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3D Educational Software Firm 3Dsolve Raises Seed Round
By Jonathan Matsey
1/16/2004	Cary, N.C.

3Dsolve, a provider of 3D educational software, said that it raised a seed round of financing for an undisclosed amount.

New investor Joichi Ito, founder and CEO of Japanese VC firm Neoteny, led the round, joined by other undisclosed individuals from the U.S. and Japan. Frank Boosman, co-founder and chief marketing officer, said that the funding amount was, "in the six digits."

The company will use funding for business development and product design. Mr. Boosman said that the funding will also bring the company to break-even. "We're hoping this will be a profitable year," he said.

3Dsolve currently is targeting the government market, particularly the military. The company already has two contracts, one with the North Carolina Global TransPark Authority, operator of a global-trade and logistics office park.

Mr. Boosman plans to later help move his company into two additional markets: Fortune 500 manufacturing, transportation, and logistics companies; and public and private entities providing security to critical or symbolic infrastructure. The company hopes to offer products to mimic places like sports arenas, skyscrapers, and bridges so that security personnel can learn how to respond to threats. "It's always easier to learn by doing," said Mr. Boosman, repeating a mantra of the company's.

Mr. Boosman said that his company's market space, the 3D simulation area, was originally dominated by large, well-funded companies. As desktop and laptop computing has become more powerful, however, defense contractors and start-ups began entering the market, he said. What separates 3Dsolve, he said, is its combination of experience with government contracting and consumer software development experience.

Mr. Boosman said that the company may raise another round to accelerate its growth. "We're not actively looking, but we're always happy to discuss it," he said.

Cary, N.C.-based 3Dsolve was founded in November 2001 by Mr. Boosman, co-founder of entertainment software company Red Storm Entertainment; CEO Richard Boyd, founder and former CEO of 3D software company 3dvillage; and CTO David Smith, founder of Virtus, a 3D software development company. 3Dsolve was previously backed by the founders and their friends and family. The company has 13 employees.

http://www.3dsolve.com/

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