Onshape announced $80 million in new equity financing led by Andreessen Horowitz with participation from existing investors New Enterprise Associates (NEA), Commonwealth Capital Ventures and North Bridge Venture Partners. To date, Onshape has raised $144 million in total funding. Onshape will use the new investment to significantly expand worldwide sales and marketing efforts and increase its R&D and strong customer support.
This round of funding comes toward the end of Onshape’s highly successful beta test program as the company looks to soon transition to its first formal release. While still in the beta stage, Onshape has already achieved historic firsts for professional 3D CAD:
- Runs completely within a web browser (on PC, Mac, Linux, and Chromebook)
- Delivers full CAD capabilities on phones and tablets (Apple iOS and Android)
- Provides instant and controlled collaboration and sharing
- Includes built-in version control
- Requires absolutely zero IT support (no installation, no licenses, no updates to manage)
Andreessen Horowitz, a leading Silicon Valley firm, has been an early investor in such companies as Facebook, Twitter, Airbnb, Box, GitHub, Pinterest, Skype, Slack, and Zenefits. General Partner Peter Levine will be joining the Onshape Board of Directors.
“We’ve been closely following the CAD industry for a long time,” says Levine. “The Onshape team immediately stood out, having built a robust CAD system using a cloud based technical architecture that most had considered impossible. The Onshape product is perfectly suited for an increasingly mobile workforce, which now can create and edit 3D models anywhere, on any device.”
In just six months after the beta launch, over 10,000 CAD professionals are already using Onshape’s full cloud collaboration tools to speed up the design of consumer electronics, mechanical machinery, medical devices, machine parts, industrial equipment, and many other products.
“We are thrilled to have a strong vote of confidence from Andreessen Horowitz as we prepare to move out of beta and expand our global presence,” says Onshape CEO John McEleney. “Their endorsement and the renewed support of our current investors send a powerful message to our customers that Onshape is committed to building a world-class sales and support team that matches the quality of our CAD.”
“We’re excited to have Andreessen Horowitz on our team,” adds Onshape Founder and Chairman of the Board Jon Hirschtick. “They’re the perfect partner. From nurturing the world’s first web browser to helping build industry titans like Facebook and Twitter, their wealth of experience will allow us to do even more to help our customers design better products.”
