Fuel3D develops a consumer-grade, high-resolution handheld 3D scanner originally Kickstarted to beta backers. Its scanners capture detailed face and object geometry and the company is developing a dedicated 270° face scanner aimed at retail virtual try-on and custom eyewear. Fuel3D has been expanding beyond 3D-printing use cases into medical imaging via a $1.1M development contract and is exploring biometrics applications. The company shipped units to Kickstarter starters for beta testing and plans a full commercial launch of the device next year. Management says it will use new funding to scale applications, invest in talent and infrastructure, grow operations in the United States, and further develop its intellectual property. Fuel3D develops handheld 3D scanners that capture accurate geometry and colour to turn real-world objects into 3D models. The technology originated as a medical-imaging solution (initially developed in 2012 under the name Eykona Ltd) and the company was spun out of Oxford University. Fuel3D is pursuing a dual path: continuing its consumer-grade scanner business while refocusing part of its technology on medical imaging and therapy applications. Medical fields cited as potential beneficiaries include orthotics, prosthetics and plastic surgery, and the company aims for adoption in the NHS and international healthcare markets. Financially, Fuel3D recently secured a $1.1M development contract from SBRI Healthcare (an NHS England initiative); earlier funding included a Kickstarter that raised more than $325,000 and $2.6M in VC backing from a syndicate of private investors. The company said it expects to ship the first handheld units to Kickstarter backers in the next few weeks and has previously discussed a possible IPO in 2015. Fuel3D develops an affordable high-resolution 3D scanner plus accompanying software that captures accurate geometry, texture and color. The device targets 3D printing users and broader creative markets such as 3D artists, animators and game designers by enabling freestyle scanning without a turntable. After raising more than $300,000 on Kickstarter, the company secured $2.6 million in early-stage financing from a syndicate of private investors led by Ben Gill of London-based Chimera Partners. The funding will be used to develop hardware, software and the go-to-market strategy for international (non-U.S.) markets, with a subsequent round planned in the summer to develop U.S. markets. Management has discussed a mezzanine financing before summer and said it could pursue an IPO as early as 2015. Fuel3D set an expected retail price of $1,500 for the scanner (its Kickstarter price was under $1,000), aims to undercut rival high-resolution scanners that retail for $15,000+, and is on track to fulfill Kickstarter orders beginning in late April.

Total raised

$10M

Funding rounds

3

Latest round

Equity

Latest activity

Nov 2014