Californian desktop 3D printer manufacturers Robo 3D has announced raising AUD$1.8 million (USD$1.37 Million) in a recent funding round.
Robo 3D was listed on the Australian Stock exchange (ASX) in November 2016. Recently the company launched the C2 and R2 3D printers on Kickstarter. According to Robo 3D, they are anticipating high demand for the R2 3D printers following a considerable number of pre-orders and will use the funding to expand production.
The total amount of finance comes in two parts. $800,000 of funding was led by GTT Ventures, with major shareholder Tony Grist, head of Albion Capital Partners providing an $1 million trade finance loan.
Funding Robo 3D R2
Trading was suspended prior to the announcement, and the placement comprises 13,333,333 shares. The funding and trade placement will be used to finance the manufacturing and rollout of the Robo R2 3D printers which are currently available to pre-order.
The Californian company also announced the investment will be used to expand joint R&D development initiatives with Foxconn, Robo 3D’s major manufacturer. Taiwanese manufacturing company Foxconn is famous for manufacturing iPhones in China and was announced as Robo’s manufacturing partner earlier this year. Robo 3D will fund sales & marketing operations with the investment, in addition to ramping up stock purchasing from Foxconn in light of the expected high demand for the R2 printer.
Robo’s Managing Director, Ryan Legudi explains the company is in “full commercialisation mode.” He adds,
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.
Featured image shows Robo 3D overseeing the final stages of production of the R2 3D printer. Photo via Ryan Legudi.