- AREVO — a company that is transforming composites production through digitalization — announced a $25 million Series B funding round and introduction of the Aqua 2
AREVO — a company that is transforming composites production through digitalization and automation — announced the introduction of its newest system called the Aqua 2. The Aqua 2 is the world’s first high speed additive manufacturing system for large continuous carbon fiber composite structures.
Along with the higher quality, the Aqua 2 is able to print 4x faster than its predecessor. And this enables the rapid on-demand production of large (up to one cubic meter) custom composite parts.
$25 Million Series B Funding
The company also closed their $25 million Series B financing round, led by Defy Partners and GGV Capital with participation from Khosla Ventures, Alabaster, and others. And this will bring their total funding to $60 million.
Defy appointed Brian Shin, an accomplished serial entrepreneur, investor and Defy Scout, to join Arevo’s Board, which also includes Hemant Bheda (Co-Founder), Sonny Vu (CEO), and Bruce Armstrong (Khosla).
These announcements come on the heels of Arevo’s crowdfunding campaign to make their first direct-to-consumer products: the Superstrata bicycle and e-bicycle — which is the world’s first true unibody custom 3D printed carbon fiber bikes. The campaign hit the goal of $100,000 in under 3 minutes after launch. And now it is on track to surpass $5 million from over 3,000 backers.
KEY QUOTES:
“Arevo’s new platform enables fabrication of high strength, low weight carbon fiber parts, currently not possible with today’s standard techniques. We are thrilled to be working with the team to help scale up this incredibly impactful technology.”
— Trae Vassallo, founding partner at Defy
“Arevo is a compelling opportunity for us as it combines our three main investment foci: consumer internet, enterprise, and smart tech. We see fantastic potential in this market, and have backed Sonny before at Misfit. Arevo is led by an experienced team with solid technological foundation and 3D printing manufacturing know-how at scale – to offer breakthrough products at competitive prices.”
— Hans Tung, a Managing Partner at GGVC
“We are excited to have Defy and GGVC on board to bring not only capital but a vast amount of strategic experience. The strong interests in the company despite tough market conditions really reaffirm our vision.”
— Hemant Bheda, Arevo’s Co-founder and Chairman
