Desktop Factory, makers of the $5,000 3D Printer is close to commercializing their product, but is in need of $1MM in additional funding to complete development. The product is working and is a great step forward in the realm of 3D printing. The relatively low price could make 3D printers fairly common fixtures at high schools and universities. From the Desktop Factory newsletter:
“We have adroitly survived a near catastrophic technical challenge; now we need to weather this unprecedented financial climate. To ensure you understand how we are approaching the situation here is the chronology of the past 18 months.
- October 2007: Technology issues arise; customer beta and fundraising sidelined
- January 2008: Assessments point to the need for a redesign of our imaging sub-system
- All 2008: Redesign imager and re-test every aspect of printer operation and reliability
- September 2008: Restart fund raising for long delayed $3M round
- November 2008: Received $1M commitment from a well known venture capital firm
- December 2008: Received matching commitment from incubator for $1M
- February 2009: Ready for customer acceptance beta test
From a macro view we have done well with $2M raised and another $1 million needed to finalize the round. However, we had not planned for the extreme deterioration of the financial markets and need to comply with an important ‘contingency’ from the venture capital firm. The contingency stipulates that no monies go into the round until all monies are available, which is the crux of the problem. We still need $1M and sufficient time to find the third investor in this difficult economy.”
I wish them luck in finding financing.
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