Indoor modelling software firm NavVis has closed a series C funding round worth $US35.5 million to develop their own digital twin technology.
According to material released by NavVis, the funding round was led by Digital+ Partners, included new investor Kozo Keikaku Engineering Inc. (KKE) and existing investors MIG, Target Partners and BayBG.
Uptake of ‘digital twin’ technology is rapidly increasing in management of industrial assets, in which current examples replicate not only physical spaces but operational processes, with market projections of the tech’s worth reaching $15.66 billion globally by 2023.
Felix Reinshagen, NavVis co-founder and CEO, said that the company was well placed to overcome the challenges inherent in the process of establishing a digital twin management environment, as their scanning hardware and visualisation software were already integrated.
“The major German automotive manufacturers, who served as early adopters, paved the way for our digital twin technology to transform how enterprises will operate in the future. As a result, we are now experiencing a tremendous surge in demand for our well-established and trail tested platform,” he said.
The Munich-based company recently opened an office in Shanghai, China, and will use the new funding to accelerate international product development and growth efforts, according to press materials.
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