CIMdata PLM Industry Summary Online Archive
13 April 2010
Financial News
SpaceClaim Secures $5 Million in New Funding
SpaceClaim announced the company has secured an additional $5 million in funding from current investors, including Borealis Ventures, Kodiak Venture Partners, Needham Capital Partners, and North Bridge Venture Partners. The new funding will support expansion of global sales and support as SpaceClaim continues to win new customers and expand partnerships.
Recently, SpaceClaim announced 253% year-over-year sales increases and new license sales up 188%. Additionally, the company has continued to invest in new product enhancements, having released two major releases in 2009 as well as other updates throughout the year. SpaceClaim's 3D Direct Modeling solutions are being leveraged for concept modeling, model preparation, and CAE across diverse industries including automotive, aerospace, defense, medical devices, consumer goods and educational engineering institutions.
"Our global customer base is growing and adoption within sites is expanding rapidly as engineers reap the benefits of extremely efficient, 3D Direct Modeling software that is shortening time-to-market and improving design creativity," said Chris Randles, President and CEO, SpaceClaim. "We are pleased that our investment team continues to recognize the value in SpaceClaim and realizes that our strategies to become one of the leading engineering software tools are paying off. This new round of funding supports our efforts to expand our channels globally, which is well timed with the 'thawing' of economic budgets to fuel competitive advantage for our customers."
"SpaceClaim has continued to perform extremely well, even in the challenging economic environment of the last 18 months," said Rich D'Amore, Partner, North Bridge Venture Partners. "North Bridge defines success by working closely with entrepreneurs to produce industry leading companies in emerging markets. SpaceClaim is well on its way to becoming a major force in engineering software and we welcome the opportunity to continue to fuel their success."
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