For a company not even two years old, Fuel3D, the developer of the affordable handheld 3D scanner, is going from strength to strength. Today the company has announced that it has closed a funding round totalling £4 million ($6.4 million). This funding builds on the company’s initial £1.6 million ($2.6 million) funding secured earlier this year, and its successful Kickstarter launch campaign ($300k) last year, and paves the way for the commercial launch of the company’s consumer scanner product in 2015.
I have seen the evolution of this scanner, and the associated software, over the last 12 months and it has to be said, it is mightily impressive — both fast and intuitive (even I could do it) this 3D tech has the potential to reach into education and industry.
With the product development all but complete, this latest funding round, led by Chimera Partners, 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, according to the company.
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.”
With its commercial launch expected in early 2015, the Fuel3D scanner is currently in beta-testing with the company’s Kickstarter backers. 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.
“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.”