RealityWave Raises $1.1 Million from Echelon Ventures

CAMBRIDGE, MA - August 6, 2001 - RealityWave Inc., developer of the leading Internet-architected platform powering industrial data collaboration applications, today announced the closing of a more than $1.1 million convertible note financing provided by Echelon Ventures, a leading venture capital firm making investments in New England-based, early stage technology companies. The investment provides RealityWave with the capital needed to continue its impressive penetration into the design, manufacturing and construction collaboration space.

RealityWave's patented technology VizStream allows visualization of and interaction with complex industrial data, including 3D models and environments, over any network connection. The VizStream technology enables true collaboration for the design and manufacturing of products and structures, as well as communication on this information throughout the enterprise. VizStream can already be found in products from Autodesk (NASDAQ: ADSK), Tecnomatix (NASDAQ: TCNO), Bentley Systems, Centric Software, Hitachi-Zosen and others. RealityWave has also seen large success with its latest end-user collaborative environment, ConceptStation*, with Lexent, PTDC, Delphi and many more already using the solution.

"VizStream continues to help companies enable collaborative applications, creating a more efficient and productive process, efficiently saving time and reducing costs," said Alfred Woodworth, partner at Echelon Ventures. "We see enormous application for RealityWave's patented technology beyond the design and manufacturing space, and into enterprise-wide collaboration. In this climate of economic instability RealityWave is a reminder that companies with solid technology and solid management have a solid future."

"Since 1996 RealityWave has been on the cutting edge of the collaboration market and our success has been outstanding," stated Bard Salmon, president and CEO of RealityWave Inc. "Our technology is now used by thousands of people everyday in applications from the leading software makers in the world. Our ConceptStation collaborative solution has also been embraced by todays leading design and manufacturing visionaries. This new funding will provide us with the necessary resources to become a more powerful player in the rapidly growing market for collaborative solutions."

This past year has seen RealityWave and VizStream recognized as true industry leaders. A full list of these acclaims can be found at http://www.realitywave.com/news-articles-2001.asp.

About Echelon Ventures

Echelon Ventures is a venture capital firm making investments in New England-based, early stage technology companies seeking $1 million to $3 million in equity http://www.echelonventures.com.

About RealityWave Inc.

RealityWave powers interactive 3D for enterprise solutions. The use of 3D over the Internet is increasing through the licensing of RealityWave's patented technology, VizStream, and the products it builds based on the VizStream Platform. VizStream enables hierarchical streaming, allowing 3D graphics and models to be viewed, animated, refined, and configured, fast and efficiently, over any network connection. RealityWave's technology and products empower companies worldwide, including Autodesk, Bentley Systems, Beacon Medical, Centric Software, Hitachi Zosen, IntraTECH, Lexent, SolidWorks, SRAC, SWECO, Tecnomatix Technologies, and UGS, to develop and offer next-generation web-based 3D tools and services.

http://www.realitywave.com 

 

Sponsored Links

AnyDWG Offers DWG to PDF, DWG to DXF, PDF to DWG, DWG to JPG, PDF to DXF Converters

AutoDWG offers DWF to DWG, DWG to PDF , PDF to DWG, DWG to Flash Converters, DWG Viewer.

eCampus.com Get your stuff for College... Cheap! Textbooks, Greek Gear, DVD's, University Clothing, Computers and MORE!

Access Your PC from Anywhere Free Trial plus 10% Off!