Robo 3D is a California based desktop 3D printer manufacturer that has just announced raising $1.37 million in their most recent funding round. Robo 3D has recently announced two new printers on Kickstarter, the C2 and R2 3D. Robo 3D is anticipating a huge demand for the R2 3D printers and already have a large number of pre-orders which will help to expand production.
This financing comes in two parts. Tony Grist, the head of Albion Capital Partners, provided a $1 million trade finance loan, while $800 thousand of leading was led by GTT Ventures.
Funding the New Robo
Prior to the announcement of funding, trading was suspended. The funding and trade placement at the time of announcement will be utilized to both finance manufacturing and rollout the 3D printers that are currently available on a pre-order basis.
Robo 3D has also explained that investment will be used to expand development initiatives with Foxconn, who is the Robo 3D’s largest manufacturer. Foxconn is best known for making iPhones in China and was properly announced as Robo’s manufacturing partner earlier in this year. Robo 3D will take care of sales and marketing, while also ramping up stocking purchasing from Foxconn, due to the expected high demand of the R2 printer.
Commercialization and Beyond
The first Robo product, the R1+ was a plug and play type desktop 3D printer. Since that time, Robo has become known for selling their products in worldwide retailers, like Best Buy and Amazon. It has also gained exposure in 3D printer kiosks, as well. In addition, Robo has worked with high-tech names, such as NAsA, Qualcomm, and Intel.
The managing director of 3D Robo says, “With the successful pre-sales of our new Robo R2 3D printers, this fundraising will strengthen our working capital position to fully expand our marketing and sales efforts while our printers gain further traction in the market.
About Robo 3D
The Robo 3D is different from competition by virtue of using open source ideology and being compatible with many different 3D modelling software programs, including free sharing websites like Thingiverse.
Robo was founded in 2012 by students from San Diego State University, Coby Kabili and Braydon Moreno. Frustrated with the cost of using an industrial printing machine, Coby set out to make his own from scratch. He and Braydon began product development and went to Kickstarter for their initial funding. They had a targeted funding level of about $50 thousand but went on to see backing of nearly $650 thousand from over 1200 individuals.
From there, the project has taken off and the two co-founders were even honored in the Forbes 30 Under 30 List: Class of 2017.
Seeing the continued funding and desire to keep offering an affordable 3D printer option gives hope to everyone out there who may dream of a world where things are easier and we can all change the world. With the two new units coming out soon, we can only wait and see how the C2 and R2 do once they’re on the market.