PreVu3D, a Montreal-based startup that has developed an interactive 3D visualization and modelling software solution, has raised a $2.5 million CAD seed round. This brings PreVu3D’s total funding to $3.3 million CAD.
“The market for digital twins will increase tenfold within five years. With this new funding, I believe we can be a major player spearheading this growth.”
The round was led by Brightspark Capital and includes participation from Desjardins Capital and existing investor Deepcore Tokyo. The company plans to use the funding to improve its platform and expand its customer and partner base. To execute on this expansion, the company aims to double its headcount with a focus on sales and marketing. As a result of the investment, Brightspark managing partner Sophie Forest, will join PreVu3D’s board of directors.
“Recent technological advances in 3D image capture now offer speed and quality, in addition to being affordable and available worldwide,” said CEO of PreVu3D Nicolas Morency. “PreVu3D is democratizing this type of solution by making interactive 3D spaces accessible to everyone via our automated platform, across all industries and devices.”
Founded in 2017 by a group of mechanical engineers, PreVu3D has developed a software solution allowing users to create, edit, and collaborate on 3D replicas of real-life environments, what the company called “digital twins”.
Nearly 40 million square feet of interior and exterior spaces have been modelled on PreVu3D’s platform. The company said its tool saw fast adoption in the manufacturing industry. For that sector, PreVu3D creates what it calls a “photorealistic 3D digital replica” of a factory or warehouse, allowing users to modify the space by adding, deleting, or moving elements.
The global visualization and 3D rendering software market is expected to grow to more than $4 billion USD by 2025. Canadian startups also working in this market include Ottawa-founded product visualization startup Threekit, which targets retailers and raised $20 million USD last year. Swift Medical, based in Toronto, uses visualization software and 3D measurement to help healthcare providers deliver wound care.
“The market for digital twins will increase tenfold within five years,” Morency added. “With this new funding, I believe we can be a major player spearheading this growth.”
The PreVu3D CEO noted that the COVID-19 pandemic is forcing businesses to interact with their physical spaces remotely or rethink their existing setups. Forest said this signalled an opportune time to invest in the company.
“The current times are a great opportunity to back ambitious entrepreneurs leading technological paradigm shifts and reinventing the future,” said Forest. “Brightspark believes strongly in technologies integrating the physical and digital world in a disruptive and interactive way. We were truly impressed by Nicolas’ vision and PreVu3D’s potential.”
Image source PreVu3D via Facebook.