Physna announced the completion of a $6.9 million Series A round of financing led by Columbus venture capital firm Drive Capital. Physna will use the investment to continue its software product development, increase adoption of Physna's technology, and further build out its engineering and sales teams.
Physna, short for "Physical DNA," has built a geometric search engine to increase efficiencies within CAD design and manufacturing. Working alongside CAD and PLM programs, the search engine breaks down 3D files into a codified structure. This approach creates a "DNA-like" structure representative of the 3D model.
Through machine learning, the Physna search engine can recognize common traits among 3D models, making the physical world more searchable than ever before.
Search results include similarities and differences between 3D models returned by the search engine and the files used for the search, regardless of file types. Physna's search technology allows users to search millions of 3D models in seconds.
"The results are orders of magnitude more accurate and faster than was ever previously possible in 3D search," said Physna Founder and CEO Paul Powers. "We are just scratching the surface. The uses for Physna's core technology are virtually limitless."
Physna is currently working with industry-leading companies in a number of sectors including manufacturing, aerospace, automotive, defense, consumer goods, electronics, and energy.
"We are very excited for the opportunity to invest in Physna. We believe what Paul and his team are doing in search has the potential to revolutionize the workflows of engineers around the world," said Drive Capital Partner Mark Kvamme.
"Drive Capital matches our passion for taking on major issues and fixing large, fundamental problems through groundbreaking technology," said Powers. "We are excited for Mark to join our board. We know the partnership with Drive will allow us to accelerate our development and growth."
Physna brings software solutions to market helping engineers and manufacturers develop a better workflow, find CAD drawings faster, reduce part duplication, compare parts and component drawings, and more. Physna is poised to increase manufacturing efficiency, safety, and project savings. Physna partners include Siemens, PTC, Oracle, government agencies, and leading universities - with new significant partnerships. The company headquarters are in Cincinnati, Ohio, with a second office in Columbus, Ohio.
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