Sydney-based deep tech startup Bandicoot Imaging has secured $1 million in pre-seed funding to help it on its mission to transform how fabrics and materials are captured and used digitally.
Founded in 2019 by David Monaghan, Matthew Arnison, David Karlov and Peter Fletcher, Bandicoot’s tech allows users in the fashion and textile industries to create accurate, 3D digital twins for physical fabrics by simply uploading their own photos to the startup’s platform.
As the startup puts it, this helps “bridge the gap between physical and digital materials”, allowing manufacturers, brands and designers to ultimately create better products.
The pre-seed funding round was led by Hong Kong-based qonvolv Ventures and included participation by Precision Textiles, Mou Fung Ltd., and previous investor, NewSouth Innovations (UNSW).
Bandicoot is headquartered in Sydney, where its founders are based, with its team of five full-time staff including chief growth officer Jorgen Sevild, who is based in Copenhagen. The startup also uses a number of international contractors to help with scanning and sales.
The size of the Bandicoot team has grown with the new funding, however, with CEO David Monaghan confirming to SmartCompany that the startup has recently been able to hire a part-time scan manager for its Sydney scanning centre and a part-time marketing manager.
Monaghan described the funding round as a “double win” for the startup, which plans to direct some of the funds to scale its digitisation services and expand its cloud-based platform.
“Not only did we raise the required capital, we are also getting industry knowledge and networks from investors that are deeply involved in the textile industries,” he said in a statement provided to SmartCompany.
“The support and validation shows that we’re on to something big, and we’re now better equipped to bring some big ideas to life”
“Bandicoot’s innovative approach to fabric digitisation is already showing a unique potential to transform the textile industries,” added qonvolv Ventures director Jacky Yuen.
“We are excited to support their vision and look forward to their continued growth and success.”
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Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
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