Physna plans to use the funding to bolster product development. Here are the top-line bullets you need to know.
Physna, a search platform for CAD designs, has raised $56M in an extended Series B that drew participation from Tiger Global Management, Google Ventures, and Sequoia Capital.
HOW’S THE COMPANY PERFORMING?
- Ohio-based Physna helps engineers, designers, and supply chain professionals to easily find 3D models through its platform, Thangs.
- Thangs have 250,000 registered users and indexes over 2.5M 3D models, of which 1M was added in the last 6 weeks.
- Physna’s Instant AR allows instant 3D model conversion into AR, which enables smartphones to place 3D models in any real-world environment. It is compatible with iOS and Android browsers.
WHY DOES THE MARKET MATTER?
- The global 3D mapping and modeling market is projected to expand at a CAGR of 15.0% to reach a value of $7.6B by 2025, according to Markets and Markets.
- Technological advancements in AI and machine learning, as well as 3D scanners and sensors, have all contributed to industry growth.