Polycam, an innovative app leveraging smartphone sensors for 3D scanning, has attracted investments from prominent backers, including Adobe and YouTube co-founder Chad Hurley.
Series A Funding Round
In a recent announcement, Polycam revealed the closure of an $18 million Series A funding round, led by Left Lane Capital. The round also saw participation from Adobe Ventures, Chad Hurley, and other notable investors. Chris Heinrich, the co-founder and CEO of Polycam, outlined plans to utilize the capital for enhancing 3D editing and collaboration features, AI model training for rendering 3D objects, and expanding into new markets.
Origin and Vision
Founded in early 2021 by Chris Heinrich and Elliott Spelman, who previously collaborated at Ubiquity6, Polycam aims to democratize 3D content creation using technologies like the lidar sensor found in recent iPhones. Heinrich emphasized the potential of AI-driven advancements in 3D capture to significantly enhance quality and usability, thereby broadening adoption and application scenarios.
Polycam’s Offerings
Polycam provides a comprehensive suite of 3D capture and modeling tools tailored to various use cases. Leveraging the lidar sensor on iPhones, the app can create 3D scans of users’ surroundings, including rooms. Additionally, its “Photo Mode” employs photogrammetry to generate 3D models of objects. The app also facilitates the capture of “photo spheres” and 360-degree skybox images. Moreover, Polycam hosts a library of free 3D models contributed by its community.
Revenue Model
Polycam monetizes its offerings through a subscription model, charging $100 per year for access to advanced features targeted at professional users.
Market Position and Growth
While several smartphone-based 3D object capture apps exist, Polycam has benefited from market consolidation in recent years. With nearly 100,000 paying customers and over 10 million downloads of its iPhone and Android apps, Polycam has demonstrated strong growth and resilience, remaining profitable even during challenging economic conditions.
Future Plans and Expansion
Despite being cash flow positive, Polycam seeks external funding to fuel aggressive expansion strategies. This includes developing new AI-powered capabilities, introducing enterprise subscription tiers, and doubling its workforce by 2025. Additionally, Polycam plans to extend its reach to Apple’s AR headset, Vision Pro, in the coming months. The company is also investing in training AI models to enhance the fidelity of 3D object scans, addressing limitations such as incomplete data capture.
In summary, Polycam’s recent funding round reflects investor confidence in its vision to revolutionize 3D content creation through innovative technologies and strategic expansion initiatives.
