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Actuality Adds $6.5 M Funding

Photonics.com
Oct 2004
BURLINGTON, Mass., Oct. 13 -- Actuality Systems Inc., a developer of spatial 3-D display systems, announced it has secured $6.5 million in Series C financing from private individuals and institutional investors, including $1.2 million from new investor Apache Corp., an oil and gas exploration and development company.

According to CEO Gregg Favalora, president and CEO of Actuality Systems, proceeds of the financing will be used to expand business development in the US 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 3-D to commercial users even more quickly."

Perspecta includes a 20-inch dome that plugs into a PC to display full-color and full-motion images in true 3-D space that can be viewed and manipulated from any vantage point, providing a 360° view without the use of goggles. It is designed for defense, medical and security operations. Actuality Systems has installed 19 of its Perspecta spatial 3-D systems for customers including NASA, the National Institutes of Health and Nissho International.

The company is also developing a low-cost scalable 3-D holographic video with a $1.7 million grant from the National Institute of Standards and Technology.
The Perspecta system is on display at the Society of Exploration Geophysicists (SEG) International Exposition, being held this week at the Colorado Convention Center in Denver.

For more information, visit: www.actuality-systems.com



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