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New Matter’s MOD-t, one of the hit crowdfunded 3D printers of 2014, is nearing its shipment day, and the startup announced today it will finish out development and production with the help of $6.5 million in Series A funding.
Alsop Louie Partners led the funding round. First Round Capital, Dolby Family Ventures and frogVentures also participated.
CEO Steve Schell said New Matter will use the funding to hire more people and firm up a product and manufacturing line that will allow the company to deliver its 3D printer to its 2,000 Indiegogo backers and anyone who bought it after the campaign’s close. New Matter expects the MOD-t to have all the features promised on Indiegogo, but will announce a small delay in shipping this week, Schell said.
New Matter is still focused on delivering a low-cost printer (likely just below $400 at retail) that’s simple to use and paired with a library of 3D printable models, Schell said. While other inexpensive printers have continued to enter the market, Schell said New Matter continues to see confirmation it is on the right track.
“We see more and more competitors coming into existence,” Schell said. “It’s healthy competition; it shows it’s a market of interest. I still feel we’re offering the most compelling product.”