Jun 20, 2016 | By Tess
Toronto, Canada based startup Matter and Form Inc. has just received over $800k in funding from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The government funding, along with money from two private investors will help the company, which specializes in 3D scanning technologies, to develop its second generation 3D scanner.
Matter and Form Inc. was founded in 2013 by a team of designers and programmers who found the need for an affordable and high-resolution 3D scanner. Their first generation product, the Matter and Form 3D Scanner, which they released to the market in 2014, was a success and since then they have released a number of innovative products, such as Cashew, a content sharing platform, and the Bevel Clip, a 3D scanner smartphone attachment.
With the new funding from FedDev Ontario, a total of $858,560, the company will continue its development and commercialization of its second generation 3D scanner. The repayable funding is also expected to help Matter and Form Inc. expand its team by at least 12 people in order to enhance sales, customer growth, research and development, and operations.
The funding for the Canadian 3D scanning company was recently announced by Julie Dzerowicz, Member of Parliament for Davenport, who spoke on the behalf of Navdeep Bains, the Minister of Innovation, Science and Economic Development, also responsible for FedDev Ontario. "We are proud to support Matter and Form to further develop its 3D scanner technology,” stated Dzerowicz. “This product is an example of the innovative ideas that our companies are bringing to market here in Canada and abroad.”
Minister Navdeep Bains added to that in a press release saying, “Our support to Matter and Form is a great example of the Government of Canada's commitment to creating the right conditions for ideas to thrive, helping Canadian companies develop innovative products while creating high-quality jobs here in southern Ontario.”
Bevel Clip
As mentioned, two private investors, Sandstone Asset Management and the MaRS Investment Accelerator Fund have also contributed funding to Matter and Form Inc. The government funding has leveraged up to $1,717,120 in funding for the 3D scanner development between them.
"Canada has the opportunity to establish itself as a powerhouse in 3D and other emerging technologies. Supporting companies like Matter and Form Inc. shows the Government's commitment to ensuring the success of Canadian businesses that will lead us into the future. We are grateful for the support and the vision this demonstrates,” concluded Drew Cox, CEO of Matter and Form Inc.
Paul Banwatt (COO), Drew Cox (CEO), and Trevor Townsend (CTO)
Posted in 3D Scanning
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