CIMdata PLM Industry Summary Online Archive
18 June 2007
Financial News
SpaceClaim Secures $13.5 Million in Series B Funding
SpaceClaim Corp. announced that it has completed $13.5 million in Series B funding. This financing round is led by existing investors, North Bridge Venture Partners and Kodiak Venture Partners, which co-led Series A funding of $7.5M. Also participating in the financing round are returning investor Borealis Ventures and Needham Capital Partners.
"We are very pleased that Kodiak and North Bridge have again chosen to lead our financing. We are also pleased that Needham Capital Partners and Borealis Ventures have joined in this round. Their investment is recognition that SpaceClaim has made significant progress in executing on our vision to deliver useable 3D to extended product development teams," said Mike Payne, Chief Executive Officer, SpaceClaim Corp. "This significant investment also recognizes that our business strategy, including multiple routes to market appropriate to differently sized manufacturers, promises to provide a significant competitive advantage and a unique value proposition to manufacturing organizations."
"SpaceClaim has shown tremendous progress over the last year, delivering the first advancement in mechanical design technology in 20 years," stated Rich D'Amore, Partner, North Bridge Venture Partners. "We believe SpaceClaim has the right business strategy, technology leadership, and management experience to capitalize on the expanding use of 3D in the product development process and around the globe."
"At Kodiak we invest in companies that bring disruptive products to market with a management team who are world experts in their company's technology and markets. SpaceClaim clearly passes both tests," said Lou Volpe, Managing General Partner, Kodiak Venture Partners. "The PLM market is ripe for innovation in automated mechanical design, and we believe SpaceClaim is well positioned to establish itself as the market leader."
SpaceClaim has established itself as a technology leader in mechanical design automation by addressing the 3D needs of the extended product development team, which is underserved by traditional CAD tools. The modern, powerful, and open software is used by manufacturers across a variety of industries to expand and accelerate the design contributions of those in concept design and downstream processes such as analysis and manufacturing.
SpaceClaim will use the new round of financing to add to the development organization and expand marketing and sales activities around the world.
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