3DR Laboratories, a Louisville, Kentucky-based provider of 3D imaging systems to hospitals, image centers and teleradiology firms, has raised $7.2 million from the venture firm Advantage Capital Partners, in connection with federal and state development funding.
Advantage Capital Partners, a leading venture capital and small business finance firm, has invested $7.2 million in 3DR Laboratories, Inc., an advanced visualization lab that provides three-dimensional (3D) imaging services to hospitals, image centers and teleradiology firms. The funds, raised in connection with the federal and Kentucky New Markets Development programs, will allow 3DR Laboratories to expand their server capacity and generate up to 15 new, highly-paid jobs.
“With the assistance of the Kentucky and federal New Markets Tax Credit programs, 3DR will be able to expand their operations and create high-paying jobs in a highly distressed area.”
“The growth capital that Advantage Capital has provided is vital to the continued development of 3DR here in Kentucky,” said David Ferguson, Managing Director and Chairman of the Board of Directors for 3DR Laboratories. “This funding allows us to enhance our capabilities in order to better serve our clients. It also allows us to maintain our position of leadership in the imaging industry.”
3DR Laboratories provides 3D images by processing CT scans and MRIs performed at hospitals and other health care facilities. They are able to create these renditions in a matter of hours or even minutes in the case of an emergency. Since 2004, 3DR has grown to become the largest independent advanced visualization (AV) laboratory in the United States, processing more than 3,000 cases per month for 200 plus clients.
“We are pleased to provide funding to 3DR Laboratories,” noted Tim Hassler, principal at Advantage Capital. “With the assistance of the Kentucky and federal New Markets Tax Credit programs, 3DR will be able to expand their operations and create high-paying jobs in a highly distressed area.”
“The Kentucky New Markets Development program fosters the growth of small businesses and helps to drive job creation in our state by attracting private investment capital to communities like ours. I am pleased to see these investment dollars at work in my district,” stated Senator Ernie Harris (R-Crestwood).
About Advantage Capital Partners
Advantage Capital Partners is a leading venture capital and small business finance firm focused on providing growth capital and other investments supporting state and local economic development efforts. The firm’s typical forms of investment include early stage, expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in St. Louis, New Orleans and other U.S. cities, Advantage has raised more than $1.6 billion in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional capital.
About the federal New Markets Tax Credit program
The federal New Markets Tax Credit program, administered by the U.S. Department of the Treasury, encourages private-sector investment in economically distressed communities through tax incentives. In a highly competitive allocation procedure, the Treasury Department awards the tax credits based on applications submitted for each round. Advantage has participated in the New Markets program since 2003, raising private capital for investment in low-income communities. These investments have spurred economic growth through innovative business ventures and job creation throughout the United States.
About the Kentucky New Markets Development program
Enacted in 2010, the Kentucky New Markets Development program encourages investment in promising small businesses located in distressed communities throughout the state. Modeled after the federal New Markets Tax Credit program, the goal of the state program is to attract large, long-term investors to Kentucky’s low-income communities, promoting new expansion, creating new job opportunities and building on existing growth in the state.