Jun 18, 2018 | By Thomas
San Diego, California-based 3D printer manufacturer Robo 3D has announced the acquisition of educational 3D printing platform MyStemKits. Founded in 2013, MyStemKits is currently the owner of the largest online library of STEM curriculums incorporating 3D printable kits for K-12 schools, all developed to meet Next Generation Science Standards (NGSS) and Common Core State Standards (CCSS).
Under the acquisition Agreement, Robo will acquire MyStemKits for a total consideration of US$2 million. The acquisition will be funded by a cash payment of US$1.2 million at completion, with the balance to be paid through the issue of new ordinary shares. In addition, Robo will pay a royalty of 5% on all MyStemKits license revenue generated for the five-year period following completion of the acquisition.
Robo has also announced it has received firm commitments to raise A$3.25 million via the placement of 130,000,000 ordinary shares at a price of A$0.025 per share. The funds will allow Robo to complete the acquisition of MyStemKits with US$1.2 million (A$1.58 million) cash payment and accelerate Robo’s sales and marketing activities. Astrion Capital Pty Ltd and Velocity Trade Pty Ltd acted as Joint Lead Managers to the Placement.
Robo’s CEO, Ryan Legudi, says, “The promise of 3D printing in education has yet to be fulfilled. For teachers we have spoken to, it is still complicated to incorporate 3D printing effectively into the classroom with the current offerings. With our Robo 3D printers combined with MyStemKits 240+ turn-key 3D printable lessons, professional development and training for educators, we know that we have the key that will give educators the opportunity to be successful with 3D printing in the classroom.”
In its launch phase, MyStemKits' lesson plans have been used by over 2,000 teachers in the USA. It has achieved a 97% success rating from teachers implementing project-based learning with 3D printers in the state of Florida. In 2017, MSK generated unaudited revenue US$2.0 million including US$0.6 million of license revenue and US$0.8 million in EBITDA.
Laron Walker, Founder of MyStemKits says, “MyStemKits was started with the intention of revolutionizing how 3D printers are used in the K-12 classroom. We have worked hard to make 3D printing plug-n-play, through an easy to use technical experience, backed by exceptional content and curriculum. I’m excited that the company is poised to reach its full potential as a part of the Robo family. Having an end-to-end solution for K-12 has always been a dream. Combining the world’s best 3D printing content library, along with best-in-breed 3D printers, will open the flood gates of opportunity for educators and students around the world.”
Alongside complementary curriculum such as MyStemKits, Robo’s 3D printers form an integral part of the infrastructure in schools, training colleges, universities, and the rapidly growing out–of-school programs. As announced to ASX on 14 March 2018, Robo has focused significant resources on expanding its presence into education to deliver a “turnkey” education solution. Robo will offer educational bundles that include their 3D printers, a filament supply, 1-year subscriptions to MyStemKits, and additional professional development and online learning.
In closing, Braydon Moreno, Co-Founder of Robo goes on to say, “We all know the impact 3D printing can have for students in the classroom. It just needs to be easy to implement. If you go to MyStemKits.com, select your grade level, choose a lesson, click a file, and stream it to your Robo R2 directly from the platform without needing to adjust any settings — that’s magical. That’s the promise of 3D printing for teachers."
Posted in 3D Printer Company
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