Spatial 3D Developer Actuality Systems Completes $6.5 Million Series C Funding Round
October 12, 2004 at 12:00 AM EDT
Spatial 3D Developer Actuality Systems Completes $6.5 Million Series C Funding RoundBURLINGTON, Mass., Oct 12, 2004 (BUSINESS WIRE) -- Actuality Systems, Inc., the world leader in Spatial 3D visualization technology, announced today that is has secured a $6.5 million Preferred Series C round of financing from private individuals and institutional investors. The round includes an investment of $1.2 million from new investor Apache Corporation (NYSE, NASDAQ: APA), one of the world's leading oil and gas exploration and development companies.
According to company President and CEO Gregg Favalora, proceeds of the financing will be used to expand business development in the U.S. and overseas, and to add engineering staff and software development resources.
"We're very encouraged," Favalora said, "by the continuing support we received from new investors like Apache as well as from our existing investors including Navigator Technology Ventures. This financing will help us expand further as an imaging and visualization tool for oil and gas exploration and it adds momentum to our efforts to bring Perspecta Spatial 3D to commercial users even more quickly."
Actuality Systems already has 19 installations of its Perspecta Spatial 3D systems with development customers worldwide including NASA, National Institutes of Health, and Nissho International. Perspecta is the world's first commercial Spatial 3D display and consists of a 20-inch dome that plugs easily into a PC to display full-color and full-motion images in true 3D space - images that can be viewed and manipulated from any vantage point.
"Technology significantly benefits oil and gas exploration" said Mike Bahorich, executive vice president of exploration and production technology for Apache Corporation. "Perspecta is unique in that it enables us to view geological, geophysical and reservoir information in three dimensions as it truly exists rather than with two-dimensional displays to which industry has grown accustomed. We are looking forward to working closely with the team at Actuality to develop this promising technology for finding more hydrocarbons."
James Lally, Partner Emeritus at Kleiner Perkins Caufield & Byers and recently named to the Actuality Systems Board of Directors, called the funding round "an important endorsement of the company's impressive achievements in Spatial 3D. Actuality Systems is breaking new ground in Spatial 3D and is now extending its technology into the field of oil and gas exploration. We believe this is the next graphical user interface."
Actuality Systems is also breaking ground in its work to develop the first low-cost, mass market 3D holovideo. The program is part of a $1.7 million development grant the company received from the National Institute of Standards and Technology.
Perspecta will be on display at the upcoming SEG International Exposition, Oct. 10 through 15 at the Colorado Convention Center in Denver. A fully operating Perspecta system will be featured with two Actuality partners: AMD in Booth #2425 and Landmark Graphics in Booth #1141. This show marks the seventy-fourth annual meeting of the Society of Exploration Geophysicists (SEG). The SEG has more than 20,000 members in 110 countries.
About Actuality Systems
Founded in 1997, Actuality Systems, Inc. designs, engineers, licenses, and sells the world's first Spatial 3D display systems, which have been proven to provide faster and more accurate outcomes in critical defense, medical, and security operations. The Perspecta Spatial 3D System displays full-color and full-motion images that occupy a volume in space, giving users a 360-degree view and simultaneous multi-view collaboration - without goggles. Built on patented technologies, Perspecta Spatial 3D is plug-and-play, displaying all rendering and movement from widely used open-standard 3D applications. Perspecta Spatial 3D has won Product of the Year awards from respected trade and industry publications. Actuality Systems is backed by world-class venture firms and individuals, with offices near Boston. For more information, call 781/229-7812 ext. 190 or visit www.actuality-systems.com
About Apache Corporation
Apache Corporation is a large oil and gas independent with core operations in the United States, Canada, the United Kingdom North Sea, Egypt and Australia.
SOURCE: Apache Corp.
aMate Communications Ellen Walravens, 781-759-0015 firstname.lastname@example.org