Based in Shenzhen, China 3D printer provider Snapmaker has announced the closing of a Series A funding round through which it has raised “millions” of dollars.
While the company has not disclosed the amount of funding raised, it will direct the funds towards bolstering its recruitment process and the development of its supply chain.
The funding round was led by Chinese investment firm MatrixPartners China and private placement equity investment company Cowin Capital.
Increased focus on FDM in 2021
Founded in 2016, with the successful funding of the first Snapmaker 3-in-1 on Kickstarter, Snapmaker seeks to provide low-cost multi-tool 3D printers to the DIY market featuring 3D printing, CNC carving, and laser engraving capabilities all in one machine.
In 2019, the company launched a crowdfunding campaign to launch its new Snapmaker 2.0 series which promised to be “smarter, faster, larger, and more powerful than ever before.” The system comes in three different sizes, the A150, A250, and A350, with build volumes ranging from 145 mm x 160 mm x 160 mm to 320 x 350 x 330 mm. The machine’s modular design enables users to quickly and easily change between modes to enable faster set-up times, and is compatible with dozens of materials including leather, food items, and wooden PLA. The Snapmaker 2.0 also makes use of the firm’s Snapmaker Luban cross-platform CAM open-source software.
Snapmaker presented the modular desktop system at CES 2020, after raising over $7.8 million in its Kickstarter campaign and reportedly becoming the most-funded technology project in Kickstarter history. The Snapmaker 2.0 received a 2020 CES Innovation Award during the event.
In the past year, Snapmaker has purportedly seen a 67 percent increase in demand for its machines, and has shipped more than 45,000 units to 120 countries and areas. The company now has over 60 resellers, and its own team has grown rapidly since its establishment.
Looking ahead, Snapmaker plans to continue increasing its workforce throughout 2021, and has announced a greater focus on Fused Deposition Modeling (FDM) technology for the future. The firm will also continue to introduce more modules to increase the expandability of its Snapmaker machines.
3D printing successes on Kickstarter
Prior to Snapmaker’s crowdfunding success in 2019, other standout 3D printer projects on the Kickstarter platform included Formlabs’ $2.95 million launch of the Form 1 back in 2012, and the $800,000 raised by Printrbot in 2011.
More recently, Chinese 3D printer manufacturer Creality raised HK $33 million ($4.3 million USD) in a Kickstarter campaign for its CR-6 SE 3D printer, with the campaign becoming one of the most successful on the platform last year. In December, the company launched another Kickstarter campaign for its latest FDM system, the CR-30 or 3DPrintMill, a conveyor belt-based 3D printer primarily aimed at designers and SMEs.
Also in 2020, 3D printer manufacturer LONGER began crowdfunding on Kickstarter for its latest LCD system, the Orange 4K, and German start-up iFactory3D launched its debut FDM conveyor belt 3D printer, the iFactory One, on Kickstarter in November.
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Featured image shows Snapmaker 2.0 modular 3-in-1 3D printer. Photo via Snapmaker.
