A $48.5 million Series B funding round gives a boost to Arris Composites’ plan to expand.
The Berkeley, California-based company mass-produces carbon fiber composite parts, via a proprietary manufacturing technology, that are used in industries such as aerospace, automotive and consumer.
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Manufacturing veterans Ethan Escowitz, Riley Reese and Erick Davidson founded the company in 2017, and have raised $58.5 million to date, according to Crunchbase data.
Taiwania Capital led the Series B with participation from return investor New Enterprise Associates. NEA led Arris Composites’ $10 million Series A round in January 2019, with Valo Ventures and Alumni Ventures Group.
“When NEA introduced us to Taiwania Capital it was clear they had deep manufacturing expertise, as well as a track record scaling up new high-volume consumer electronics technologies,” Arris CEO Ethan Escowitz said in a written statement. “The alignment of our organizations was immediately evident and I knew they were an ideal partner to assist in scaling-up production for our consumer electronics customers.”
Growing to meet demand
Arris plans to use the new funding to expand its proprietary composite manufacturing capabilities and open facilities in the United States as well as in Taiwan, where the company will serve the demand of the consumer electronics industry. The company’s technology enables advanced carbon fiber materials to be produced at the same speed as plastic-molded products.
Because carbon fiber materials are strong, but lightweight, the company said it is popular in consumer electronics, where next-generation devices are being designed to be lighter, smaller and smarter. A portable electronic device is likely to be the first Arris-manufactured product available to the public, the company said.
The global carbon fiber market is poised to reach $12.49 billion by 2027, according to a report released by ResearchandMarkets.com in early April.
In addition to the funding round, the company said Carl Bass, former Autodesk CEO, will join its board of directors as an independent board member. Bass was an early investor in Arris and has remained an adviser and research collaborator for the company.
Photo: Arris Composites founders Riley Reese, Erick Davidson and Ethan Escowitz.
Photo credit: WebWire.
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