Prevu3D Raises $10 Million US to Accelerate the Development and Deployment of Its Industrial Digital Twin Software Solution
Prevu3D, the industry-leading provider of 3D digital twin technology, today announced a funding round led by Cycle Capital, a leading growth stage climate tech venture capital firm, also includes funding from previous Prevu3D investors, Brightspark Ventures and Desjardins Capital.
MONTREAL, February 14, 2023 (Newswire.com) - Prevu3D, the industry-leading provider of 3D digital twin technology, today announced the closing of a $10 million US Series A funding round led by Cycle Capital, a leading growth stage climate tech venture capital firm that supports the development of innovative technologies and contributes towards climate change mitigation and advancing the transition to a net-zero economy. The round also includes funding from previous Prevu3D investors, Brightspark Ventures and Desjardins Capital.
The new funding will enable Prevu3D to build on its longstanding vision of reimagining the physical world, extending and accelerating the deployment of its 3D digital twin platform for industrial environments. Prevu3D's solution enables enterprises to create better work environments and accelerate their digital transformation by enabling remote collaboration, improving processes, reducing industrial carbon footprint and minimizing human errors that can have significant environmental impacts.
"Prevu3D's team is building a unique digital solution that helps manufacturing and production facilities better manage and accurately plan out their industrial plant projects more seamlessly and cost-effectively," said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital. "We look forward to joining Brightspark Ventures and Desjardins Capital and supporting Prevu3D's product deployment into the industrial sector in the years ahead."
"The future is bright for this market, and the expectations for its growth over the next few years are massive. Prevu3D aims to lead the way and continue to work closely with industry leaders to drive efficiency and build applications to solve today's challenges and beyond," said Nicolas Morency, Prevu3D Founder and CEO. "We are extremely honored to welcome Cycle Capital to our group of investors who believe in our vision and will be there to help us make it a reality."
The industrial space has been greatly impacted by geopolitical factors, including the COVID-19 pandemic, supply chain shortages and global climate change. This has led to fundamental changes in corporate strategies, business models and organizational processes, which makes it increasingly evident that there is an urgent need for new ways to enable remote operations, communication and collaboration.
Prevu3D bridges the gap between reality and the digital world. Combining intuitive gaming technology, 3D scanning and cloud computing, Prevu3D enables enterprises to optimize their operations and accelerate their digital transformation - taking their first steps into the industrial metaverse.
Many new use cases are emerging to take advantage of this new reality, from accelerated pre-design analysis and improved collaboration in engineering projects to improved onboarding of new employees - and these are just the beginning. We expect to see even more innovative uses for digital twins in the near future.
Prevu3D are experts in the creation of functional digital twins, developing advanced software tools that facilitate better management of industrial installations. This reduces risks and delays in engineering projects, by documenting factory infrastructure with the highest precision and improving communication and collaboration between stakeholders. Prevu3D bridges the gap between reality and the digital world, by providing a centralized source of information and powerful, intuitive and immersive tools that empower our clients to communicate, collaborate and work more efficiently. Click here for more information about Prevu3D.
About Cycle Capital
Cycle Capital is a leading private ClimateTech venture capital investment platform with offices in North America, Europe and Asia. Cycle Capital invests in growing and commercializing innovative climatetech companies that develop solutions to contribute towards climate change mitigation by enabling a net-zero transition, reducing greenhouse gas emissions, and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator + Innovation Engine.