Arris Composites, an additive manufacturing startup, closed a Series C round funding, raising US$88.5 million. The fund received exceeded its estimated target.
The press release said the company will deploy the fund in expanding business in global markets and doubling its operations in Taiwan. The company has started constructing its factory in Taoyuan, Taiwan in 2020.
David Weng, CEO of Taiwania Capital Management, the lead investor of Arris Composites’ series B round, said the successful Series C reflects the confidence of investors in Arris’ strategic roadmap and global expansion plans. “It is the first US startup that we invested to set up manufacturing sites in Taiwan, serving as proof that our strategy of bridging advanced technologies overseas with the manufacturing capabilities here with investments is correct,” said Weng.
Arris Composites founder and CEO Ethan Escowitz also indicated that the manufacturing technologies in Taiwan are able to satisfy the mass production demand of the company when serving customers from various industries.
The series C is led by XN, followed by Modern Venture Partners, Bosch, New Enterprise Associates (NEA), Taiwania Capital, Valo Ventures, and Alumni Ventures Group, many of whom have also been investors of previous rounds. Standard Industries, Chuo Malleable Iron, and another portable electronics company also participated as strategic investors. Arris is a leader in additive manufacturing technology, whose products have been adopted by customers in the advanced aeronautic and defense industry, including Airbus, DEVCOM SVSC, and Skydio.
