Bioprinting Company BioBots Raises Over $310K Via Equity Crowdfunding, Partners With Khademhosseini Lab
While the Securities and Exchange Commission in the United States is loosening regulations around equity crowdfunding, we have seen numerous companies within the 3D printing space turn to the relatively new funding model as a means for capital. The 3D printing file repository, Pinshape, has recently launched a campaign to raise $500k on Fundable, while MyMiniFactory also announced plans to use equity crowdfunding to raise capital. All the while, 3D bioprinting startup BioBots has just surpassed the $300k mark on their FundersClub campaign.
Equity crowdfunding allows investors to provide capital to a company in exchange for an equity stake. While reward-based crowdfunding sites like Kickstarter and Indiegogo have become incredibly popular within the 3D printing space by offering products or services in exchange for funds, equity crowdfunding sites like Fundable or FundersClub are able to attract those who actually believe in what the company is trying to do, from a business standpoint.
BioBots, who sought to raise $100,000 via FundersClub, has generated a tremendous amount of interest among investors, raising over $310,000 as of today, with a week remaining in their campaign. The company is targeting a $2.2 billion initial market by selling affordable bioprinters for around $5,000. The business model is multi-faceted, relying on bio-ink sales for the bulk of their profits by charging $1000 per 100ml of ink.
The company has posted some rather impressive growth numbers, and seems confident in their approach. Additionally, just yesterday they announced a partnership with Khademhosseini Lab, an industry leading tissue engineering lab that is co-sponsored by both MIT and Harvard. Khademhosseini Lab will act as BioBots’ strategic partner, moving forward.
“Tissue engineering is a growing industry that is capped from exploding by tools that are easy to use,” says Danny Cabrera, CEO and Co-founder of BioBots. “By creating technology that is easy to use and accessible to enable experiments that used to be impossible. Bio-printing is only the beginning of the revolution. Our idea was we can use the same approaches that were used in the maker movement to build smaller and cheaper devices in biotech, When we looked at what was out there we found devices that existed were huge — they looked like old mainframe computers, they took up entire rooms, they cost half a million dollars and were really difficult to operate. You needed technicians to operate them.”
Prior to plunking down the minimum investment of $3,000 it’s important to understand BioBots’ key metrics which can be found here. BioBots seems to be off to a tremendous start, however capital will be required in order for the company to market their products, research new methods of printing, and expand their sales channels.
In addition to the $310K already raised via Fundersclub, a total of $775k has also been committed by DreamIt Health Ventures and Ben Franklin Technology Partners, as the company looks to add further funding in the coming week prior to their campaign coming to a close.
Fifty percent of the funds raised will be allocated to the hiring of multiple employees such as a senior pharmaceutical executive, sales associates, software engineers and mechanical engineers. The other fifty percent will be used solely for R&D, particularly the development of a Version 2 machine as well as new bio-inks. The additional funds certainly are required for the company to continue operating as they are for more than 6 months, and should provide them time to grow their sales channels before seeking additional capital.
Subscribe to Our Email Newsletter
Stay up-to-date on all the latest news from the 3D printing industry and recieve information and offers from thrid party vendors.
You May Also Like
Grand Opening: AddUp Solution Center Offers LPBF & DED Metal 3D Printing
Global metal additive manufacturing OEM AddUp Solutions was established as a joint venture by French companies Michelin and fives back in 2015. The company’s main technology is laser powder bed fusion (LPBF) technology, but...
Can 3D Printing Make You Antifragile? Surviving Current Economic Shocks
In this, series we’ve looked at what being antifragile means and whether or not 3D printing can make a business antifragile. However, can 3D printing be antifragile as a good...
3D Printing Webinar and Event Roundup: June 26, 2022
Events for this week have already started, like the ISTE Live conference for technology in education down in New Orleans. Stratasys continues its Experience Tour in Ohio, Divide by Zero...
Three Production Opportunities for 3D Printing
While the additive manufacturing process has been around for 30 years, its use for production applications has recently accelerated because of improvements that enable faster production, high-quality materials, and larger...