RESEARCH TRIANGLE PARK, N.C., June 30, 2003 -- Ping Fu, president and CEO of Raindrop Geomagic, has received the 2003 Ernst & Young Entrepreneur of the Year Award in Information Technology for the Carolinas.
According to Ernst & Young, the award "honors entrepreneurs whose hard work and perseverance have created and sustained successful, growing business ventures."
Ping Fu co-founded Raindrop Geomagic in 1996 with Herbert Edelsbrunner, whose patented research in computational geometry and topology provides the technological underpinnings for the company. Raindrop Geomagic's products enable designers and engineers to capture scan data from physical parts and create highly accurate digital models. It provides the software power for applications such as mass customization, reverse engineering and computer-aided inspection.
Fu took over as president and CEO of Raindrop Geomagic in early 2001, initiating a set of corporate changes that jump-started product sales and significantly reduced costs. In the nine quarters since then, product sales have tripled under some of the harshest economic conditions in recent American history. Over the last five years, Raindrop Geomagic's revenues have grown by 935 percent.
"This award really belongs to the people at Raindrop Geomagic they are the brains and the stars," says Fu. "I thank my family for all the support, and Ernst & Young for giving me the honor and the opportunity to meet and exchange information with other outstanding entrepreneurs."
About Raindrop Geomagic
Raindrop Geomagic (
www.geomagic.com) provides software that enables closed-loop processes for reverse engineering, mass customization and quality assurance. Manufacturers worldwide including Toyota, Harley-Davidson, Fisher-Price, Align and many others turn to Raindrop Geomagic to provide the technology for customizing products, automating processes, and increasing throughput.