Cincinnati-based Physna, a geometric search engine that works to increase efficiency with computer-aided design and manufacturing, has raised a $6.9 million Series A, DC Velocity reports. The move, which was led by Columbus-based venture capital firm Drive Capital, will go towards establishing the company's "Google for 3D," or what the report calls "the next generation of search technology."
The raise will also reportedly create "dozens of jobs" at the company.
Drive Capital Partner Mark Kvamme expressed excitement in the move.
"We believe what [founder and CEO Paul Powers] and his team are doing in search has the potential to revolutionize the workflows of engineers around the world," Kvamme said.
"We are just scratching the surface. The uses for Physna's core technology are virtually limitless."
Working with both CAD and project lifecycle management, Physna's technology utilizes machine learning to take 3D models and establish a "DNA-like" snapshot of each — "making the physical world more searchable than ever before," the report states. It's a mission that embedded into the company's name; "Physna" is an amalgam of "physical" and "DNA."
"The results are orders of magnitude more accurate and faster than was ever previously possible in 3D search," said Powers. "We are just scratching the surface. The uses for Physna's core technology are virtually limitless."
In addition to the fund, Kvamme will join the Physna board — a move that Powers said "will allow us to accelerate our development and growth."
"I remember watching Google rise to become the company that would set the standard for text and image search," Kvamme added. "I see the same potential here and believe Physna could become the market-defining company for 3D search."
The 2015-founded company, which also has a second Columbus office, raised a $2 million seed round in 2017, and boasts partners like Oracle and Siemens. In 2018, WCPO profiled the company in a piece, arguing that "Physna Could Soon be a $1 Billion Software Company."
2019 was also a big year for the company, when it was one of 60 startups chosen for Startup Grind's 2019 Accelerate Program. In March, Physna was one of 25 entities to participate in South by Southwest's Startup Night.
Powers himself is no stranger to headlines, a serial entrepreneur who earned a spot on Forbes' 30 Under 30 this year, took the stage for a TEDX Talk and has also served as chairman of the board at local company Zoozler since 2013.
