Frost & Sullivan has selected Raindrop Geomagic as a recipient of its Technical Insights’ Entrepreneurial Company of the Year Award.

The award was to be presented to Ping Fu, president and chief executive officer of RTP-based Geomagic, at a banquet on Wednesday in Boston, where Frost & Sullivan is located.

According to Frost & Sullivan, the entrepreneurial award goes to “a small, emerging technology company with a vision that has enabled it to not only have nurtured the development of a key technology, but one that has also allowed it to grow despite the inherent odds confronting small companies.”

In Geomagic’s case, Frost & Sullivan says the technology is mass customization…the ability to produce individualized goods at the same efficiency and cost as traditional mass manufacturing.

Ping Fu and Herbert Edelsbrunner co-founded Raindrop Geomagic in 1996 with the goal of reinventing the way products are designed and manufactured. Over the last seven years, the company has become a national provider of mass customization, digital manufacturing, and computer-aided inspection.

After surviving tough times in 2001, Geomagic is now profitable, has a worldwide network of resellers, and continues to increase its income. Over the last 10 quarters, the company’s product sales have tripled. In FY 2003, ending June 30, it increased revenues by 10 percent over 2002, and achieved a net profit.

Raindrop Geomagic provides software that enables automated reverse engineering and closed-loop processes for mass customization and quality assurance. Manufacturers worldwide…including Toyota, Harley-Davidson, Fisher-Price and Align…use Geomagic to provide the technology for customizing products and automating processes.