Apis Cor

Apis Cor

Growth Stage

Construction with robotic precision

Construction with robotic precision


Raised to Date: Raised: $341,297

Total Commitments ($USD)



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Equity - Common


Series A

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RegCF    Open SEC Filing

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Year Founded



Real Estate & Construction

Tech Sector


Distribution Model




Capital Intensity



Melbourne, Florida

Business Type


Apis Cor, with a valuation of $201 million, is raising funds on StartEngine. It is a robotics technology design and manufacturing company that uses the technology to 3D-print full-scale houses. Apis Cor aims to provide structural 3D printing robotics to developers and homebuilders to reduce the cost of building. The company began its journey with a tiny home in snowy tundra and grew to make the world’s largest 3D-printed office in a desert metropolis, a 3D commercial structure in Texas, and win NASA’s 3D-printed Habitat Challenge. Nikita Cheniuntai and Anna Cheniuntai founded Apis Cor in December 2019. The current crowdfunding campaign has a minimum target of $14,999.88 and a maximum target of $3.6 million. The campaign proceeds will be used for company employment, materials to build 3D printers, CAPEX and trucks, operations, and marketing.

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Financials as of: 02/27/2024
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Apis Cor 06/30/2024 StartEngine $200,996,449 $341,297 Equity - Common Active RegCF
Apis Cor 09/27/2023 StartEngine $133,555,405 $2,250,703 Equity - Common Funded RegCF
Apis Cor 02/03/2022 Rialto Markets $100,749,525 - Equity - Common Funded RegA+
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Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Valuation History

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Employee History

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Analyst Report


Apis Cor is revolutionizing the construction industry by integrating advanced robotics technology to 3D print full-scale houses. Positioned at the forefront of the burgeoning US 3D printing construction market, Apis Cor's innovative approach aims to reduce building costs for developers and homebuilders significantly. The company's journey began with the creation of a tiny home in a snowy tundra. It quickly escalated to constructing the world's largest 3D-printed office in a desert metropolis, a commercial structure in Texas, and securing a victory in NASA’s 3D-Printed Habitat Challenge.

With a current valuation of $201 million, Apis Cor is seeking funds on StartEngine to propel its growth. The company's founders, Nikita Cheniuntai and Anna Cheniuntai, have positioned Apis Cor to provide structural 3D printing robotics that promise precision and embody environmental and social impact by potentially reducing the industry's carbon footprint and making housing more accessible.

Apis Cor's business model includes recurring and transactional revenue streams, suggesting a blend of consistent income and project-based earnings. The company's successful prior fundraising rounds, totaling over $14 million, reflect a robust interest in its technology and mission.

The company's participation in the Alchemist Accelerator and backing by venture capital firms like Build Tech VC, Other People's Capital, Asymmetry Ventures, At One Ventures, and One Ventures, as well as notable investor D.R. Horton, underscore its potential and credibility in the market. Apis Cor's use of proceeds from the current campaign, which has a minimum target of $14,999.88 and a maximum target of $3.6 million, will focus on expanding its team, procuring materials for building 3D printers, capital expenditures, including trucks for operations, and marketing efforts to further its reach and impact.

With a tagline of "Construction with robotic precision," Apis Cor is not just a company; it's a transformative force in the real estate and construction sector, leveraging robotics to redefine how homes and structures are built.

Next Section: Price


Apis Cor is raising funds through common equity at a pre-money valuation of approximately $201 million. Given the company's recent revenue of $54,849, this valuation results in an extremely high revenue multiple of 3,664.54x. This multiple is significantly above what one would typically expect in the Real Estate & Construction industry, suggesting that the company is overvalued when considering only its current revenue figures.

Next Section: Market


Apis Cor operates within the rapidly evolving 3D printing construction market, an industry at the intersection of real estate, construction, and advanced manufacturing. With a current realistic addressable market size of $120 million, the US 3D Printing Construction industry is still nascent, but it is experiencing explosive growth with a reported growth rate of 100.1%. The heightened interest in 3D printing for construction is driven by the need for cost savings, increased safety due to automation, and the critical requirement to address housing shortages globally.

