The Peachy Printer, originally a crowdfunding campaign for a $100 stereolithography 3D printer, is now dead in the water.[Rylan Grayston], the creator of the Peachy Printer, announced that [David Boe] — investor, 50% owner of Peachy Printer, and business partner — had stolen over $300,000 in Kickstarter campaign funds. According to [Rylan], this money was used to build a house.
When the Peachy Printer was announced on Kickstarter, it was, by any measure, a game changing product. Unlike other stereolithographic printers like the Form 1 and DLP projector kit printers, the Peachy was cheap. It was also absurdly clever. Instead of using a stepper motor to raise a print out of a vat of resin, the Peachy Printer floated the resin on a vat of salt water. By slowly dripping salt water into this vat, the level of the resin rose up, allowing the galvanometers and laser diode to print the next layer of a 3D object. In our first coverage of the Peachy Printer, everyone was agog at how simple this printer was. It wasn’t a high-resolution printer, but it was a 3D resin printer that only cost $100. Even today, nearly three years after the launch of the Kickstarter campaign, there’s nothing like it on the market.
For the last two years, [Rylan] appeared to have the Peachy Printer in a pseudo-stealth mode. Whispers of the Peachy Printer circled around 3D printer forums, with very little information coming from [Rylan]. For the last year, the Peachy Printer appeared to be just another failed crowdfunded 3D printer. Either [Rylan] didn’t have the engineering chops to take a novel device to market, there were problems with suppliers, or [Rylan] just couldn’t get the product out the door.
In the update published to the Kickstarter campaign, the reason for the failure of Peachy Printer to deliver becomes apparent. The Kickstarter campaign was set up to deliver the funds received – $587,435.73 – directly into [David Boe]’s account. Thirty days after the funds were received, [David] had spent over $165,000. In just over three months, all the Kickstarter funds, save for $200,000 transferred into the Peachy Printer corporate account, were spent by [David].
With no funds to complete the development of the Peachy Printer, [Rylan] looked into alternative means of keeping the company afloat until Kickstarter rewards had shipped. Peachy Printer received two government grants totalling $90,000 and $135,000. In March of 2015, one of [Rylan]’s family members loaned $50,000 to Peachy Printer. A plan to finance the delivery of Kickstarter rewards with new sales – a plan that is usually looked down upon by Kickstarter backers – was impossible, as cost and time required of certifying the laser in the Peachy Printer would have put the company in the red.
Right now, [Rylan] and the Peachy Printer are pursuing repayment from [David Boe], on the basis that Kickstarter reward money is still tied up in the construction of a house. Once the house is complete, the bank will disburse funds from the construction mortgage, and funds can then be transferred from [David] to Peachy Printer.
In all, the Peachy Printer is a mess, and has been since the Kickstarter funds were disbursed to [David]. There is – potentially – a way out of this situation that gets Peachy Printers into the hands of all the Kickstarter backers if the mortgage construction funds come through and production resumes, but that’s a lot of ‘ifs’. Failed Kickstarter projects for 3D printers are nothing new, but [Rylan]’s experience with the Peachy Printer is by far the most well-documented failure of a crowdfunding project we’ve ever seen.