SpaceClaim Secures $7 Million in New Funding
Tuesday, 31 March 2009
Financing from Existing Investors Will Fuel Ongoing Investments in R&D
and Drive Market Demand for SpaceClaim’s 3D Direct Modeling Solutions
Concord, MA, March 31, 2009: SpaceClaim, provider of the world’s fastest and most innovative 3D Direct Modeling solutions, today announced that the company has secured an additional $7 million in funding to support ongoing R&D in product innovations, and to drive sales and marketing expansion as the demand for direct modelers increases for the performance of conceptual design, engineering analysis, and simulation-driven design.
The round is co-led by existing investors including Borealis Ventures, Kodiak Venture Partners, Needham Capital Partners, and North Bridge Venture Partners. SpaceClaim recently announced the fourth release of the company’s products, SpaceClaim Engineer and SpaceClaim Style and has experienced rapid momentum as organizations realize the benefits of providing powerful, yet easy-to-use, 3D tools for engineers and industrial designers.
“We are extremely gratified that our investment team continues to see the enormous market opportunity for SpaceClaim as leading engineering and product development companies choose our 3D Direct Modeling solutions to increase innovation, improve collaboration, and shorten time-to-market,” said Chris Randles, President and CEO of SpaceClaim. “There is significant demand for accessible and cost effective 3D tools with only an estimated 10 to 20 percent of engineers worldwide creating and editing directly in 3D. Our 3D Direct Modeling solutions complement existing investments in CAD tools and drive new levels of innovation throughout the product lifecycle. This new round of funding will help us to continue to meet the market requirements and develop new customers and channels.”
“SpaceClaim continues to strengthen its market position, ranging from the addition of Chris Randles to the management team to defining and advancing the market for 3D Direct Modeling,” said Rich D’Amore, Partner, North Bridge Venture Partners. “Targeting an underserved global market, SpaceClaim is the right solution at the right time as evidenced by the company’s growing customer base and expanding distribution network. We feel the company is poised for the next stage of growth and has a commanding lead over competitive solutions with its technology and experience.”
“Kodiak has a long track record in building market leaders and SpaceClaim is no exception,” said Lou Volpe, Managing General Partner, Kodiak Venture Partners. “Seldom does one company bring together such industry visionaries and market makers. SpaceClaim has created the most significant technology advancement in 3D engineering in more than 10 years and is in the best position to leverage the market opportunity. The company’s products simplify complex challenges in product design and development, a priority for successful companies, even in this economic environment.”
The World’s Most Advanced 3D Direct Modelers
SpaceClaim Engineer is a fast, simple, and powerful 3D direct modeler for top-down design, 3D layout, conceptual engineering, and model preparation for simulation and analysis. SpaceClaim interoperates with major CAD systems and with many analysis tools, providing a solution that bridges the gap in typical design and engineering workflows. Analysis often occurs at the end of a detailed design process, further delaying the design cycle, escalating costs, and slowing time-to-market. SpaceClaim Engineer relieves these issues by ensuring collaboration early in the design process.
SpaceClaim Style brings 3D design to industrial designers and product stylists and enables them to work collaboratively with their clients and the entire development team. SpaceClaim Style is a rapid creation environment that helps realize new ideas and convert hand-drawn, 2D, and surface data to accurate solid models. Benefits include faster design ideation, easier design manipulation, and reusable deliverables.
About SpaceClaim Corporation
SpaceClaim provides the world’s fastest and most innovative 3D Direct Modeling solutions. Led by a world-class team of executives and developers with deep experience in bringing new 3D and design software to market, including pioneers of 3D modeling, SpaceClaim has created a quantum leap in engineering productivity, delivering accessible 3D solid modeling to engineers, CAE analysts, industrial designers, and anyone who wants to contribute to the product development process. SpaceClaim is privately held and backed by North Bridge Venture Partners, Kodiak Venture Partners, and Borealis Ventures. For more information on SpaceClaim, please visit: www.spaceclaim.com.
SpaceClaim is a registered trademark of SpaceClaim Corporation. All other trademarks are the properties of their respective companies.