The market is responding to several critical drivers. The labor shortage in the construction industry, particularly in the US with a deficit of about 440,000 construction workers, is pushing companies to seek alternatives to traditional construction methods. 3D printing technology is not only a response to this labor gap but also a means to address the dire need for affordable housing. As per an estimate by Autodesk Inc., approximately 10,000 buildings need to be constructed daily by 2050 to keep up with the burgeoning population.

Apis Cor's 3D printing technology has the potential to be a significant disruptor in this market. Its ability to 3D print full-scale houses offers a solution to reduce building costs and timelines significantly. The technology also presents a method to create custom, unique structures, which is beneficial for bespoke building projects. The high precision and customizability of the structures produced by Apis Cor's additive manufacturing process set it apart from indirect competitors like prefabricated or modular houses.

While the market potential for 3D printing construction is high, Apis Cor must navigate a competitive landscape that includes companies such as Mighty Buildings, COBOD, SQ4D, CyBe Construction, and Alquist 3D. However, the competitive landscape is described as "slightly competitive," suggesting that there is room for Apis Cor to differentiate itself and capture market share.

In summary, the 3D printing construction market is ripe for innovation, and Apis Cor's offerings have the potential to meet the growing demand for cost-effective, efficient, and customized building solutions. With high market acceptance and a clear need for technological advancements in traditional construction methodology, Apis Cor is well-positioned in a market with high growth rates and substantial market potential.

Next Section: Team


Apis Cor is spearheaded by co-founders Anna Cheniuntai and Nikita Cheniuntai, who have taken significant strides in the 3D printing construction industry despite their relatively limited experience. Anna Cheniuntai, who is the CEO, has an educational background in space physics and has transitioned from scientific research to entrepreneurship. She has a proven track record of managing a multi-million-dollar Olympic Games project, showcasing her ability to handle large-scale operations.

Anna's accolades include being a TEDx Speaker, a member of the Forbes Business Council, an alumnus of the Alchemist Accelerator, a resident at the Autodesk Technology Center in Boston, and recognition as one of the United States' most impressive CEOs in the 3D Printing Space by Boardroom Media. She is also part of the National Small Business Association Leadership Council and Technology Council, indicating her commitment to leadership and technological innovation.

Nikita Cheniuntai, the CTO, brings over a decade of relevant industry experience to the table. His previous engagement in construction and industrial machinery manufacturing ventures, alongside his role in the company, demonstrates his technical expertise and high-level managerial skills. Nikita's participation in the Alchemist Accelerator suggests a strong foundation in startup growth and development.

While the founders' industry experience may not be extensive, their achievements, including winning NASA's 3D-printed Habitat Challenge and creating the world's largest 3D-printed office, reflect their high execution level. The team has shown medium growth since the last funding round and is backed by venture capital investors such as Build Tech VC, Other People's Capital, Asymmetry Ventures, At One Ventures, and One Ventures. Notably, the company has also attracted investment from D.R. Horton, a major player in the construction industry.

Overall, the Apis Cor team, led by Anna and Nikita Cheniuntai, has demonstrated an impressive ability to innovate and execute in the 3D printing construction space. While they may face a learning curve, their current trajectory and the support from notable investors position them well for future growth and industry impact.

Next Section: Differentiation


Apis Cor distinguishes itself in the nascent 3D printing construction industry through its patented technology and achievements. Unlike competitors focusing on smaller-scale projects or specialized housing, Apis Cor targets the construction of normal-sized and multi-story houses. The company has demonstrated the versatility of its technology by successfully using its advanced material in various climate zones, from Dubai to Missouri, and achieving the construction of the largest 3D-printed building on Earth, officially recognized by the Guinness World Records.

Third-party independent labs have validated the structural integrity of Apis Cor's 3D-printed walls, which are identical to concrete block walls and incorporate the same structural reinforcement. This level of reliability is crucial for gaining acceptance in the construction industry and for complying with international building codes. The company's recent state-level approval in Montana further solidifies its standing in the US market.

