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MEDIA CONTACT: Megan
Fellman at (847) 491-3115 or fellman@northwestern.edu
March 23, 2004
ITEC Fund Makes Award to Product Animations
EVANSTON, Ill. --- Thanks to its 3-D visual simulation tool that
aids in the training of operators on complex industrial equipment,
Product Animations, Inc., a Chicago-based technology company, has
received a $25,000 investment from the Illinois Technology Enterprise
Center (ITEC)–Evanston. This is the fourth investment ITEC
has made from its pre-seed fund for technology startup companies.
Product Animation’s lead product, VRTrain, originated from a joint development
effort between G.D. Searle (later acquired by Pfizer) and the College of Engineering
at the University of Illinois at Chicago. Significant funding for the product
was provided via a peer review competition for the Advanced Technology Program
of the National Institute of Standards and Technology. VRTrain efficiently converts
digital assets, such as computer-aided design (CAD) files and other graphical
files into ‘virtual reality’ training simulations, allowing industrial
equipment buyers to train operators more cost effectively than traditional passive
training.
“We are pleased to be the first outside investor in Product Animations,” said
Jeff Coney, director of ITEC–Evanston. “There are a lot of compelling
aspects to the company’s story, but probably first and foremost is that
the company already has satisfied, paying customers.”
Product Animations was founded by Charles Roberson in 2002, at which time it
acquired the exclusive right to use and commercialize the core technology from
Interactive Real Technologies, LLC., a Pfizer spin-out company.
The ITEC program was established by the State of Illinois in 2000 to provide
services relevant to the formation, growth and retention of early-stage technology
companies in Illinois. Initial funding for ITEC–Evanston was based on a
$500,000 grant from the state, $150,000 and office space from Northwestern University
and $50,000 from the Northwestern University/Evanston Research Park.
Since 2002, Northwestern University has been awarded subsequent grants totaling
$1.3 million by the Illinois Department of Commerce and Economic Opportunity
(DCEO) to support continuation of the center and to establish a pre-seed fund
for technology startups. ITEC–Evanston is actively seeking new applicants
to its Pre-Seed Fund. Managed by the University, the center has served more than
200 entrepreneurs and early-stage companies since its inception.
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