Fuel 3D scans for investment

Fuel 3D Technologies, a developer of 3D scanning tools, has raised £1.6m ($2.6m) ahead of a financing round planned for the summer months and a potential initial public offering in 2015.

The round was led by Ben Gill of venture firm Chimera Partners, who was joined by a syndicate of private investors. The funding comes after a successful crowdfunding campaign on Kickstarter last year, where Fuel 3D raised £300,000.

Discussing the fundraising, Gill said: “We have established a core group of shareholders that have taken a long term view on the technology and management of Fuel 3D Technologies. The 3D printing market is the focus of significant investor interest at the moment, and Fuel 3D’s disruptive technology feeds that interest from a unique angle. We are actively exploring a number of interesting financing options, including the possibility of an early IPO.”

The UK-based company is developing a handheld 3D scanner based on technology from the University of Oxford. Fuel 3D aims for the scanner to be affordable to consumers and small businesses with an interest in 3D printing, 3D art, animation, and game development. Currently, handheld 3D scanners retail at $15,000 or above, whereas Fuel 3D is looking to price its device around $1,500 per unit.

Stuart Mead, chief executive at Fuel 3D, said: “We had a phenomenal response to our product on Kickstarter and the attention this generated led to many enquiries from the broader investment community. We have always been confident that our technology has the potential to revolutionise the industry and are delighted to have found a group of ambitious and well-resourced investors who share our vision.”