Reality bites for Euclideon as administrators appointed

Euclideon, a Brisbane-based 3D data visualisation technology company that helped established the $3 million Holoverse attraction on the Gold Coast nine years ago, has ceased operations and its intellectual property and business assets have been placed on the market by administrators.

Cameron Crichton and Michael McCann, from Grant Thornton, were appointed administrators to the company on 12 February and they are currently seeking buyers for Euclideon’s three key Software as a Service (SaaS) products that provide 3D rendering capabilities and software solutions.

Crichton says the technology, which is used by major corporations in the mining, public works and defence sector as well as government clients globally, assists in solving the challenge of managing, viewing and sharing large, complex 3D datasets such as LIDAR and photogrammetry across all devices.

The company’s website reveals its technology is trusted by the likes of Microsoft, Lockheed Martin and Aerometrex.

The products being sold by administrators comprise udStream, a rendering application for desktop, browser or handheld devices; udCloud, a platform that allows the loading and displaying of multiple disparate 3D data formats; and udSDK, a software development kit for integrating the company’s trademark Unlimited Detail rendering into a customer’s own applications.

Euclideon Ltd and associated company Euclideon International, which is in liquidation, employed a total of 22 staff at the time of the appointment of administrators.

“The administrators are seeking funding to maintain a small workforce while the sale of business process is completed,” Crichton tells Business News Australia.

The administrators say they are currently reviewing the company’s accounts to determine the extent of creditors’ claims.

“Employee claims exist in both Euclideon International and Euclideon Ltd,” says Crichton. “The balance of claims in Euclideon Ltd appear to be concentrated with investors.”

Founded in 2010 by Bruce Dell, Euclideon has raised $12.1 million from share issues to date, according to ASIC records.

“We understand that a further $5.7m was raised through debt instruments,” says Crichton.

Through Euclideon subsidiary Euclideon Entertainment, Dell established the Holoverse attraction on the Gold Coast which opened in 2015 putting the company’s 3D technology in the public domain.

The same year, the company scored a $1 million grant from the federal government’s Commercialisation Australia initiative and proceeds from the grant are understood to have been applied to the establishment of Holoverse at Southport.

However, Euclideon’s association with the attraction ended when Holoverse closed in 2019.

“Euclideon Limited has no continuing involvement in the Holoverse business which is not impacted by the appointment,” says Crichton.

The Holoverse concept was reborn as Holoverse Dinosaur World in Surfers Paradise and later at Carindale in Brisbane under new ownership.

Euclideon has been led by Kristian Wares since August last year when he was promoted from CFO to CEO.

Dell resigned as director of Euclideon in July 2021 and around that time he had been seeking to raise $800,000 via a crowdfunding campaign to expand the Holoverse Dinosaur World concept into international markets.

The same year, Euclideon also was reported to been scoping out a potential ASX listing although this never eventuated.

Crichton says the company was in discussion with a number of potential buyers to acquire its intellectual property prior to administration and he confirms to Business News Australia that these buyers ‘remain engaged’.

“We have also fielded fresh buyer inquiry since commencing our formal sale campaign,” he says. “In the circumstances we are very confident of securing a buyer.”

The administrators are seeking non-binding indicative offers for the assets.

“Preference will be given to offers that reflect the substantial investment to date in the technology and current opportunities to monetise same,” says Chrichton.