Arevo deliberate to automate the manufacturing of steady carbon fiber composite constructions. And whereas rumors have circulated for a while, an electronic mail acquired yesterday from auctioneers promoting off Avero property seemingly marks the corporate’s finish.
Arevo was a promising enterprise that originally deliberate to promote its AQUA 3D printers, then pivoted to full-time manufacturing of bikes. The transfer was regarding sufficient for not less than one senior member of workers to rethink their future with the corporate.
An electronic mail dated twenty ninth January from Silicon Valley Disposition asserting the February public sale of ABB IRB 4600 Robots, 3D Printers, Superstrata City Bikes, Chillers, and IPG Diode Laser Modules. Accompanying the e-mail are pictures of the property – together with eight Superstrata bikes.
A “remarkably difficult journey”
Arevo created Superstrata, the “World’s first custom-fit, unibody bicycle body 3D-printed in steady carbon fiber composite.” to promote these bikes. Gross sales have been launched in 2020, elevating $7M from over 4 thousand backers.
Issues didn’t go effectively. Arevo’s ultimate put up in February 2023 on LinkedIn reads, “96% of Indiegogo crowdfunded bikes fulfilled” and, “our remarkably difficult journey has reached its rewarding conclusion.” Beneath that put up is a succession of offended feedback from individuals claiming to belong to the 4% who haven’t but acquired a Superstrata bike.
It has already been reported that operations ceased with a Vietnamese information web site publishing it in July 2023. The article says the intent was to construct a facility at Ho Chi Minh Metropolis Hello-tech Park in Vietnam. By this time, Hemant Bheda, CEO and Founding father of Arevo, was now not on the firm, having left in July 2021.
Arevo’s management was within the fingers of the husband-and-wife workforce, Sonny Vu and Le Diep Kieu Christy Trang. Respectively, CEO and CFO. Along with holding the place of CFO between Jan 2020 – Feb 2023, Trang was concurrently the full-time President of Vietnam Operations at Harrison.ai. Trang has been approached for remark.
Sonny Vu, “Entrepreneur, founder whisperer” and Arevo’s CEO from January 2020 to February 2023, balanced founder roles at Affect Biosystems and Elemental Machines whereas concurrently elevating “$70m (B Bridge, B1, B2, C, crowd” for Arevo. Vu has been approached for remark.
Buyers, together with Khosla Ventures, GGV Capital, In-Q-Tel, and Defy.vc, supplied practically $70 million. Khosla Ventures has been approached for remark.
Many questions encompass the demise of Arevo; sadly, over the previous a number of months, nobody related to the corporate has been prepared to talk. Ought to this modification, please do get in contact. We’ve got many questions, together with whether or not this video that claims to indicate Arevo manufacturing amenities is correct.
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