CIMdata PLM Industry Summary Online Archive
12 January 2010
Financial News
Comet Solutions Closes $2 Million Series B Round; Expanding Customer/Marketing Activities and Commitment to Ohio
Comet Solutions™, Inc. announced the closing of a $2 million series B round of investment led by Athenian Venture Partners together with Tri-State Growth Capital Fund and Kentucky Co-Investment Partners. The new investors join series A investors, which include Flywheel Ventures, ITU Ventures and New Mexico Co-Investment Partners, to provide capital essential to expanding resources and activities in sales, marketing and customer support.
Dan Meyer, President and CEO of Comet Solutions, Inc. states, “Our success securing high quality funding in these brutal capital markets is testimony to the strength of our team, product and customer implementations. With new capital, we can build on recent sales successes in the aerospace/defense and off-highway sectors and expand our reach to engineering leaders. To accomplish this, we are adding more industry veterans to the team who understand the issues facing engineering departments eager to bring simulation earlier in the design cycle. We are also intensifying the go-to-market efforts we have with current channel partners in order to realize our potential in the market.”
Mr. Meyer adds, “Expanding our base of investors provides the financial backing to ensure we are here to support our customers for the long-term and will continue to invest in innovative solutions for simulation-driven product development which wow our customers.”
“Unique technology in Comet software breaks down the barriers between a wide range of advanced engineering solutions”, said François Hélou, Senior Partner at Athenian Venture Partners. Mr. Hélou adds, “Comet Solutions also enjoys uniquely impressive loyalty from customers and business partners for an early-stage company. We look forward to supporting the strong leadership of Dan Meyer and his team in their mission to dramatically improve end users' ROI in the field of engineering solutions.”
In June 2009, Comet Solutions announced a $1.4 million dollar loan from The Innovation Ohio Loan Fund. That money is specifically directed to expand and improve the company’s product line while the new series B equity capital allows the company to accelerate its sales and support of those new products. Mr. Meyer states, “With most of our recent capital having strong roots in Ohio, Comet Solutions will continue to take advantage of Ohio’s rich manufacturing base and talent to grow our business and add new jobs in Ohio.”
For more information on Athenian Venture Partners visit their website at www.athenianvp.com/.
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