Wednesday, Sep 24, 2003 5:00 AM
BOSTON, Mass., September 24, 2003- Frost & Sullivan, a leading market consulting company for high-tech industries, has selected Geomagic as a recipient of its Technical Insights’ Entrepreneurial Company of the Year Award. The award will be presented to Ping Fu, Geomagic’s president and CEO, at a banquet tonight in Boston, Mass.
According to Frost & Sullivan, the entrepreneurial award goes to “a small, emerging technology company with a vision that has enabled it to not only have nurtured the development of a key technology, but one that has also allowed it to grow despite the inherent odds confronting small companies.” In Geomagic’s case, the technology is mass customization – the ability to produce individualized goods at the same efficiency and cost as traditional mass manufacturing.
Ping Fu and Herbert Edelsbrunner co-founded Geomagic in 1996 with the goal of reinventing the way products are designed and manufactured. Over the last seven years, the company has become the number one brand for mass customization, digital manufacturing, and computer-aided inspection.
After surviving tough times in 2001, Geomagic is profitable, has a worldwide network of resellers, and continues to increase its income. Over the last 10 quarters, the company’s product sales have tripled under some of the harshest economic conditions in recent American history. In FY 2003, ending June 30, Geomagic increased its revenues by 10 percent over 2002, and achieved a net profit.
In addition to the Frost & Sullivan award, this year Geomagic has been named to the North Carolina Technology Fast 50 by Deloitte & Touche and received $2 million in research funding from the National Institute of Standards and Technology’s Advanced Technology Program. Ping Fu has been named as Ernst & Young’s Entrepreneur of the Year for the Carolinas and received the 2003 Entrepreneurial Inspiration Award from North Carolina’s Council for Entrepreneurial Development (CED).
Geomagic (www.geomagic.com) is a global company dedicated to advancing and applying 3D technology for the benefit of humanity. Geomagic’s scanning and design software solutions are used to capture and model 3D content from physical objects, organically sculpt complex shapes, and prepare products for manufacturing. In addition, the company produces powerful 3D metrology and inspection software that verifies dimensional quality by comparing as-built products to master designs. Geomagic’s Sensable Phantom haptic devices simulate the sense of touch in a digital environment.
Geomagic’s software and hardware are utilized by world-class customers in a variety of industries, including aerospace, automotive, medical, consumer products, toys, collectibles, coindesign, jewelry, fine art, heritage restoration, research, education, mold making, entertainment, training and surgical simulation. In fact, some of the world’s leading companies and research organizationsuse Geomagic software, including Ford, BMW,Boeing, Harley Davidson, Timberland, Mattel/Fisher Price, Lego, Pratt & Whitney, NASA, Schneider Electronic, 3M, Danaher and Invisalign. Geomagic is based in Research Triangle Park, N.C., USA, with an office in Boston, subsidiaries in Europe and Asia, and channel partners worldwide.
Geomagic, Geomagic Studio, Geomagic Qualify, Geomagic Qualify Probe, Geomagic Spark, Wrap, Geomagic Wrap, Phantom, OpenHaptics, Omni, Freeform, Claytools, Sensable and Sensable Technologies, Inc. are trademarks or registered trademarks of Geomagic Inc. All other trademarks are the property of their respective owners.