Re:Build, the Manufacturing Accelerator Behind Slate Auto, Raises $2.1 Billion
Re:Build, a US manufacturing accelerator that spun out electric vehicle startup Slate Auto in 2023, has secured $2.1 billion in funding. It plans to use the money to expand manufacturing capacity and launch new industrial startups.
Re:Build, a Massachusetts-based manufacturing accelerator that spun out the electric vehicle startup Slate Auto in 2023, announced on Tuesday that it has raised $2.1 billion. The company says it will use the money to expand its capacity to make hard tech products and to launch new industrial startups in the United States. The round comes as more attention and capital flow toward rebuilding American manufacturing and supply chains, particularly as a hedge against dependence on China.
Who led the round
The funding was led by venture firm General Catalyst and the Strategic Investment Group of JPMorganChase. Other investors were not disclosed.
Re:Build co-founder Jeff Wilke said in a statement that the company was started because the deindustrialization of America is an economic failure and a national security risk. General Catalyst CEO Hemant Taneja said that competing with China and re-industrializing the U.S. requires platform companies able to operate at genuine scale.
About the company
Founded in 2020, Re:Build describes itself as "America's answer to Shenzhen" and has numerous ties to Amazon. Wilke was previously Amazon's commercial CEO, while Wei Gao, a longtime Amazon vice president and technical adviser to Jeff Bezos, serves as Re:Build's chief digital and product officer. Several other executives also worked at Amazon.
Re:Build says it has launched hundreds of products and production systems in its six years. It partners with industrial companies to design, engineer and manufacture products, including in aerospace and defense, and it incubates startups in underserved markets. Its network of companies employs more than 2,100 people in the U.S. and has more than 2.4 million square feet of manufacturing capacity.
Slate Auto
Wilke and co-founder Miles Arnone came up with the idea for Slate Auto in 2022 and chose to spin it out to help it attract more capital. Slate Auto has since raised at least $1.4 billion, including from Bezos' family office, to build an ultra-low-cost, bare-bones pickup truck that buyers can customize.
