Leading 3D scanning hardware and software developer Artec 3D has signed a venture debt agreement with the European Investment Bank (EIB) worth €15 million.
Awarded as part of the European Commission’s InvestEU programme, the funding deal was signed off during a formal ceremony at the Nexus Luxembourg technology trade show. With the additional capital raised, Artec 3D plans to drive its R&D forward over the next three years, and develop what it describes as “next-generation 3D scanning technologies.”
“Cooperation with the European Investment Bank is, first and foremost, a recognition of Artec 3D’s role as a leader in interdisciplinary R&D, both in AI and computer vision on the high-tech map of Europe,” said Artec 3D CEO and Co-founder Art Yukhin.
“For 18 years, our expert team has been developing breakthrough 3D technologies that set new standards in 3D scanning and digital twin capture,” he added. “With the EIB’s support, we are scaling our R&D and accelerating the development of next-generation, industry-ready solutions that strengthen Europe’s technological leadership in the global arena.”
Artec 3D has already been at the forefront of the 3D scanning industry for some time. Best known as a developer of target-free handheld 3D scanners, the company has begun to branch out in recent years, in an effort to expand its offering and stay ahead of the competition.
In the last two years alone, it has launched the LiDAR Artec Ray II, desktop Artec Micro II, and its first target-based metrology scanner, Artec Point. Inside Artec Studio 19, the firm also added AI Photogrammetry, opening the software to non-scanner owners for the first time.
With the support of the EIB, Artec now plans to take things further, advancing the way it uses AI to create 3D models and developing new products that better meet industry needs. According to EIB Vice-President Robert de Groot, the company is something of a poster child for technology innovation, and additional funding is vital to keeping such success stories within the EU.
“Companies like Artec 3D showcase Luxembourg as a powerhouse of European innovation,” added de Groot. “Innovative companies like Artec 3D can get the financing they need to scale up right here in Europe. The EIB offers funding for critical technology to remain within the EU. That is why initiatives like InvestEU and our new TechEU programme are so important.”
Though Artec 3D hasn’t confirmed its next product launch, it has made a habit of introducing a new software iteration every year. So there’s a good chance that 3D scanning aficionados will get their first look at the future of the technology in Artec Studio 20, later in 2025.
