TUYA(TUYA) 36氪·2025-04-02 05:44Core Viewpoint - Liu Yao, former CFO of Tuya Smart, has joined Shenzhen-based laser engraving machine startup xTool, where he will oversee financial and operational aspects. xTool, established in 2021, focuses on laser engraving and cutting machines for various sectors including personal creation, education, and industry. The company is projected to achieve revenue between 2 billion to 3 billion yuan in 2024, following a revenue of over 1 billion yuan in 2023 [1][2]. Company Overview - xTool is a brand under Makeblock, founded in 2021, and specializes in laser engraving and cutting machines. The founder, Wang Jianjun, has a background in aerospace engineering and has maintained a low public profile [1][2]. - The company transitioned from industrial-grade laser equipment to consumer-grade products, leveraging Makeblock's supply chain and marketing channels to become a leading brand in its niche [3]. Financial Performance - xTool's revenue exceeded 1 billion yuan in 2023, with expectations to reach between 2 billion to 3 billion yuan in 2024 [1][2]. - The company has successfully crowdfunded its flagship product, xTool M1, raising over 2.6 million USD in 2021, and its latest clothing printing machine has raised nearly 5 million USD on Kickstarter [3]. Market Dynamics - The global laser engraving machine market was valued at 658 million USD in 2023 and is projected to grow to 1.88 billion USD by 2030, with a compound annual growth rate (CAGR) of 14.67% [4]. - The demand for DIY products has surged, particularly during the pandemic, leading to increased interest in laser engraving machines [4]. Competitive Landscape - While xTool is currently a leading player in the market, it faces competition from emerging brands like Flux and Snapmaker. The industry is becoming crowded, prompting xTool to explore product diversification beyond laser engraving machines [5]. - xTool has participated in the B-round financing of Shenzhen Fast Manufacturing Technology Co., which focuses on 3D printers, indicating a strategic move towards expanding its product offerings [5]. Strategic Importance of Leadership - Liu Yao's extensive experience in strategic planning and fundraising, particularly from his tenure at Swiss Bank, is expected to be crucial for xTool's growth and potential public listing [2][6].