Fuel 3D Technologies, a developer of 3D scanning solutions, has announced it has secured $2.6 million (£1.6 million) in early stage financing to further the development of its Fuel3D scanner technology. The funding news comes in advance of a planned mezzanine financing round, expected to take place before the summer, as a possible precursor to an initial public offering (IPO) as early as 2015.
The funding was provided by a syndicate of private investors, led by Ben Gill of London-based Chimera Partners.
“We have established a core group of shareholders that have taken a long term view on the technology and management of Fuel 3D Technologies,” said Gill. “The 3D printing market is the focus of significant investor interest at the moment, and Fuel 3D’s disruptive technology feeds that interest from a unique angle. We are actively exploring a number of interesting financing options, including the possibility of an early IPO.”
In 2013, Fuel 3D Technologies raised over $300,000 for the development of an affordable, high resolution handheld 3D scanner through its successful crowdfunding campaign on Kickstarter.
“We had a phenomenal response to our product on Kickstarter and the attention this generated led to many enquiries from the broader investment community,” said Stuart Mead, CEO, Fuel 3D Technologies. “We have always been confident that our technology has the potential to revolutionize the industry and are delighted to have found a group of ambitious and well-resourced investors who share our vision.”
Fuel3D is the affordable handheld 3D scanner that delivers high resolution shape and color capture for a range of 3D modeling applications, such as 3D printing, as well as on-screen applications like 3D art, animation and game development. The scanner’s ability to accurately capture color 3D models of the face is ideally suited to the rapidly growing trend of personalization.
Fuel3D is the world’s first 3D scanner to combine pre-calibrated stereo cameras with photometric imaging to capture and process a 3D model in seconds. At an expected retail price of $1,500, the low-cost scanner represents a new price point in handheld 3D scanning technology, which typically sees products retail for $15,000 and above.
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