Paracosm Secures 3.3M in Seed Funding
Startup brings imaginary worlds to life with 3D technologies
03 NOVEMBER 2014, BOSTON, MA AND GAINESVILLE, FL
SummaryParacosm raises 3.3M in seed funding with Atlas Venture, iRobot, Osage University Partners, BOLDstart Ventures, New World Angels and Deep Fork Capital.
Paracosm, a cloud-based software company, raised 3.3 million in seed round funding to further its mission to 3D-ify the world. The round, led by Atlas Venture, includes contributions from iRobot, Osage University Partners, BOLDstart Ventures, New World Angels, Deep Fork Capital and a number of angel investors.
Paracosm’s advanced three-dimensional reconstruction technologies create digital models of physical spaces. When shared with machines, these models serve as blueprints which provide robots and applications a greater sense of awareness and understanding of the physical world. Such technologies are valuable for robotics, video game development, special effects, indoor navigation applications, and for the improvement of both virtual and augmented reality experiences.
“Paracosm wants to take the digital world beyond screens and enable machines to understand the world as we do,” said Amir Rubin, founder and CEO of Paracosm.
“We envision a future where the digital world is seamlessly integrated into our lives. When humans and machines have a joint understanding of our world it opens up endless opportunities. Imagine a robot that can find your keys or deliver a pizza directly to a desk in a busy office building. Imagine building a video game level out of the furniture in your living room or playing an augmented reality game in which zombies chase you around your own home. Allowing machines to understand the physical realm will change the world.”
“Advancements in robotics and augmented reality rely on a new generation of 3D technology to reach their amazing potentials,” said Jeff Fagnan, partner at Atlas Venture. “Paracosm has that technology. Their 3D mapping and modeling tools hold the key to truly augmenting our realities.”
Paracosm plans to further the development of its 3D scanning, reconstruction, and machine learning technologies and build relationships with companies that would benefit from their core technologies.
About Atlas Venture
Atlas Venture is a leading early-stage international venture capital firm that invests in technology and life sciences businesses. Since inception in 1980, its partners have helped build over 350 companies in more than 16 different countries. For more information, visit Atlas' website at www.atlasventure.com.
About Osage University Partners
Osage University Partners (OUP) is a venture capital fund that invests in startups from leading universities and research institutions. OUP has partnered with over 65 academic institutions to invest across a range of technology sectors, including information technology, physical sciences, and life sciences. OUP has invested in over 35 companies at various stages, from seed to late stage. osagepartners.com
About BOLDstart Ventures
BOLDstart Ventures is a New York city based venture capital firm with over 20 years of experience backing bold founders with big visions. Our founding team has led first rounds in market leading enterprises such as LivePerson (LPSN), GoToMeeting (sold to Citrix), Greenplum (sold to EMC), and 24/7 Media (TFSM). BOLDstart helps founders at the seed stage accelerate their growth from idea/ alpha phase to product market fit and successful Series A round. With a focus on seed investing in the mobile, agile, and smart enterprise and business models that harness the power of network effects, our entrepreneurs have successfully been able to raise over $300 million of financing following our initial seed investment. Founded in 2010, we have backed 38 awesome teams including Indiegogo, divide.com (sold to google), goinstant (sold to salesforce), blaze.io (sold to Akamai), Plain Vanilla Games (quizup), rapportive (sold to LinkedIn), and Security Scorecard. www.boldstart.vc
About New World Angels
Founded in 2003, New World Angels is a group of private investors dedicated to providing equity capital to early-stage entrepreneurial companies with a significant presence in the state of Florida. NWA has chapters in South Florida and the Tampa Bay area and is typically a lead or co-investor in transactions ranging between $500,000 and $3 million. www.newworldangels.com
About Deep Fork Capital
Deep Fork Capital is a San Francisco and New York City based early-stage venture capital firm focused on investing globally in entrepreneurs who are building disruptive technology-driven companies in the Consumerized Internet. Founded, funded and operated by entrepreneurs, Deep Fork Capital's partners are familiar with the challenges and opportunities of launching and building a business; as such, the firm seeks to collaborate actively with the entrepreneur throughout the lifecycle of their business. For additional information, visit www.deepforkcapital.com.
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Headquartered in Gainesville, Florida, Paracosm is a cloud-based software company that leverages 3D mapping technology to unleash the digital world into reality. We are dreamers, wizards, gamers, artists, hackers, storytellers and robot whisperers who truly believe #thefutureisawesome. To learn more, visit https://paracosm.io