Synthonics Tech Seeks Private Financing for Growth
Synthonics Technologies in Westlake Village is offering shares of convertible preferred stock under a $5.5-million private financing plan.
Synthonics makes Rapid Virtual Reality, a method of creating three-dimensional computer models.
When the financing plan is in place, investors will hold 550,000 new shares of convertible preferred stock priced at $10 a share.
“After being engaged primarily in the development and fine-tuning of this one-of-a-kind technology for the past several years, Synthonics will now have the financial means to aggressively pursue the many commercial markets where [the product] offers distinct advantages,” said Mike Budd, president and chief executive officer. “We are now primed to move into the next phase of our planned growth beyond the medical and educational markets.”
Proceeds from the offering will be used to expand the company’s range of 3-D modeling product capabilities. Synthonics expects to hire several software developers skilled in object-oriented programming, 3-D imaging technologies and multimedia authoring.
Marketing efforts to serve the museum, entertainment and electronic commerce industries also will be supported by the proceeds.
Synthonics officials say their technology turns standard photos and other two-dimensional media into accurate 3-D digital models at a fraction of the cost of methods such as computer-aided design.
