Montréal startup Prevu3D, which provides 3D scanning technologies, has announced the closing of a $13.3 million CAD ($10 million USD) Series A round.
According to Prevu3D, this capital will be used to support the company in accelerating the deployment of its 3D ‘digital twin’ platform for industrial environments as organizations move toward automation and digitization—taking their “first steps” into the industrial metaverse.
“The future is bright for this market, and the expectations for its growth over the next few years are massive.”
– Nicolas Morency, Prevu3D
The funding was led by Cycle Capital, which invests in companies that develop climate tech solutions. It also saw the participation of previous Prevu3D investors Brightspark Ventures and Desjardins Capital.
Founded in 2017, Prevu3D’s platform combines intuitive gaming technology, 3D scanning, and cloud computing to allow users to create, edit, and collaborate on 3D replicas of real-life environments, or digital twins.
Multiple macroeconomic factors, including the COVID-19 pandemic and supply chain shortages, have led organizations to rethink their corporate strategies, business models, and organizational processes to facilitate new ways of remote operations, communication, and collaboration. Prevu3D claims its offering can help enterprises reduce their industrial carbon footprint, and minimize human errors that could lead to significant environmental impacts.
As industries are increasingly using more technology to digitize their operations, the digital twin market is expected to grow significantly within the next decade. Reports estimate that the digital twin market is projected to grow from $8.8 billion USD in 2022 to $96.49 billion by 2029. IT company Altair Engineering also released a report in September 2022 that estimates nearly three out of four organizations in its study are already putting digital twins to use, with 11 percent of businesses planning to adopt the technology within the next six months.
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Prevu3D claims that its platform “bridges the gap between reality and the digital world,” opening up the possibility for a variety of use cases for industrial environments. Applications can vary from accelerated pre-design analysis, to collaboration in engineering projects, and onboarding of new employees.
“The future is bright for this market, and the expectations for its growth over the next few years are massive,” said Prevu3D CEO Nicolas Morency. “Prevu3D aims to lead the way and continue to work closely with industry leaders to drive efficiency and build applications to solve today’s challenges and beyond.”
A spokesperson for Prevu3D told BetaKit that the company has raised $15.8 million CAD in total funding to date. Prevu3D previously raised a $2.5 million CAD seed round in 2020. At that time, Prevu3D claims that nearly 40 million square feet of interior and exterior spaces have been modelled on its platform.