LOS ANGELES, Oct. 14, 2022 /PRNewswire/ -- FP (First Principle) Solutions, a new hardware-focused accelerator, successfully launched and completed a $3 million seed round fundraising. The company intends to further develop the hardware startup ecosystem in Los Angeles, attract investments and conduct acceleration programs that empower disruptive hardware startups to optimize their innovational potential in the early stage.
"FP Solutions dedicate to solving the common dilemma of scaling and expansion that lead to near 90% failure rates," said KC McCreery, founding partner.
Founding partners KC McCreery and Lewis Hong held senior executive roles at Tesla and SpaceX, respectively. They were instrumental in building and scaling two of the most complex unicorns with Elon Musk from the ground up. The founding team comes from disruptive hardware startup companies that have proven their ability to execute a standard of excellence unmatched in their respective industries. The team worked together with the same purpose to identify, invest and support the next SpaceX and Tesla.
Besides, FP Solutions is focusing on accelerating engineering or scientific breakthroughs in the physical world. "With the solid background in the advanced industry, the team has unique program settings to support the hardware startups around Los Angeles. The team are also aiming to be the first institutional investor at seed and follow-on throughout the life of a company as teams scale," said Wei, the founding partner of UpHonest Capital.
The company's investment focuses on three disruptive sectors: Space Technology, Green Energy and Sustainability, and Robotics Automation. Targeting as one of the most prominent hardware accelerators, the team has abundant resources within these sectors and it has capacity to access unique project pipelines via vast SpaceX, Tesla, and Tier 1 engineering talent networks. In addition to product-market fit support and advice, FP Solutions team digs deep and helps entrepreneurs with technical product refinement, manufactural design, supply chain, and fundraising.
The accelerator has four portfolio companies and a robust pipeline of companies leveraging deep tech to tackle a cumulative $500 billion+ market in space infrastructure, construction material, and carbon capture at scale.
"ATDev completed the ARIS accelerator on August 5. As a result of the program and our continued relationship with FP Solutions, we have drastically simplified our device, began manufacturing for our first clinical study and raised additional capital. We feel the broad spectrum of expertise brought to the table by FP Solutions has had a profound impact on both the technical and business development of our company and we look forward to continuing our partnership," said Todd Roberts, CEO of ATDev.
To top it all off, FP Solutions also has an internal innovation initiative where the entire team addresses a world problem and incubate a venture from the ground up to address it. The partnership with The Ocean Cleanup to create a circular material system is at the final negotiation stage.
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