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TMCNet:  Florida Institute Provides Seed Funding to Paracosm

[December 05, 2013]

Florida Institute Provides Seed Funding to Paracosm

GAINESVILLE & BOCA RATON, Fla. --(Business Wire)--

The Institute for Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Gainesville-based Paracosm, developers of realistic, detailed and dimensionally accurate indoor 3-D modeling and navigation software.

Paracosm is using technology developed at the University of Florida to leverage advances in computer-aided design (CAD) to convert consumer-grade depth cameras into powerful 3-D mapping systems. Industries such as Geographic Information Systems and Facilities Management use imaging technology for inventory and asset tracking, building modeling, forensic reconstruction, retail-store layout, real-estate walkthroughs, and a number of other applications requiring accurate, detailed simulation and visualization.

"Paracosm is on a mission to create a 3-D model of every building on earth," said company co-founder Amir Rubin. "We plan to disrupt the professional 3-D scanning industry by enabling users to scan a space using readily-available cameras, upload their data to a cloud infrastructure that converts the scan to a CAD file, and download their model for use in any 3D CAD modeling tool of their choice and funding from the Institute will help us to get there faster."

"Amir and companies like Paracosm exemplify the entrepreneurial spirit, recognizing changing market conditions and leveraging them to solve business problems and create new opportunities," said Jamie Grooms, CEO of the Institute. "Institute funding, combined with the required private investment match, will enable Paracosm to develop further and provide users with a better experience and at a reduced cost."

About the Institute

Formed by the Florida Legislature in 2007, the Institute for Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida's state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and in the Institute deploys both company building and company funding programs to promising Florida companies. Twenty-two companies have been funded since the program's inception.

About Paracosm

Paracosm is a Gainesville, FL based software company founded in 2013 that transforms reality into 3D models. Paracosm's team of computer vision and 3D graphics experts is building a cloud-based platform that uses consumer-grade depth cameras to replace expensive and complex 3D surveying and modeling workflows. As the 3D industry grows beyond established workflows, Paracosm is developing an API for 3D spaces that will allow consumers to build, navigate, and explore 3D content.

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