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27 October 2017

Occipital processes Paracosm purchase

3D mapping technology developer Paracosm, which had received $3.3m in a 2014 round featuring iRobot, has been acquired for an undisclosed sum.

Author: Robert Lavine, news editor, Global Corporate Venturing

Spatial computing technology provider Occipital agreed on Wednesday to acquire Paracosm, US-based 3D sensor technology spinout of University of Flordia, for an undisclosed amount, giving an exit to robotics producer iRobot.

Founded in 2013, Paracosm is developing low-cost 3D sensors and, latterly, light detection and ranging (lidar) technology. Its core product is a handheld lidar scanner called PX-80 that is used by construction teams to measure work completed on sites.

Occipital is working on its own simultaneous localisation and mapping technology that will be integrated into a range of products, but buying Paracosm will strengthen its 3D mapping capabilities for larger spaces.

Paracosm had raised $3.3m in a 2014 seed round featuring iRobot, the creator of household cleaning robot Roomba, as well as Osage University Partners, Boldstart Ventures, New World Angels, Deep Fork Capital and unnamed angel investors.

Paracosm said in a message announcing the deal: “Together, we will bring the capacity to capture everything from kitchens to industrial parks and bring 3D to where it should be: at the forefront of design and construction for consumers and professionals.

“We are thrilled to work with Occipital in bringing more 3D magic into the world and developing quality 3D tools that are mobile, fast, intuitive and affordable.”

– A version of this article first appeared on our sister site, Global Corporate Venturing.

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