Frost & Sullivan names Geomagic as an entrepreneurial company of the year
BOSTON, Mass., September 24, 2003 - Frost & Sullivan, a leading market consulting company for high-tech industries, has selected Geomagic as a recipient of its Technical Insights’ Entrepreneurial Company of the Year Award. The award will be presented to Ping Fu, Geomagic’s president and CEO, at a banquet tonight in Boston, Mass.
According to Frost & Sullivan, the entrepreneurial award goes to “a small, emerging technology company with a vision that has enabled it to not only have nurtured the development of a key technology, but one that has also allowed it to grow despite the inherent odds confronting small companies.” In Geomagic’s case, the technology is mass customization – the ability to produce individualized goods at the same efficiency and cost as traditional mass manufacturing.
Ping Fu and Herbert Edelsbrunner co-founded Geomagic in 1996 with the goal of reinventing the way products are designed and manufactured. Over the last seven years, the company has become the number one brand for mass customization, digital manufacturing, and computer-aided inspection.
After surviving tough times in 2001, Geomagic is profitable, has a worldwide network of resellers, and continues to increase its income. Over the last 10 quarters, the company’s product sales have tripled under some of the harshest economic conditions in recent American history. In FY 2003, ending June 30, Geomagic increased its revenues by 10 percent over 2002, and achieved a net profit.
In addition to the Frost & Sullivan award, this year Geomagic has been named to the North Carolina Technology Fast 50 by Deloitte & Touche and received $2 million in research funding from the National Institute of Standards and Technology’s Advanced Technology Program. Ping Fu has been named as Ernst & Young’s Entrepreneur of the Year for the Carolinas and received the 2003 Entrepreneurial Inspiration Award from North Carolina’s Council for Entrepreneurial Development (CED).
Geomagic (www.geomagic.com) provides software that enables automated reverse engineering and closed-loop processes for mass customization and quality assurance. Manufacturers worldwide – including Toyota, Harley-Davidson, Fisher-Price, Align and many others – turn to Geomagic to provide the technology for customizing products, automating processes, and increasing throughput.
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