Quick take:
- Prevu3D has raised $10 million in a round led by Cycle Capital.
- The Series A round also attracted participation from previous Prevu3d investors including Brightspark Ventures and Desjardins Capital.
- Prevu3D offers the digital twin technology required to build the industrial metaverse.
Prevu3D has announced a $10 million funding round led by Cycle Capital, a tech-focused venture firm that invests in growth-stage startups. The Series A round also attracted participation from previous investors Brightspark Ventures and Desjardins Capital.
Prevu3D is a 3D digital twin technology company enabling businesses to take the first steps into the industrial metaverse. The company said it will use the funds to accelerate the development of its 3D digital twin technology for industrial environments.
Prevu3D’s technology allows corporations to create digital twins of their work environments enabling them to improve remote collaborations. With this technology, Prevu3D says enterprises can reduce their carbon footprint and limit human errors that can have a negative impact on the environment.
Commenting on his company’s leading role in the fundraising, Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital said: “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.”
Cycle Capital is committed to supporting projects that contribute to climate change mitigation and the move towards a net-zero economy. The venture capital firm now joins Brightspark Ventures and Desjardins Capital on the list of companies backing Prevu3D to accelerate the deployment of its 3D digital twin platform.
On the other hand, Nicolas Morency, Prevu3D Founder and CEO commented: “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.”
Prevu3D is tapping into the opportunity created by the Covid-19 pandemic. The virus created workplace challenges forcing some organisations to embrace the work-from-home culture. However, this was not easy to implement for industrial companies that require operators to be on-call. The Industrial metaverse is changing that with digital twin technology, which allows developers and engineers to collaborate with colleagues remotely.
Last year, Kawasaki Robotics used Microsoft’s industrial metaverse technology to build robots remotely.
Prevu3D’s announcement comes hot on the heels of the news that Microsoft is scrubbing its industrial metaverse project to focus on projects that are likely to generate revenues in the near term.
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