Fuel3D secures $6.4 million in expansion funding
November 06, 2014
Fuel3D today announced that it has closed a funding round totaling $6.4 million (£4 million). This funding builds on the company’s initial $2.6 million (£1.6 million) funding secured earlier this year and paves the way for the commercial launch of the company’s consumer scanner product in 2015.
The funding round was led by Chimera Partners and will be used to ramp-up Fuel3D’s production, customer support and international retail distribution after it delivers on its Kickstarter and pre-order commitments.
In addition, Fuel3D will use the funding to expand the scope of the company’s technology to address commercial opportunities in a range of vertical markets through its Fuel3D Labs division, including biometrics and eyewear.
“The initial interest shown by investors in Fuel3D has only been increased since the first funding round and we are very pleased to have been oversubscribed in this round of fundraising,” said Ben Gill of Chimera Partners and Chairman of Fuel3D. “The company continues to impress with its commitment to product development goals and has also made very significant inroads into developing new commercial applications and relationships.”
In 2013, Fuel3D raised over $300,000 for the development of an affordable, high resolution handheld 3D scanner through its successful crowdfunding campaign on Kickstarter. The company has expanded rapidly in response to global demand and now has distributors in 23 countries around the world as well as manufacturing operations in Asia.
With its commercial launch expected in early 2015, the Fuel3D scanner is currently in beta-testing with the company’s Kickstarter backers.
“This funding round will take Fuel3D through the full commercial launch of our scanner next year, and will allow us to invest in new talent and infrastructure, including growing our operations in the United States,” said Stuart Mead, CEO, Fuel3D. “In tandem with our consumer product development, we will also be using the funding to further develop our intellectual property so that we can capitalize on the ongoing interest we receive from international brands in applying our technology in new verticals beyond 3D printing.”
About the Fuel3D scanner
Fuel3D has developed an affordable handheld 3D scanner that delivers fast, 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 human form 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.
Fuel3D is a developer of advanced 3D scanning systems and solutions. Originally developed for the medical imaging sector, the Fuel3D technology has been adapted for the broader 3D market, with the goal of bringing the benefits of point-and-shoot 3D imaging to consumers, professionals and businesses. Since raising more than $300,000 and generating worldwide attention through its successful Kickstarter campaign in 2013, the company has gone from strength to strength, raising a further $2.6 million in private investment and signing retail and distribution partners across the world.
Based on technology developed by Professor Ron Daniel, Lecturer in Engineering Science at Oxford University, Fuel3D is today led by Stuart Mead, CEO, a veteran of several successful global technology ventures, and supported by an expert team of hardware and software engineers and scientists. For more information, visit www.fuel-3D.com