While direct competitors like Mighty Buildings, COBOD, SQ4D, CyBe Construction, and Alquist 3D are also contributing to the industry's growth, Apis Cor's approach to larger residential and commercial structures sets it apart. Moreover, its ongoing negotiations with a national homebuilder for construction projects and investment underscore the company's potential to scale and commercialize its technology.

Apis Cor's business model, which includes partnerships and a focus on providing structural 3D printing robotics to developers and homebuilders, positions it well for growth in a market that is just beginning to take off. The company's high differentiation in quality and price, combined with the high barriers to entry in this space, may provide a competitive edge as 3D printing technology becomes increasingly viable for mainstream construction projects.

Next Section: Performance


Apis Cor Inc. has made significant strides in the 3D printing construction industry, positioning itself as a leader with the Guinness World Record for the largest 3D-printed building on Earth. The company's proprietary technology has been successfully utilized in various climates, from Dubai to Missouri, demonstrating the versatility and adaptability of its advanced material, which conforms to international building codes. Completing fully permitted residential houses, including one in Melbourne, FL, which will serve as a model house, showcases the practical application of Apis Cor's innovations in real-world settings.

Financially, Apis Cor has raised $14.17 million since its inception. Despite this, the company experienced a medium decline in revenue, with the most recent annual revenue reported at $54,849, a 75.7% decrease. Given that Apis Cor doesn't seem to be commercializing its product yet, this signifies a decline in prototypes and pilots, which shouldn't be alarming yet. The monthly burn rate is currently $128,243, indicating significant ongoing investment in research and development and operational expenses.

The company's business model is designed to generate revenue from two streams: renting out its compact and efficient 3D printing robots, which are easier to transport, store, and install compared to competitors' larger models, and selling its proprietary cement, which is required for use with its robots. Apis Cor's plans to manufacture its first robots for commercialization with the proceeds from the current raise suggest a move towards scaling operations and tapping into the recurring revenue model.

Apis Cor's technology and business model have attracted interest from potential large-scale partners. Subject to a confidentiality agreement, negotiations with a national homebuilder for construction projects and investment are underway. This partnership could significantly enhance the company's market reach and financial performance.

However, Apis Cor's progress since its last raise seems somewhat minimal. The company finished building a model house; it is building two houses with Space Coast Habitat for Humanity and launching the construction of 2 houses in New Orleans, LA, with VPG Enterprise. Finally, the company is starting a project with the Chan-Zuckerberg initiative, which could bring it half a million in revenue. This progress seems slow, given that the company raised $2.25 million in 2023. They do not justify the increase in valuation from $100 million to $200 million.

Next Section: Risk


Apis Cor's pioneering role in the 3D printing construction sector introduces several unique risks to investors. The company's innovative technology challenges the norms of the traditional construction industry, which may lead to resistance and a slower adoption rate. Designers and construction companies may be hesitant to incorporate 3D-printed structures into their practices due to the need for new training, changes in operational processes, and possible updates in infrastructure to accommodate the storage of 3D printing robots.

Moreover, Apis Cor's growth is contingent upon the construction industry's acceptance of 3D-printed buildings. This acceptance is not guaranteed, as the industry is known for its reliance on established practices and slow adoption of new technologies. The company must also navigate high regulatory hurdles associated with real estate and construction, creating additional barriers to entry.

Apis Cor also faces financial risks. With a significant net income loss in the most recent fiscal year and a sizable monthly burn rate, the company relies on continuous capital infusion to sustain its operations and growth. This reliance on external funding can be precarious, particularly if economic conditions tighten or investor sentiment shifts.

Lastly, the company is currently valued at $201 million despite having a revenue multiple of 3,664.54, which suggests it may be overvalued. This valuation implies high expectations for future growth and profitability, which Apis Cor must meet to justify the investment risk.

