Cintoo has announced a Series A investment of €5.3m (c.£4.4m) from five international investors to improve its Software as a Service (SaaS) platform.
The investment was secured from AMAVI Capital, Armilar Venture Partners, Accenture Ventures, UI Investissement, and Region Sud Investissement through a Series A funding round.
Cintoo’s SaaS platform, Cintoo Cloud, which leverages reality data in the cloud, sits at the convergence of reality capture and digital twins.
Reality capture devices, such as laser scanners or drones, are frequently used to capture the as-built conditions of a physical space, such as a building construction area, a factory, or a plant.
In theory, this means that teams working on retrofit, construction, or simulation projects can design or control work remotely without needing to visit the space.
Cintoo Cloud uses a patent-pending, core point cloud-to-mesh engine, and interconnects with BIM and digital twin platforms to bridge the gap between the physical and digital worlds.
With approximately three billion square feet of laser scan data across 4,000 projects to date, Cintoo Cloud is currently used by more than 20,000 users in building information modeling (BIM), construction, and Industry 4.0 organisations.
Cintoo says this latest funding package will be leveraged to expand Cintoo Cloud’s capabilities to further meet the needs of Industry 4.0, BIM and construction customers, developing “next generation” features for asset management, progress monitoring, and industrial metaverse exploration.
Cintoo’s prior investors, UI Investissement and Region Sud Investissement, also continue to support the business.
Dominique Pouliquen (pictured), Cintoo’s CEO, said: “Our mission is to become the world leader in cloud-based solutions to empower reality data on-demand, and we’ve made significant in-roads since we launched Cintoo Cloud in early 2019.
“We’re very happy to bring AMAVI, Armilar Venture Partners, and Accenture Ventures on board.
“Securing this investment from top European and US VCs, together with the continuous support from UI Investissement and Region Sud Investissement, is a testament to the strength of the platform, our team’s industry experience, our technical expertise, and our vision for Cintoo.
“With this funding and support, we can quickly start to turn this vision into reality.”
Frédéric Van den Weghe, managing partner at AMAVI Capital, said: “Supporting companies like Cintoo is why we founded AMAVI: as a dedicated investor in companies making the built world more efficient and sustainable, Cintoo ticks a lot of boxes.
“With its Cintoo Cloud product it makes construction teams across the globe collaborate more efficiently, remote and in real-time.
“For industry 4.0 applications, it is the platform where digital twin data comes together and is enriched with IoT and AI data to become the dashboard of the factories of the future.
“Its blue chip customers base, including a.o. leading car manufacturers and engineering firms, and more than 20,000 active users on the platform are a clear sign of the value add the Cintoo product brings.”
Pedro Ribeiro Santos, partner at Armilar Venture Partners, said: “As much as cloud computing keeps bringing innovation and openness to many industries, there are a few areas in which it has been more challenging to benefit from it, particularly in applications that need to handle huge amounts of data in real time while offering smooth user experiences.
“3D Reality Data is one of those areas, that has stayed ripe for disruption until now.
“Cintoo’s technology, the result of years of R&D, makes it possible, making the data accessible to anyone and opening the doors to new uses of that data – and making Cintoo an excellent fit for Armilar’s TechTransfer Fund.”
Tom Lounibos, managing director of Accenture Ventures, added: “More and more, companies are seeking to reflect physical environments in a digital space, understanding that intelligent, digital twins have the potential to fundamentally change how organisations work and innovate.
“We look forward to partnering with Cintoo, a company at the nexus of reality data capture and digital twin enablement, to help clients harness digital twins to advance their businesses.”
Aurélie Viaux, Investment director at UI Investissement, said: “We have been supporting Cintoo and its management team since its seed round in 2017 and we are very proud to participate today in this new stage of the company’s development, alongside major European investors.
“This Series A round will enable Cintoo to continue its international development and to establish itself as the world leader in cloud-based solutions to empower reality data on demand.
“This is a fundamental solution for the future development of the BIM and Industry 4.0 markets.”
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