Source3 Announces $4 Million in Seed Funding
September 15, 2015 (Press Release) - Source3™, the platform for licensing and distribution of 3D content, announced today that it has raised $4 million in Series Seed funding led by Contour Venture Partners and joined by Western Technology Investments, Correlation Ventures, Crosslink Capital, 645 Ventures and numerous angel investors from both coasts. Autodesk, Inc. a leader in 3D design, engineering and entertainment software, also participated as an investor through Autodesk's Spark Investment Fund.
Bob Greene, General Partner of Contour Venture Partners said, "Source3 is developing the processes and technologies necessary to unlock the availability and monetization of 3D content in the 3D ecosystem. The team has collectively realized more than $1B worth of licensed intellectual property during their careers. They have the experience and insight to make Source3 a huge success. We are thrilled to be investing in Source3 and to be joined by our investment syndicate partners."
Source3 is a collaboration of music licensing innovators and 3D printing experts, focused on unlocking the promise of 3D printing via scalable and customizable rights management solutions. Source3 will accelerate continuing product development and headcount expansion from the proceeds of this fundraising round.
"New 3D capture and manufacturing technologies are rapidly reshaping the way content owners must approach the market" said Patrick Sullivan, CEO and co-founder of Source3. "These profound changes represent both a huge opportunity as well as a growing threat to existing routes to market. I am excited to be working on the solution here at Source3."
"The Spark Investment Fund advances 3D printing by uncovering innovative companies in all areas of the ecosystem," said Samir Hanna, vice president and general manager, Consumer and 3D Printing, Autodesk. "We're excited to be part of Source3's growth as their platform provides a unique and necessary approach to aggregating, licensing and distributing 3D content."
Source3 is a large-scale licensing and distribution platform of 3D content. Based in NYC, Source3 was founded by veterans of Google and 3D Systems. The team's experience includes the founding of RightsFlow, an enterprise licensing technology for the music industry acquired by YouTube in 2011. Source3 brings premium branded content to the 3D ecosystem. www.source3.io
About Contour Venture Partners
Contour Venture Partners is a New York City based early stage venture capital firm. Contour invests in companies that provide innovative technology enhanced products and services into the financial services, SaaS and digital media sectors. Contour partners with passionate entrepreneurs and management teams to build great businesses that seek to ultimately transform their industries. Contour has a long and successful investment track record, having invested in 50 companies through numerous market cycles. For more information about Contour Venture Partners or its portfolio companies, visit: www.contourventures.com
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