3D scanner company raises £1.6m seed investment
Fuel 3D Technologies builds on $300,000 Kickstarter funding
A start-up that claims it will produce the world’s first affordable 3D scanner today announced it has secured £1.6m backing from a syndicate of private investors.
Founded by a group of engineers and scientists at Oxford University, Fuel 3D Technologies is currently developing a handheld 3D scanner, which delivers high-resolution 3D mapping for a range of applications including face capture technology.
The Fuel3D scanner is expected to retail for around £900, which the firm says represents a new price point for the technology – current similar products on the market retail for £9,000 and above.
In 2013, the company marked a successful round of public investment using rewards-based crowdfunding platform Kickstarter, raising more than $300,000 in an oversubscribed funding round.
The latest funding was provided by a syndicate of private investors, led by Ben Gill of London-based venture capital firm Chimera Partners.
The £1.6m will be used to continue development of the handheld scanner prior to consumer release.
It comes in advance of planned mezzanine financing round – expected to take place before the summer – as a precursor to a possible public listing as early as 2015.
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Ben Gill of Chimera Partners commented on the investment: “We have established a core group of shareholders that have taken a long-term view on the technology and management of Fuel 3D Technologies.
“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.”
Stuart Mead, CEO of Fuel 3D Technologies, added: “We have had a phenomenal response to our product on Kickstarter, and the attention this generated led to many enquiries from the broader investment community.
“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.”