Tuesday, 15 December 2015 22:04

3D printer company RoBo 3D to secure $5 million funding


RoBo 3D, a Palo Alto producer of 3D printers for the consumer market and funded by Australian Tony Grist’s Albion 3D investments has secured demand of $5 million for its proposed capital raising in early 2016.

The amount was higher than initially expected and commitments have been received from Forrest Capital, GTT Ventures and a number of sophisticated and professional investors.

Robo 3D says that it develops, designs, manufactures and sells 3D printers and associated products to the desktop/consumer segment of the 3D printing industry, and was founded in 2012 by a group of students from San Diego State University.

RoBo 3D says that at the centre of its product offering is its ‘plug and play’ 3D printer, the ‘R1+’ model, which includes a number of ‘compelling characteristics.’

Robo 3D says it has been selling its printers through major customers Amazon and Best Buy, the largest electronics retailer in North America, and has ‘experienced strong growth across its business, generating year to date revenue of approximately US$2.3 million (c. A$3.3 million) for the 10 months ended October 2015, an increase of approximately 100% compared to the same period in 2014, Robo 3D’s first full year of sales.’

The finances will be used to accelerate sales and marketing activities, and expand investment into research and development activities focused on new product innovations at RoBo 3D.

This also shows a rising trend on 3D printing, and how an Australian investor, Tony Grist is backing a company from Palo Alto.

The details of the proposed capital raising are as follows:

Falcon Minerals Limited (“Falcon” or “Company”) is pleased to announce that following a series of investor presentations it has secured cornerstone demand for the amount of A$5,000,000 for its proposed capital raising in early 2016. The capital raising price has been set at A$0.08 per share post-consolidation (consolidation on a 1:5 basis subject to shareholder approval).

The capital raising is subject to the successful completion of the acquisition of Albion 3D Investments Pty Ltd (as previously announced on 3 December 2015), which has agreed to fund Robo 3D, a producer of 3D printers for the consumer market.

More details below, please read on.

The company reports 'firm commitments have been received from Forrest Capital, GTT Ventures and a number of sophisticated and professional investors.' Having received significant interest from clients of the above‐mentioned firms, the board reports that it 'has increased the public offering to a maximum of A$5,000,000 which is greater than that stated in an earlier announcement, with a minimum subscription of A$2,250,000.'

The board says it ‘is of the view that this provides greater certainty of its financial capacity which will be used to grow inventory levels, accelerate sales and marketing activities, and expand investment into research and development activities focused on new product innovations at Robo 3D.’

With all funding, legal, financial and commercial due diligence completed, the Company says it 'is now working with its advisors on the Chapters 1 & 2 re-compliance timetable.'

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Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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