in the middle of a global pandemic, it ‘d be a lot for anyone to take on even. However Vu, a serial entrepreneur whose last company went head-to-head with Apple prior to it was acquired by Fossil for $260 million, doesn’t avoid obstacles.
Vu was first presented to Arevo in 2019 and was at first going to begin as a consultant to the business. Considering that the acquisition of Misfit he had been investing from Alabaster, his individual financial investment vehicle. Introduced by Vinod Khosla, an investor in the business, Vu quickly moved from being an advisor to an executive at the helm of the business and an investor offering bridge funding till the business could close its most current round. Vu had at first intended to begin his own company, however was drawn to
Arevo’s capacity.”3D printing is about making things slowly and in small quantities. With Arevo’s innovation you can make big things quite quick,”Vu stated in an interview. A number of business are attempting to take 3D printing into heavy industry and large-scale manufacturing. Relativity raised$140 million in its latest funding 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. Of course, all of these investments pale in contrast to the whopping$438 million that Desktop Metal has raised for its 3D printing tech.”Arevo is an engaging opportunity for us as it integrates our 3 primary investment foci: consumer internet, enterprise, and clever tech.
We see great capacity in this market, and have backed Sonny before at Misfit,” stated Hans Tung, in a declaration. “Arevo is led by an experienced group with strong technological structure and 3D printing production knowledge at scale– to provide development items at competitive prices.”
Arevo currently has a successful proof of principle with its Superstrata bicycle and manufacturing centers in Vietnam that are planned to show that the business’s innovation will work as anticipated.
“We’re making this bike to make a point that we can make complicated shapes at a pretty big scale,” Vu stated. Unlike other companies that sell their printers to producers, Arevo plans to offer parts. That’s because the printers are a pretty hefty ticket for anyone to purchase. At $1 million to $1.4 million, it’s a huge ask for a company to obtain if it wishes to begin utilizing 3D printing.
On top of that expense, Vu said openly that the company’s Achilles’ heel was the post-manufacturing treatment procedure required to complete the pieces. And while Arevo already counts automobile and aerospace companies as consumers (including Airbus, which formerly invested in business), Vu wishes to bring this to consumers. “We’ve had tennis racquet business, golf clubs, surfboards,” method Arevo about utilizing the business’s innovation, Vu states.
“We can do about two frames daily per maker,” Vu states of the latest production rates. “And coming up with our next-gen system we can do about 6 frames daily.”
The ascension of Vu to the president position and the brand-new capital infusion marks the current chapter for Arevo, which is on its 3rd chief executive because it was founded. 2 years ago, Jim Miller, a previous Amazon and Google executive, was brought on board to take the reins at the business. Miller’s visit accompanied a $ 12.5 million investment round led by Asahi Glass, with Sumitomo Corp., Leslie Ventures and Khosla Ventures participating. Miller was involved with working together with Studio West on the design of its Superstrata bike.
Now, Defy Partners and GGV Capital are joining to lead the business’s Series B round with involvement from Khosla Ventures, Alabaster and others. Brian Shin, a scout with Defy Ventures is joining the board, which now counts Bruce Armstrong, from Khosla Ventures, and Hemant Bheda, Arevo’s co-founder, as directors (along with Vu).
“Arevo’s new platform allows fabrication of high-strength, low-weight carbon fiber parts, currently not possible with today’s basic techniques,” said Trae Vassallo, founding partner at Defy.”We are enjoyed be working with the team to help scale up this incredibly impactful technology. “Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.