Physna completes Series A funding round with investment by Drive Capital
August 5, 2019
Physna, a technology startup headquartered in Cincinnati, Ohio, USA, has completed a $6.9 million Series A round of financing led by venture capital firm Drive Capital, Columbus, Ohio, USA. Physna states that it will use the funding to continue its software product development, increase adoption of its technology, and expand its engineering and sales teams.
The company reports that it has built a geometric search engine that can increase efficiencies within CAD design and manufacturing by breaking down 3D files into a codified structure. Physna explains that this approach creates a ‘DNA-like’ structure representative of the 3D model, and that through machine learning, the search engine can recognise common traits.
According to Physna, results from its search engine are pulled from a user’s own database of 3D files, and the results can include similarities and differences between 3D models returned by the search engine and the files used for the search, regardless of file types. The search is said to allow users to search millions of 3D models in seconds.
“The results are orders of magnitude more accurate and faster than was ever previously possible in 3D search,” stated Paul Powers, Founder and CEO of Physna. “We are just scratching the surface. The uses for Physna’s core technology are virtually limitless.”
Mark Kvamme, Drive Capital Partner, commented, “We are very excited for the opportunity to invest in Physna. We believe what Paul and his team are doing in search has the potential to revolutionise the workflows of engineers around the world.”
“Drive Capital matches our passion for taking on major issues and fixing large, fundamental problems through groundbreaking technology,” added Powers. “We are excited for Mark to join our board. We know the partnership with Drive will allow us to accelerate our development and growth.”
