Dec 15, 2015 | By Kira
2015 is drawing to an end, and for Palo Alto-based 3D printer manufacturer RoBo 3D, it’s a year they likely won’t forget. Just earlier this month, the company announced that prominent Australian technology investor Anthony Grist, through a backdoor listing with mineral exploration company Falcon Minerals, had paid $1.5 million to become majority shareholder of the small yet promising RoBo 3D. The 3D printer company also reported a year to date revenue of roughly $2.3 million for the first 10 months of 2015; an increase of approximately 100% compared to the same period the year before.
Today, the more-promising-than-ever company announced that it has secured demand of A$5 million (roughly $3.6 million USD) for its proposed capital raising in early 2016, a sum much higher than initially expected. Commitments have been received from Forrest Capital, GTT Ventures, and other professional investors, and the funding will go towards growing inventory levels, accelerating sales and marketing activities, and expanding investment into R&D focused on product development and innovation at RoBo 3D.
With its flagship product, the R1+ ‘plug and print’ desktop 3D printer, RoBo 3D focuses on developing and manufacturing consumer-based, easy-to-use, sub-1000$ 3D printers. In order to reach that exact market, RoBo 3D has been making a pretty good name for itself by selling its products through major retailers, including Amazon and Best Buy—the largest electronics retailer in North America, where it recently caught buyers’ eyes by setting up specially-made 3D printer kiosks. At the same time, RoBo 3D has worked with high-tech and high profile names, including NASA, Intel and Qualcomm, all of which have helped to solidify its name and ensure strong financial growth. Investors were sure to come knocking, though no one could have foreseen it would be to the tune of over $3 million.
Earlier this month, when Falcon Minerals acquired 100% of Grist’s Albion 3D Investments, which in turn became a major shareholder in RoBo 3D, Grist had told reporters that he would be given 19.5% share in the new company, and that as part of the deal, RoBo 3D would begin looking into expanding to the Australian 3D printer consumer market.
In terms of the details of today’s announcement, Falcon Minerals stated that, following a series of investor presentations, it has secured cornerstone demand for A$5,000,000 for its proposed capital raising in early 2016, with the capital raising price set at A$0.08 ($0.06 USD) per share post-consolidation. The capital raising is subject to the successful completion of the acquisition of Albion 3D Investments, which has agreed to fund Robot 3D. With all funding, legal, financial and commercial due diligence completed, Falcon Minerals says it “is now working with its advisors on the Chapters 1 & 2 re-compliance timetable.”
Posted in 3D Printer Company
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Sloan wrote at 1/5/2016 7:54:24 PM:
No they aren't. They are THE best for $800. The new R1 Plus fixes all previous issues.
Jose maya wrote at 12/22/2015 8:39:24 AM:
I don't understand ....Robo its the most lousy 3d printer ever