Inventables, manufacturer of a desktop carving machine has announced it raising $5 million in Series B round of funding led by New York and Los Angeles-based venture capital fund Greycroft along with True Ventures, Draper Associates, Corazon Capital and Dundee Capital.
Founded couple of years ago at Chicago, Inventables offers 3D carving tools, software and accessories to enable the small companies make their own products, instead of outsourcing them. Inventables’ Carvey and X-Carve 3D carving machines integrate seamlessly with the company’s free Easel cloud software, helping the makers to make production quality parts in their premises. 3D Carving can be used for making anything from signs and woodworking to jewelry and art projects. It can be done on wide range of materials like wood, metal and plastic.
In a statement CEO and founder Zach Kaplan said, “Bringing 3D carving to the cloud enables our customers to go directly from design to small-scale production with the push of a button.” The company plans to use its fresh funds to recruit more software developers and other engineers to improve the Easel design software and scale sales of the Carvey machines. Kaplan said, “It’s going to give us the opportunity to really grow and expand and to nail the vision we have for the company.” He expects to double the current number of 30 employees by the end of next year. With this latest funding, the total funding of the startup raises to $10 million.
The Inventables website consists of many projects from electric guitars to signs to kitchen accessories that users can make on the company’s carving machines. Kaplan added, “What’s driving this is that you can actually make real stuff. Users like that, because you can sell real stuff.” Creative professionals also use the machines to prototype ideas before sending them out for larger scale manufacturing.
Carvey, the machine which had the most successful 3D carving Kickstarter in 2014 is expected to start shipping its product later this year for $2500. Backers of the Kickstarter program would receive the same for $2000. No data has been disclosed on the current sales figure but Kaplan hopes to have more than one million users of the software and hundreds of thousands of machines within five years.