BioBots, a bioprint startup from Philadelphia, recently launched an equity crowdfunding campaign on FundersClub to raise $100,000 to selling affordable bioprinters. During this funding round, the company surpassed its initial goal and raised over $310,000.
According to 3dPrint, BioBots 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.
BioBots also announced that it has formed a partnership with tissue engineering lab, Khademhosseini Lab. CEO and co-founder of BioBots, Danny Cabrera stated:
“Tissue engineering is a growing industry that is capped from exploding by tools that are easy to use. By creating technology that is easy to use and accessible 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 small and cheaper devices in biotech.
He then added:
“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.”
In addition to the $310,000, BioBots has received $775,000 from DreamIt Health Ventures and Ben Franklin Technology Partners. The media outlet revealed that 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.
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