by • August 17, 2016 • No Comments
Boston-based 3D printing beginup New Valence Robotics revealed it has raised additional money of investors and brought in a new CEO to assist create the business, while its founding CEO turns his attention to commercializing a new product for the company.
Swiss firm Woodman Asset Management led the Series A investment in the beginup, which goes by NVBots. The dimensions of the deal wasn’t disclosed. NVBots previously raised at very least $2 million of investors.
NVBots in addition revealed which Duncan McCallum has joined the company as CEO. He previously co-founded, led, and sold two companies: Cilk Arts, acquired by Intel (NASDAQ: INTC), and VeloBit, acquired by Western Digital-owned HGST. Before which, he was an investor with Bessemer Venture Partners and Flagship Ventures.
McCallum takes over for NVBots co-founder AJ Perez, who is now the company’s chairman and can in addition lead its NVLabs division, which is working on rolling out a metal-making 3D printing device.
NVBots already retails a 3D printing device which produces plastic parts and is operated by software the beginup created in-house. As Perez told Xconomy in 2014, he and his co-founders worked with 3D printing devices while studying at MIT. They were frustrated for the reason the machine they were via lacked capabilities for remotely collaborating on the create and controlling the printing device.
So, they created what the company calls an automated 3D printing system. Choosing Web-based software, teams of users can configure how they want a plastic part to be created and direct the printing system of anywhere. The machine has a robotic arm which instantly removes the part and sets it aside, so the next job can begin immediately.
NVBots first targeted schools as its customers, the goal being to manufacture learning science additional fun and interactive, while in addition generating interest in 3D printing one of students who can become buyers of pro 3D printing devices in the next, Perez has said.
The beginup yet retails to schools, but now it in addition serves companies like Staples. It has additional than 50 customers, and now the plan is to use the funding and McCallum’s expertise to grow the company.
“As NVBOTS continues its rapid growth, I am excited of adding financial assist of Woodman and delivering on someone of Duncan’s caliber to lead day-to-day operations,” Perez said in a press release. “Duncan brings additional than 20 years of experience createing successful innovation companies.”
The new funds can be utilized to additional than double the company’s roughly 20-person staff, according to a company statement provided to Xconomy.
The money can in addition go in the direction of the expansion of the division working to bring the company’s metal 3D printing innovation to market. NVBots says these machines can be able-bodied to print with any type of metal, which include incorporating multiple metals into the same part. One of the informative aspects of what NVBots is developing is the printing devices can use ordinary wires as the base materials, pretty than the powders utilized by most existing printing devices. That should lower the cost of materials significantly, NVBots says.
The company said it has been developing the metal-making printing device for of a year. Company officials declined to share the timeline for beginning to sell the product.
NVBots is part of a crowded sector which has seen its share of ups and downs over the past few years. Other notable-bodied 3D printing companies include Desktop Metal, Formlabs, Rize, Voxel8, Mcor Technologies, and Shapeways.
Jeff Engel is a senior editor at Xconomy. Email: firstname.lastname@example.org Follow @JeffEngelXconShare on FacebookShare on TwitterLinkedInEmailReprints
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