Zirra Spotlight On Mantis Vision

Founded and headquartered in Israel in 2005, Mantis Vision develops user-friendly 3D scanning technologies and manufactures 3D scanning devices designed for field use that product accurate 3D models of object and complex scenes within minutes. The company’s technology can be used in a wide range of industries, including law enforcement, defense, engineering, construction, oil and gas, arts, manufacturing, and medical.

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Competitive Position: In recent years, numerous companies have started developing and manufacturing lightweight portable 3D scanners. While most of these solutions are focused on allowing users to create 3D-printed models, several are aimed at industries that require access to 3D virtual models of a wide range of objects and environments. Mantis Vision has identified its main competitors as Artec 3D, NDI, and Creaform. Founded in Luxembourg in 2007, Artec 3D offers three different hand held 3D scanners, ranging between $19,800 and $27,600, as well as a one-click 3D body scanner booth. The company lists 66 employees (36% of which are dedicated to R&D) and targets four different industries: Industrial design and manufacturing, Healthcare, Science and education, and Art and design. NDI was founded in 1981 and claiming to have over 45,000 advanced 3D measurement systems installed worldwide, across a diverse field of applications. The company does not provide any information about their workforce, but operates through two divisions focused in medical, industrial, life sciences, and simulation research and development. Creaform was founded in Canada in 2002 and acquired by AMETEK on November 6, 2013 for $120M. Creaform offers three portable 3D scanners as well as a wide range of measuring devices, software, and professional services. None of them appear to have received external investments. Mantis Vision appears to be in a significantly earlier stage of development in comparison to NDI and Creaform, while Artec appears to be a somewhat close competitor even though they provide a wider range of solutions. Other portable 3D scanner manufacturers include Structure, Cubify, and Matter And Form.


Market Forecast & Exit Indicators: According to industry reports, the 3D scanner market, valued at $3.41B in 2015, will experience a CAGR of 9.6% between 2016 and 2022, and is expected to reach $5.9B by 2022. Technological developments, in addition to the growing adoption of this devices, will enable manufacturers to improve their quality and reduce the development time, allowing for a rapid growth of the market. In terms of volume, the 3D scanner hardware market is predicted to reach 115 thousand units by 2022, growing at a 10.9% CAGR. Portable 3D scanners are forecasted to grow at the highest rate within the market due to its rising popularity in a wide range of applications.


Inside Scoops: Visuals has not disclosed any information regarding its internal finances or customer base size, and therefore it’s complicated to establish the current revenue of the company. Mantis Visuals reports having several users in law enforcement and defense organizations in the US and Europe, as well as numerous industries across North America, Europe, and Asia; however the nature of the company’s offering appears to require a one-time payment only in order to acquire both the hardware and software and therefore they require a constantly growing customer base in order to generate incoming revenue. With 47 listed employees with an average operational cost of $100K/year, and with its products selling for an average $34K, the company will have to sell 138 devices each year in order to become self-sustaining if this one-time payment is its only income source. The fact that the company raised $9.7M in their Series B round only a year after raising $12.5M in their Series A, in addition to the lack of workforce growth within the last two years, suggests that, while the company is growing, they may not be growing as fast as expected and are still not generating high revenues. It appears that the company was bootstrapped since its funding in 2005 until 2014.


Founder & Executive Profiles: There is not much information available about the company’s founders and executives, as neither Amihai Loven nor Gur Arie Bittan list previous positions on their LinkedIn accounts and there is no press coverage about them. Gur Arie Bittan has been CTO of the company since its founding, while Amihai Loven acted as CEO until he left the company in March 2015 and was replaced by Tzach Hadas. Tzach Hadas joined Mantis Visuals as COO in January 2015, prior to which he was COO of PrimeSense 2014 (acquired by Apple in 2013) between 2012 and 2014, and VP Operations & GM at Zoran Microelectronics for 18 years. The third executive level employee of the company is Moshe Zoller, who acts as CFO since January 2013. Prior to Mantis Vision, Zoller was fund controller at Evergreen VP for five years and at Orad Hi Tech Systems (acquired by Avid in 2015 for $70M) for two years. He also worked as senior auditor at Kesselman & Kesselman – PwC Israel between 2003 and 2006, where he was awarded the Silver Medal in CPA exams.

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Assaf Gilad

An ex-journalist from Calcalist, a leading business and tech news outlet in Israel, I'm now writing about startups for Zirra.com.