Affordable 3D Printer makers, Pirate3D, has raised $2 million in seed round from individual investors from Singapore and Germany with participation from Low Capital Management, a Singapore-based family office.
The company plans to raise additional $3-5 million before the year ends. It had received $1.43 million through a crowdfunding campaign in June 2013, but it later faced delivery delays caused by manufacturing and design problems and returned money to plenty of upset customers.
The raised funding go towards fulfilling existing orders and refund requests, expanding the R&D team, and increasing manufacturing capabilities.
“[We want] to really ramp up production and get those sweet volume discounts. If we buy materials in bulk we save 25 to 30 percent off the printer bill of materials price, which is fantastic,” Pirate3D co-founder Brendan Goh told Tech in Asia.
Pirate3D will sell its products in new markets in places like Middle East and Africa. It is designed for professionals like architects and designers because they are typically more concerned about visualizing ideas than making sure their printouts fit the dimensions exactly. Goh also stated that they’ve found a need in the market for a model that’s “superbly quick and reliable and under $5,000.”
Analysts also predicted that total spending on 3D printing could grow to as much as $13.4 billion by 2018, and sales of these products could increase to 850,000 units by then.