FARO® Launches End-To-End 3D Digital Reality Capture & Collaboration Platform

Rhea-AI Summary

FARO Technologies has launched a cutting-edge cloud-based platform called FARO Sphere™, designed for efficient 3D data capture and collaboration. This platform integrates three new solutions: the FARO Sphere digital ecosystem, the FARO Focus Premium Laser Scanner, and the FARO Stream mobile app. The system aims to enhance data accuracy, ease of use, and speed, while providing real-time data validation and remote collaboration capabilities. Initial feedback suggests that beta customers may improve decision-making speed by up to 50%, which could lead to significant recurring revenue through Software as a Service (SaaS).

Positive

• FARO Sphere™ expected to generate high-margin SaaS recurring revenue.
• Beta customers report up to 50% quicker decision-making.
• New Focus Premium Scanner touted as the fastest and most accurate on the market.

Negative

• None.

—Integrated Cloud-Based Workflow Enables Easy, Fast & Accurate 3D Model Creation—

LAKE MARY, Fla., April 12, 2022 /PRNewswire/ -- FARO^® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced the launch of an unprecedented, ultra-efficient data capture and collaboration platform. Utilizing cutting-edge technology, the platform provides the industry's most efficient cloud-based workflow combining three innovative new solutions: the FARO Sphere™ digital ecosystem for the most effective exchange of data possible; the FARO Focus Premium Laser Scanner for fast, accurate and complete field capture; and the FARO Stream mobile app for real-time data verification.

"With FARO Sphere as its backbone, our new end-to-end 3D capture platform provides customers with industry-leading ease-of-use, accuracy and speed," said Michael Burger, FARO President and CEO. "Real-time data capture validation and remote collaboration will transform how customers generate, access and utilize 3D data models. For our shareholders, Sphere is expected to generate meaningful high margin Software as a Service (SaaS) recurring revenue over time as customers increasingly realize the benefits of our cloud-based solution."

The next generation Focus Premium is the fastest, most accurate and best data-sharing-enabled scanner on the market today, featuring entirely new components with a proven design. The new Stream app, which is available for Android and iOS devices, used with the Focus Premium enables on-site scan data validation (preregistration) and can be immediately synched to Sphere for registration and collaboration.

Sphere centralizes the collection and management of all 3D data projects and can be accessed by global stakeholders through the secure, single point sign-on. Sphere also provides a one-stop user experience across FARO's leading software applications and customer support tools, including HoloBuilder, a global construction progress management solution that delivers hardware agnostic image capture, registration, and viewing targeted to the fast-growing Digital Twin space. Additional workflows that enable customers to realize even greater value will be offered in future Sphere updates

"Beta customers have found the complete platform solution to dramatically enhance data delivery and analysis, improving their time to decision by up to 50%," continued Burger. "We're excited by the initial feedback, which supports our approach of deeply understanding customer needs to transform how they work in a 3D-enabled virtual world."

"We are very excited to see the advances FARO has made," said Travis Voss, Leader of Innovative Technologies at Helm Mechanical, a US construction company. "The combination of the new Focus Scanner, Stream, and Sphere and how that all flows together is going to cut our scanning and processing time down by 60% easily. This time savings will allow us to examine scanning projects more frequently, scanning projects we normally wouldn't have because of time constraints, and expanding our offerings to customers.

About FARO
FARO serves the 3D Metrology, AEC (Architecture, Engineering & Construction), O&M (Facilities Operations & Maintenance), and Public Safety Analytics markets. For over 40 years, FARO has been a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision, and immediacy, providing industry-leading technology solutions that enable customers to measure their world and use that data to make smarter decisions faster. For more information, visit www.faro.com.

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SOURCE FARO

FAQ

What is the FARO Sphere™ platform launched by FARO Technologies?

FARO Sphere™ is a cloud-based platform for efficient 3D data capture and collaboration, integrating several innovative solutions.

How does the FARO Focus Premium Laser Scanner improve data capture?

The FARO Focus Premium Laser Scanner is designed for fast and accurate field capture, enhancing overall data-sharing capabilities.

What benefits do beta customers report from using FARO Sphere™?

Beta customers report improved data delivery and analysis, with up to a 50% reduction in decision-making time.

What type of revenue does FARO expect from the Sphere platform?

FARO anticipates meaningful high-margin recurring revenue through its Software as a Service (SaaS) model as customers adopt the Sphere platform.

When was the FARO Sphere™ platform announced?

The FARO Sphere™ platform was announced on April 12, 2022.