June 18, 2020 – Montreal / PreVu3D, a Montreal-based company that has developed an interactive digital twin 3D visualisation and modeling software solution, has raised a Seed round of $2.5M CAD.
The round, led by Brightspark Capital, includes participation from Desjardins Capital and returning investor Deepcore Tokyo, bringing PreVu3D’s total funding to $3.3 million CAD.
Founded in 2017 by mechanical engineers looking to improve their own practices, the company has developed an intuitive software solution where users can create, edit and collaborate on 3D replicas of real-life environments, or “digital twins”.
With this new funding, the company plans to deliver pioneer improvements to its cloud-based platform, unlocking significant value to a wider range of customers and new partners in various industries. To execute on its vision and global expansion, the company aims to double its headcount with a focus on sales and marketing.
To date, nearly 40 million square feet of interior and exterior spaces have been processed and modelized on PreVu3D’s platform. The tool saw rapid adoption in the manufacturing industry, for which it creates a precise and photorealistic 3D digital replica of a factory, allowing users to modify the space by adding, deleting or moving any element in just a few clicks. Fully interactive and built for ease-of-use, the software has proven huge efficiency gains and cost savings in multiple use cases.
According to CEO Nicolas Morency, the financing couldn’t have come at a better time. “COVID-19 is accelerating the need for businesses to interact with their physical spaces remotely or rethink their existing setups. The manufacturing industry is in the midst of a digital revolution (Industry 4.0) and this same phenomenon is happening across all sectors of the economy. Recent technological advances in 3D image capture now offer speed and quality, in addition to being affordable and available worldwide. PreVu3D is democratizing this type of solution by making interactive 3D spaces accessible to everyone via our automated platform – across all industries and devices. 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 current times are a great opportunity to back ambitious entrepreneurs leading technological paradigm shifts and reinventing the future. 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. The company is perfectly positioned to define a new standard in 3D technologies.” says Sophie Forest, Managing Partner at Brightspark, who is joining the company’s board of directors.
About PreVu3D
PreVu3D provides a state-of-the-art software solution, leveraging the benefits of 3D scanning technologies by delivering an intuitive yet powerful solution that helps engineers, stakeholders and project managers improve their practices and collaboration in multiple industry verticals. To learn more, visit www.prevu3d.com
About Brightspark
Brightspark is one of Canada’s top-performing venture capital firms, actively investing in exceptional entrepreneurs since 1999. The firm provides growth capital and expertise to disruptive, market-transforming Canadian tech companies in seed to growth stages. Brightspark made it easy for investors of every size to invest in venture capital opportunities that are sourced, vetted and fully-managed by their investment team. For more information, visit www.brightspark.com
About Desjardins Capital
Nearly 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.6 billion as of December 31st, 2019, Desjardins Capital helps contribute to the longevity of some 530 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create more than 80,000 jobs, this subsidiary of Desjardins Group offers business owners access to a large business network and supports their business growth. For more information, visit our website or our LinkedIn page.
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