Arevo, once a promising player in the 3D printing industry, finds itself in the midst of an auction of its assets, marking a significant chapter in its corporate journey. The company, known for its innovative Superstrata bicycles, has faced numerous challenges leading up to this point.
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What happened to the $70 million?
Arevo had ambitious plans to automate the manufacturing of continuous carbon fiber composite structures. However, recent developments suggest the company may be facing its demise. Speculations about Arevo’s future have circulated for some time, but a recent email from auctioneers handling Arevo’s assets appears to confirm these concerns.
Initially, Arevo intended to market its AQUA 3D printers, but later shifted its focus to producing bicycles full-time. This strategic shift raised enough alarm within the company that at least one senior staff member reconsidered their position.
An email dated January 29th from Silicon Valley Disposition announced an upcoming auction in February, featuring ABB IRB 4600 Robots, 3D Printers, Superstrata Urban Bikes, Chillers, and IPG Diode Laser Modules from Arevo’s inventory. The email also included accompanying photos of the assets, which notably include eight Superstrata bikes.
Why the Arevo auction & 3D Printing… ?
Arevo, once a promising player in the 3D printing industry, finds itself in the midst of an auction of its assets, marking a significant chapter in its corporate journey. The company, known for its innovative Superstrata bicycles, has faced numerous challenges leading up to this point.
In 2020, Arevo launched the Superstrata, the “World’s first custom-fit, unibody bicycle frame 3D-printed in continuous carbon fiber composite,” garnering attention and raising an impressive $7 million from over four thousand backers. However, despite the initial excitement, the venture encountered difficulties along the way.
In February 2023, Arevo made its final post on LinkedIn, announcing that 96% of the bicycles crowdfunded through Indiegogo had been delivered. The post marked what was described as the culmination of a “remarkably challenging journey.” However, beneath the surface, discontent brewed among the remaining 4% of backers who had yet to receive their Superstrata bikes.
Rumors of Arevo’s struggles had been circulating for some time, with operations reportedly ceasing as early as July 2023. Vietnamese news outlets revealed plans for the company to establish a facility at the Ho Chi Minh City Hi-tech Park in Vietnam. Notably, Arevo’s founder and CEO, Hemant Bheda, had departed the company in July 2021, leaving leadership responsibilities to a husband-and-wife team, Sonny Vu and Le Diep Kieu Christy Trang.
Vu, described as an “Entrepreneur” and “founder whisperer,” served as Arevo’s CEO from January 2020 to February 2023. During his tenure, Vu juggled multiple roles, including positions at Impact Biosystems and Elemental Machines, while securing approximately $70 million in funding for Arevo.
Trang, who held the position of CFO at Arevo from January 2020 to February 2023, was simultaneously occupied as the full-time President of Vietnam Operations at Harrison.ai. Attempts to reach Trang for comment have been made.
Investors, including Khosla Ventures, GGV Capital, In-Q-Tel, and Defy.vc, collectively injected nearly $70 million into Arevo. However, the company’s financial woes persisted, ultimately leading to the decision to liquidate its assets.
As Arevo’s assets hit the auction block, questions abound regarding the circumstances that led to this point. Despite numerous attempts to solicit insight from individuals associated with the company, responses have been elusive. However, the auction serves as a tangible reminder of Arevo’s journey from a promising startup to a company facing liquidation.
Arevo Auction: Featured Assets Lists
Arevo’s assets are set to be auctioned off, presenting an opportunity to acquire cutting-edge equipment. Here’s a list of the featured assets:
(3) ABB IRB 4600 Robots
(3) ABB iRC5 Single Robot Controllers
Laser TruPulse 2007 Nano
(2) Laser Line LDM 800-60
(10) IPG DLM-200-975-AC Diode Laser Modules
(2) IPG DLM-100-975-AC Diode Laser Modules
(2) LMT Gocator 2340D-2-R-01-T 3D Printer Sensors
(5) FLIR A35 Cameras
Flir Laser
RAISED PRO2 I Us 3D Printer
Raise3D E2- Printer
Ultimaker 3 3D Printer
(3) Creality CR-10 3D Printers
(4) SMC Thermo Chillers
(2) Glen Dimplex WVI-1001-M Chillers
Mishima Tester Machine
Tester Bike Frame w/ Crate
(8) Superstrata bikes
Online Auction Details: Date / Time/ Place
Location: SILICON VALLEY DISPOSITION, INC, 3284 Edward Ave, Unit F, Santa Clara, CA 95054
Date: February 6th to 8th, 2024
Time: Online auction
Terms: All items are “SOLD AS IS, WHERE IS.” ALL SALES ARE FINAL! There are no returns, exchanges, buybacks, or refunds. During the auction, the status of your bid can be checked at any time. Note that no bids can be withdrawn during or after the auction for any reason.
Don’t miss out on the opportunity to acquire IRB 4600 Robots, 3D Printers, Superstrata Urban Bikes, Chillers, and much more at the Arevo auction!
Online Arevo Auction Page : Arevo / Silicon valley Disposition Inc for Login/New Bidder
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