Cintoo raises €5.3M co-led by Armilar
Cintoo receives funding to accelerate growth from AMAVI Capital, Armilar Venture Partners, Accenture Ventures, UI Investissement and Region Sud Investissement
Cintoo has today announced a Series A investment of €5.3 million ($6 million) from five international investors - AMAVI Capital, Armilar Venture Partners, Accenture Ventures, UI Investissement and Region Sud Investissement.
Cintoo’s SaaS platform, Cintoo Cloud, leverages Reality Data in the cloud and is at the convergence of Reality Capture and digital twins. Reality Capture devices, such as laser scanners or drones, are frequently used to capture the as-built conditions of a physical space, such as a building construction area, a factory or a plant, so that teams working on retrofit, construction or simulation projects can design or control work remotely without needing to visit the space. However, making such gigantic Reality Capture data accessible to stakeholders via the cloud has always been a challenge. Cintoo’s multimodal, hardware-agnostic platform is the response to this challenge. Cintoo Cloud uses a unique, patent-pending, core point cloud-to-mesh engine, and interconnects with BIM and digital twin platforms to bridge the gap between the physical and digital worlds. Accurate data of buildings, factories, plants, or any other industrial asset, becomes accessible and easily interpretable, by experts and non-experts alike, from a simple web browser from anywhere at any time, using Cintoo’s 3D mesh streaming technology.
With approximately three billion square feet of laser scan data across 4,000 projects to date, Cintoo Cloud is currently used by more than 20,000 users in building information modeling (BIM), construction and Industry 4.0 organizations across the US, Canada, Europe and APAC as a unique source of trustful Reality Data. These users rely on Cintoo Cloud to better manage and collaborate on both brownfield and greenfield projects, saving significant resources, time and money.
The investment will be leveraged to expand Cintoo Cloud's capabilities to further meet the needs of Industry 4.0, BIM and construction customers, developing next generation features for asset management, progress monitoring and industrial metaverse exploration. This investment will also help Cintoo further expand its business in North America, Europe and APAC.
The Series A funding was co-led by AMAVI Capital and Armilar Venture Partners and counted with a participation from Accenture Ventures; Cintoo's prior investors, UI Investissement and Region Sud Investissement, also continue to support the business.
Dominique Pouliquen, Cintoo's CEO, explained: "Our mission is to become the world leader in cloud-based solutions to empower Reality Data on-demand and we've made significant in-roads since we launched Cintoo Cloud in early 2019.
"We’re very happy to bring AMAVI, Armilar Venture Partners and Accenture Ventures on board. Securing this investment from top European and US VCs, together with the continuous support from UI Investissement and Region Sud Investissement, is a testament to the strength of the platform, our team's industry experience, our technical expertise and our vision for Cintoo. With this funding and support, we can quickly start to turn this vision into reality."
Frédéric Van den Weghe, Managing Partner at AMAVI Capital said: "Supporting companies like Cintoo is why we founded AMAVI: as a dedicated investor in companies making the built world more efficient and sustainable, Cintoo ticks a lot of boxes. With its Cintoo Cloud product it makes construction teams across the globe collaborate more efficiently, remote and in real-time. For industry 4.0 applications, it is the platform where digital twin data comes together and is enriched with IoT and AI data to become the dashboard of the factories of the future. Its blue chip customers base, including a.o. leading car manufactures and engineering firms, and more than 20,000 active users on the platform are a clear sign of the value add the Cintoo product brings.”
Pedro Ribeiro Santos, Partner at Armilar Venture Partners commented: "As much as cloud computing keeps bringing innovation and openness to many industries, there are a few areas in which it has been more challenging to benefit from it, particularly in applications that need to handle huge amounts of data in real time while offering smooth user experiences. 3D Reality Data is one of those areas, that has stayed ripe for disruption until now. Cintoo’s technology, the result of years of R&D, makes it possible, making the data accessible to anyone and opening the doors to new uses of that data – and making Cintoo an excellent fit for Armilar’s TechTransfer Fund.”
Tom Lounibos, managing director, Accenture Ventures, added, "More and more, companies are seeking to reflect physical environments in a digital space, understanding that intelligent, digital twins have the potential to fundamentally change how organizations work and innovate. We look forward to partnering with Cintoo, a company at the nexus of reality data capture and digital twin enablement, to help clients harness digital twins to advance their businesses.”
Aurélie Viaux, Investment Director at UI Investissement added: "We have been supporting Cintoo and its management team since its seed round in 2017 and we are very proud to participate today in this new stage of the company's development, alongside major European investors. This Series A round will enable Cintoo to continue its international development and to establish itself as the world leader in cloud-based solutions to empower reality data on demand. This is a fundamental solution for the future development of the BIM and Industry 4.0 markets.”
Cintoo is a French and US startup, established in 2013 to find a solution for managing terabytes of Reality Capture data in the cloud for Architecture, Engineering, Construction, and Industry 4.0 businesses. The company launched its SaaS platform, Cintoo Cloud, in 2019, which uses its patent-pending, core point cloud-to-mesh engine to stream huge 3D data using any PC, laptop or tablet with a web browser. Email firstname.lastname@example.org or visit www.cintoo.com
About AMAVI Capital
AMAVI PropTech Fund is a pan-European investment fund established to support growth of the leading and most promising companies active in the PropTech industry. AMAVI aims to create a bridge between the traditional real estate and construction industry and the most groundbreaking European PropTech companies, by leveraging its combined expertise and network from the real estate, technology and private equity industry. For more information, please visit https://amavi.capital/
About Armilar Venture Partners
Armilar Venture Partners is Portugal's leading VC funds manager. An independent VC with a history of more than 20 years, a high-performance track record and an international footprint, Armilar is a deep-tech investor, with a focus on early-stage technology-based companies where data, digitisation and connectivity play a central role. For more information, please visit www.armilar.com
The Armilar Venture Partners TechTransfer Fund is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. The fund is also co-financed by Fundo de Capital e Quase Capital (FC&QC), managed by Banco Português de Fomento, S.A.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com
About UI Investissement
UI Investissement is an independent Private Equity firm specializing in the development of unlisted French companies. For over 50 years, UI has been committed to work alongside managers and leaders of growing start-ups, SMEs and medium-sized companies (ETIs) to create and develop economically successful companies in the long term.
UI Investissement manages nearly €1.5 billion in assets and had invested with more than 300 business managers in essential sectors such as healthcare, agribusiness, business services and industry. Growth and Buyout capital, the historical core of UI's activity, represents more than two-thirds of the AUM and its more than fifty companies in our portfolio that can rely on UI's operational expertise and methodological tools.
The management teams and investment vehicles dedicated to venture capital and distressed investments support companies throughout their life cycle and contribute to the economic dynamism.
Today, UI has more than 70 professionals and 13 regional offices across France. Visit www.ui-investissement.com
About Region Sud Investissement
Région Sud Investissement is the regional investment company created in 2010 by the South Region to support the emergence and development of growth companies. Région Sud Investissement, with a capital of €134m, receives 42% of its capacity from the European Union through the ERDF fund. Région Sud Investissement is advised by Turenne Groupe for the management of its equity investments.