Next Section: Bullish Outlook

Bullish Outlook

Apis Cor's innovative approach to construction through 3D printing positions it at the forefront of a transformative wave in the real estate and construction industry. The company's technology is cutting-edge and addresses key issues in the sector, such as high building costs and prolonged construction timelines. By offering a solution that promises to reduce expenses and accelerate building processes, Apis Cor is tapping into a high-potential market that is ripe for disruption.

From constructing the world's largest 3D-printed office to winning NASA's 3D-Printed Habitat Challenge, Apis Cor has shown that its technology can withstand diverse environmental challenges and meet various construction needs. With a recurring revenue model, Apis Cor can build long-term customer relationships and ensure a steady income stream. This, coupled with its strategic partnerships, including an investment from D.R. Horton, one of America's largest homebuilders, highlights the industry's belief in the viability and future success of Apis Cor's technology.

The company's participation in the Alchemist Accelerator, alongside investments from Build Tech VC, Other People's Capital, Asymmetry Ventures, At One Ventures, and One Ventures, provides it with capital and access to a network of seasoned advisors and industry experts.

Next Section: Bearish Outlook

Bearish Outlook

Apis Cor's bullish valuation of $201 million is a significant cause for concern, particularly when considering its current financial performance. With a reported annual revenue of just $54,849 and a concerning decline of 75.7% since the last round, the revenue multiple of 3,664x seems exorbitant and suggests that the company is substantially overvalued. Even if the company has the potential to become a unicorn, its didn't make enough progress since its last round to justify doubling its valuation.

Moreover, Apis Cor is operating in an industry with high barriers to entry, which typically demands substantial capital investment for research, development, and scaling operations. Apis Cor also faces stiff competition from established players in the 3D printing construction sector, such as Mighty Buildings and COBOD, which could limit market share growth and pressure the company to secure lucrative contracts.

Additionally, Apis Cor faces strong adoption risks. Designers might have to change their habits, and construction companies might have to update their processes and grow their warehouses to store the robots. As with any brand-new market, investors cannot ignore the adoption risk — including the timeline to widespread adoption. The more novel the product, the longer it often takes users to accept it.

Next Section: Executive Summary

Executive Summary

Apis Cor is an innovative player in the construction industry, leveraging advanced robotics technology to 3D print full-scale houses. The company has established itself as a leader in the 3D printing construction space with a Guinness World Record for the largest 3D-printed building in Dubai and successful projects in diverse climates from Dubai to Missouri. Their technology has been validated with state-level approval in Montana and the completion of a fully permitted residential house in Melbourne, FL, which will serve as a model house.

The company's technology has the potential to revolutionize the construction industry by reducing costs and increasing efficiency through the use of structural 3D printing robotics for developers and homebuilders. The addressable market is growing at an exceptional 100% annual rate, given the high demand for innovative and cost-effective building solutions in the US 3D Printing Construction market. Furthermore, Apis Cor has shown its capability by winning NASA's 3D-Printed Habitat Challenge, indicating a strong technological foundation and potential for future growth.

Apis Cor has raised over $14 million in prior funding rounds and secured partnerships, including a potential deal with a national homebuilder. The company has also received a $40,000 grant and is backed by notable VC investors such as Build Tech VC, Other People's Capital, Asymmetry Ventures, and At One Ventures. It is currently in its growth stage and is raising funds to expand its operations, and its valuation is high at $201 million.

Despite these strengths, Apis Cor faces challenges, including a burgeoning competitive landscape with players like Mighty Buildings, COBOD, SQ4D, CyBe Construction, and Alquist 3D. The company also reports a significant monthly burn rate and a net income loss, indicating that it may be overvalued. However, Apis Cor's dedicated founders and the company's commitment to environmental and social impact investing suggest a strong vision for the future.

Overall, Apis Cor is positioned at the forefront of a transformative shift in the construction industry, with the potential to deliver significant cost savings and efficiency improvements. The company's use of proceeds for employment, materials, operations, and marketing indicates a focus on scaling its innovative technology and capturing a larger share of the growing market.


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Apis Cor on StartEngine 2024
Platform: StartEngine
Security Type: Equity - Common
Valuation: $200,996,449
Price per Share: $1.47

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