In 2020, Le Diep Kieu Trang and her husband Sonny Vu started a new "game" with Arevo, advertised as the world's first 3D-printed bicycle manufacturing company. This startup successfully raised a total of more than 30 million USD in a short time.
A startup that produces bicycles using 3D printing technology was once the center of attention in the startup world when it successfully raised $7 million from the community and $25 million from investors in a short time. (Photo: Indiegogo.com)
Initial information about the startup introduced the Superstrata frame weighing less than 1.3 kg - equivalent to current racing cars that cost tens of thousands of USD and equivalent to the weight of Macbook Air 13 (1.25 kg). The stiffness of the frame components is 61 times that of steel and 15 times that of Titanium.
Currently, more than 3,301 3D printed bicycles and electric bicycles have been produced and delivered to 2,858 customers in Vietnam.
On the sales website, bicycles developed by Arevo cost from 2,800 USD to 3,500 USD (about more than 65 million VND to more than 82 million VND).
However, shortly after the product reached customers, it received negative feedback from users, especially about product quality.
The actual Superstrata bicycle product received negative feedback from customers. (Photo: Cu Hiep)
On Indiegogo, where Arevo crowdfunded its Superstrata bike project, the company announced in February 2023 that 96% of customer orders had been fulfilled. However, there have also been many comments on the platform about delayed deliveries, including orders from 2020.
Sharing with the press, Mr. Tran Manh Hiep (commonly known as Cu Hiep) - admin of Tinhte.vn forum said that in July 2020, he ordered a Superstrata bicycle with the main purpose of supporting startups as well as experiencing new technology. After many times the company failed to deliver the goods, it was not until August 2022 (ie after 2 years) that he received the bike, but when he received it, it had errors. Not to mention the details such as paint, screws were not designed sharp, somewhat smudged, poor finishing quality.
When he informed the company about the technical error of the front wheel, Mr. Hiep received no response. Therefore, Mr. Hiep and his friends had to take the car to the repair shop to fix it.
According to information from Saigon Giai Phong , on May 17, 2023, Mr. Nguyen Anh Thi, Head of the Management Board of Ho Chi Minh City High-Tech Park (SHTP), signed a document confirming that Arevo Vietnam Company, owner of the SuperStrata carbon bicycle brand, a project also initiated by Ms. Le Diep Kieu Trang and her husband, had stopped operating at SHTP according to the application for suspension of operations submitted by this enterprise on May 15.
According to the investment license, Arevo Vietnam had a registered capital of 19.5 million USD. By the time of ceasing operations, according to Arevo Vietnam's data, the enterprise had spent 165.59 billion VND (accounting for 35.9% of the total registered investment capital), of which Arevo Inc (USA) contributed 23.03 billion VND, 142.56 billion VND was the capital mobilized from shareholders.
Before ceasing operations, Arevo Vietnam had invested more than VND22 billion in machinery and equipment, nearly VND8 billion in factory construction, and paid taxes, fees and land rent of more than VND28 billion. Currently, the company is still obliged to pay a loan of VND142.5 billion from Arevo Inc.
The project was invested with the initial expectation of achieving main revenue from selling products printed with 3D printing technology such as bicycles, scooters, etc. Because there are still no clear legal regulations to explain whether the phrase "3D printing service" on the investment registration certificate is suitable for the company's operations or not, and the interpretation applied in this case requires a consultation process and opinions from the Ministry of Science and Technology, so up to now, Arevo Vietnam has not been able to implement this operational goal of the project.
The inability to produce carbon fiber, the main raw material in creating 3D printed products, is a difficult problem for Arevo Vietnam. Purchasing raw materials from a third party will make the total cost of creating Arevo Vietnam's finished products too high, making it unable to compete with other competitors in the same field in the market. In addition, the long-term fight against the COVID-19 pandemic has made the company unable to continue maintaining a research and development team for this issue.
After the investment project ceases to operate, the company will liquidate the investment project in accordance with the law on asset liquidation, the law on dissolution and bankruptcy of economic organizations and other relevant legal provisions.
Superstrata bike project on crowdfunding site Indiegogo. (Screenshot)
In addition to the collapse of the Superstrata project, another project called Scotsman by Mr. Sonny Vu was also blocked from raising funds on the crowdfunding site Indiegogo. The reason given by the site is that "the campaign is under review and is not accepting contributions".
The all-carbon-fiber scooter project called the Scotsman is being touted as the world's first dual-assist vehicle and is in the prototype stage, not yet in production.
To date, the project has attracted 301 backers who have raised $612,798. There are two donation options: $2,900 for the Scotsman 1000 and $3,900 for the Scotsman 2000.
In this project, Ms. Le Diep Kieu Trang plays the role of COO, her husband holds the position of CEO. Nine months ago, the company's leaders said that the development process of this car model was "more complicated than expected", although many steps have been made, "significant obstacles still remain".
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