Dear ,

Based on technology developed by Professor Ron Daniel, Lecturer in Engineering Science at the University of Oxford, Fuel3D is a developer of advanced 3D scanning systems and solutions.

Originally developed for the medical imaging sector, the Fuel3D technology has been adapted for the broader 3D market, with the goal of bringing the benefits of point-and-shoot 3D imaging to consumers, professionals and businesses. 

Since raising more than $300,000 and generating worldwide attention through its successful Kickstarter campaign in 2013, the company has raised millions in private investment and signed retail and distribution partners across the world. The company has expanded rapidly in response to global demand and now has distributors in 23 countries around the world as well as manufacturing operations in Asia.

Fuel3D is the world’s first 3D scanner to combine pre-calibrated stereo cameras with photometric imaging to capture and process a 3D model in seconds. When taking an image, the Fuel3D scanner rapidly acquires a series of stereoscopic 2D photographs with several lighting directions. These are then processed by software to create a single 3D image.

Fuel3D’s scanner combines a number of image processing technologies to allow on-the-spot acquisition of high quality 3D images:

• Photometric imaging is used to acquire colour and high-frequency 3D detail from the subject
• Optical localization is used to determine the position of the imaging device during the acquisition process
• Geometric imaging is used to acquire accurate underlying 3D shape information from the subject
• Data fusion is performed to combine the data output of the photometric and geometric processes to produce a single 3D image

Fuel3D is expanding the scope of its technology to address commercial opportunities in a range of vertical markets through its Fuel3D Labs division, including biometrics and eyewear. The goal of Fuel3D Labs is to work with companies that want to harness the potential of accurate, high resolution 3D image capture to give them a competitive advantage in their markets.

Commercial Traction

Fuel3D have signed development agreements to with 3 major companies to design products using the company’s technology in specific vertical applications

In addition Fuel3D have an order book for their consumer scanner which is now over 1500 scanners.

Investment Case

Fuel 3D has developed a unique technology that can be offered at a price point that opens the scanning market to the general consumer base. 

We feel the company is set to expand rapidly with commercial production of the consumer scanner planned for the end of November. This, in conjunction with, the increased traction with B2B clients and the strong management team, makes us believe that this will be a successful investment for Parkwalk Advisors.

Management

Stuart Mead, CEO, has a 25-year history in technology industries and is experienced in sales and marketing. He has been CEO of advanced prosthetics company, Touch Bionics and biopharmaceuticals manufacturer Excell Biotech, and was senior manager in both Kodak Clinical Diagnostics and Johnson & Johnson. He has been responsible for not only their sales and marketing operations but also supply chain, distribution and service.

Neil Cameron, CFO, was a worldwide Partner at Arthur Andersen. He has worked in a wide variety of industries ranging from telecoms and utilities, to retail and advertising. Neil has invested, established and advised a number of companies including those in the UK technology sector

Andrew Larkins, CTO, has spent over 25 years working in innovative product design and marketing. His experience has been gained working in a wide range of companies from resource limited start-ups to global companies like Sony. His roles have ranged from practical hands on design and producing ideas to patent, through to management of multi-site development teams and international marketing. He has regularly been involved in early stage product developments, working on translating scientific discoveries into world-leading products.

Valuations as of 10th November 2014. Net NAV includes income tax relief and fees on investment

* Fund I: September 2014: £0.86 returned to investors in cash for every £1.00 invested (at a cost of £0.83 including fees and charges) with the second exit from Fund I

** Fund II: June 2014: £1.43 returned to investors in cash (CGT free) for every £1.00 invested (at a cost of £0.73 including fees and charges) with the first exit from Fund II

Parkwalk’s current portfolio consists of over 30 companies, which have raised in excess of £250m of funding between them since 2010 and over 600 patents protect their technology and processes.
Overall, Funds I-IV’s portfolio comprises of 10% Series ‘A’, 42% Series ‘B’, 21% Pre-IPO and 27% AIM listed companies.  

Past performance is no guide to future performance. The price of a fund can fall as well as rise. Investors may receive back less than originally invested.

Our evergreen Opportunities EIS Fund is open to new investors.

The University of Oxford Isis Fund II is expected to open to new investors at the end of this month.

Please contact funds@parkwalkadvisors.com or reply to this email if you would like further information on any of our funds.