According to company President and CEO Gregg Favalora, proceeds of the financing will be used to expand business development in the U.S. and overseas, and to add engineering staff and software development resources.
"We're very encouraged," Favalora said, "by the continuing support we received from new investors like Apache as well as from our existing investors including Navigator Technology Ventures. This financing will help us expand further as an imaging and visualization tool for oil and gas exploration and it adds momentum to our efforts to bring Perspecta(TM) Spatial 3D to commercial users even more quickly."
Actuality Systems already has 19 installations of its Perspecta Spatial 3D systems with development customers worldwide including NASA, National Institutes of Health, and Nissho International. Perspecta is the world's first commercial Spatial 3D display and consists of a 20-inch dome that plugs easily into a PC to display full-color and full-motion images in true 3D space - images that can be viewed and manipulated from any vantage point.
"Technology significantly benefits oil and gas exploration" said Mike Bahorich, executive vice president of exploration and production technology for Apache Corporation. "Perspecta is unique in that it enables us to view geological, geophysical and reservoir information in three dimensions as it truly exists rather than with two-dimensional displays to which industry has grown accustomed. We are looking forward to working closely with the team at Actuality to develop this promising technology for finding more hydrocarbons."
James Lally, Partner Emeritus at Kleiner Perkins Caufield & Byers and recently named to the Actuality Systems Board of Directors, called the funding round "an important endorsement of the company's impressive achievements in Spatial 3D. Actuality Systems is breaking new ground in Spatial 3D and is now extending its technology into the field of oil and gas exploration. We believe this is the next graphical user interface."
Actuality Systems is also breaking ground in its work to develop the first low-cost, mass market 3D holovideo. The program is part of a $1.7 million development grant the company received from the National Institute of Standards and Technology.
Perspecta will be on display at the upcoming SEG International Exposition, Oct. 10 through 15 at the Colorado Convention Center in Denver. A fully operating Perspecta system will be featured with two Actuality partners: AMD in Booth #2425 and Landmark Graphics in Booth #1141. This show marks the seventy-fourth annual meeting of the Society of Exploration Geophysicists (SEG). The SEG has more than 20,000 members in 110 countries.
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