RESEARCH TRIANGLE PARK, N.C., October 29, 2008 - Geomagic, the leader in digital shape sampling and processing (DSSP), has received an $8 million investment from Valhalla Partners. The funds will be used to develop innovative products and software platforms in engineering and medical markets, accelerate growth rates, and build a scalable business infrastructure.
"Geomagic represents an ideal match for our investment philosophy," says Scott Frederick, a general partner at Valhalla Partners and now a member of Geomagic's board of directors. "The company has patented technology, market leadership, and a strong management team. Geomagic has demonstrated the ability to consistently increase revenue while maintaining a high level of profitability. We are thrilled to help Geomagic attain its next stage of growth."
Since its inception in 1996, Geomagic has developed a range of award-winning products for DSSP, which describes the process of digitally capturing physical objects and automatically creating accurate 3D models for downstream design, analysis and inspection. Current Geomagic products include:
- Geomagic Studio for digital reconstruction of complex physical objects;
- Geomagic Qualify, which enables fast, 3D graphical comparisons between CAD models and as-built parts for first-article inspection, inline or shop-floor inspection, trend analysis, and in-depth assessment;
- Geomagic Fashion for quickly extracting design intent of physical objects and creating CAD-ready surfaces for mechanical design;
- Geomagic Blade, the first inspection tool based on unique requirements from leading turbine-machinery companies for automatic dimensioning of turbine blades;
- Geomagic Review, free software for inspection analysis and collaboration; and
- Geomagic Piano, a dental CAD/CAM software platform that can be customized for dental equipment manufacturers.
Version 10 of Geomagic Studio and Geomagic Qualify, released earlier this year, were the most successful new product launches in the company's history, coming at a time when DSSP is being acknowledged as a key to greater productivity and cost savings. A recent study by the Aberdeen Group stated that best-in-class companies are 2.7 times more likely to use DSSP in design and inspection than are less-successful companies.
"The support of Valhalla Partners is another validation of our technology and the growing acceptance of the DSSP market category," says Ping Fu, Geomagic president and CEO. "We think the time is right to use our dominance in the early adopter market as a springboard into broader professional markets. Valhalla has the experience, integrity and industry know-how to help us build a great company."
About Geomagic
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.
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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.
Media Contact:
Rachael Taggart
Geomagic, Inc.
+(1) 919-474-0135
Contact Rachael