RIC Technology founder Ziyou Xu was aiming high when he launched the business in 2021, hoping his company’s take on 3D printing would have a transformative impact on the construction industry in Los Angeles. Three years later, RIC Technology has adopted a somewhat less ambitious business model, but Xu is still working to change general contractors’ attitudes about how they build one project at a time.
“We were thinking, ‘We’re going to do everything in the 3D printing industry’ – from design, manufacturing of the equipment to manufacturing of the material, the software, everything, including the onsite build,” Xu said of RIC Technology’s initial plans in 2021, adding that the company spent millions over the next two years trying to implement that do-it-all strategy.
“But we realized this industry is really not something you can revolutionize by yourself,” Xu said with a chuckle. “You have to partner with the key players already in the industry. … So that’s why in 2023 we decided to focus only on what we do best, which is the design and manufacture of equipment and also providing material solutions and the software service for actual builders that are already building.”
RIC Technology’s total assets were $1.35 million at the end of last year, up more than 84% over the year prior, according to financial data provided by the company. And while it generated $1.32 million in total revenue last year – a sizeable jump over the next to nothing it generated in 2022 – RIC Technology posted a net loss of just over $612,000 in 2023. That figure was, however, an improvement over the more than $894,000 net loss RIC Technology posted in 2022.
Amid the changes afoot at the company, RIC Technology had to move from its home in Torrance to Fontana two months ago to procure a larger logistical space. The company hopes a number of its projects will be back in its home turf of L.A. It has also partnered with a local company on an accessory…
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