RESEARCH TRIANGLE PARK – Geomagic 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.
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.”