Mersive Technologies, a Lexington, Ky.-based developer of multi-projector display technology, has raised $4.6 million in Series B funding. Hopewell Ventures led the round with a $4 million commitment, and was joined by return backers Adena Ventures, the Kentucky Science & Technology Corp. and the Bluegrass Angels Venture Fund.
Mersive Technologies today announced the close of a $4.6 million Series B round of venture capital financing. This round will fund the ongoing development and expanding delivery of the world’s most accurate multi-projector alignment solution for the military simulation and commercial markets, as well as support the company’s tradition of innovation in large, high-resolution display technology. Hopewell Ventures served as the lead investor in the round with a $4.0 million commitment, and was joined by existing investors Adena Ventures, the Kentucky Science & Technology Corporation and the Bluegrass Angels Venture Fund. Mersive completed a Series A seed capital financing in July, 2006.
Mersive Technologies, founded in 2004, has a significant number of installations in military simulation environments, as well as in education, engineering, and research and development applications. Its military simulation clientele includes all four branches of the U.S. Armed Forces and a number of homeland security agencies. The funds will allow Mersive to accelerate adoption of what is fast becoming the de facto standard alignment solution in the military simulation industry while fulfilling growing domestic and European commercial demand.
“Mersive Technologies has built an A-list of clients and continues to innovate in the projection calibration and high resolution display space,” said William Sutter, Partner at Hopewell Ventures. “The company has a significant pipeline of orders that require immediate resources to fulfill. Additionally, a portion of the capital will fund further research and development to maintain Mersive’s leadership in visualization technology. We are delighted to invest in such an exciting growth company.”
“The simulation industry requires automatic alignment capabilities for multi-projector displays and Mersive is now positioned to deliver on that requirement,” said Randall Stevens, the company’s CEO. “The influx of capital at this critical juncture will be important to building a support team that can respond to the success of our customers, partners and resellers. At the same time, our engineering team will have additional resources to improve upon what is already the best alignment solution in the market.”
About Mersive Technologies
Mersive Technologies is a display technology company that redefines the ease with which ultra resolution, multi-projector displays can be designed, configured and maintained. A leader in the creation of ultra definition (UD) displays with resolutions greater than high definition (HD) devices, Mersive provides a cost-effective, true auto-alignment solution capable of merging any number of projectors into a seamless display of almost any size, shape and resolution. Technology once considered only practical for select high capital industries is now being made available by Mersive for a range of applications from simulation and training to museum displays and digital signage. Mersive is privately held and venture funded with additional grant support. Its clients include the U.S. Army and the U.S. Air Force as well as a number of museums and academic labs. For more information on Mersive’s ultra definition display technologies, please visit www.mersive.com.
About Hopewell Ventures
Hopewell Ventures (www.HopewellVentures.com) is a $110 million Chicago- and Peoria, IL-based venture capital and private equity firm providing growth capital to Midwestern businesses in a broad range of industries and stages of development. With more than a century of experience, Hopewell‘s team makes initial investments of $2.5 to $6 million.