August 11, 2020
AREVO, a Silicon Valley, CA, company transforming composites production through digitalization and automation, introduces its newest system, the Aqua 2, a high-speed additive manufacturing system for large continuous carbon fiber composite structures. This enables the rapid, on-demand production of large (up to one cubic meter) custom composite parts.
The company closed its Series B financing, led by Defy Partners and GGV Capital with participation from Khosla Ventures, Alabaster, and others. This will bring its total funding to $60 million. Defy appointed Brian Shin, a serial entrepreneur, investor, and Defy Scout, to join Arevo’s Board, which includes Hemant Bheda (co-founder), Sonny Vu (CEO), and Bruce Armstrong (Khosla).
“Arevo's new platform enables fabrication of high strength, low weight carbon fiber parts, currently not possible with today's standard techniques,” says Trae Vassallo, founding partner at Defy.
“Arevo is a compelling opportunity as it fits squarely at the intersection of GGV’s three main areas of investment focus: consumer internet, enterprise and smart tech,” says Hans Tung, a managing partner at GGV Capital.
“We are excited to have Defy and GGV Capital 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,” says Hemant Bheda, Arevo’s co-founder and chairman.
“We are looking for additional mechanical engineering and process / materials science talent, especially people who are skilled with composites,” continues Bheda.
Sources: Press materials received from the company and additional information gleaned from the company’s website.