CIMdata PLM Industry Summary Online Archive
23 February 2011
Financial News
Centric Software Secures $7.5 Million in Series C Financing
Centric Software has closed on $7.5 million in Series C venture capital financing.
Oak Investment Partners (Palo Alto, Calif.) led the funding round, with Masthead Venture Partners (Cambridge, Mass.) and ABS Ventures (Waltham, Mass.) also participating.
Centric will use the additional financing to fuel ongoing product and business development efforts, according to Chris Groves, president and CEO. Chief among these are the development of additional mobile apps for PLM, continued focus on the luxury fashion sector, and expansion of Centric's presence—through dedicated resources and subsidiaries—in the United Kingdom, France, Italy and New York.
Centric recently introduced the Centric 8 Collection Book for Fashion iPad App, an interactive, patent-pending mobile app to audiences in Paris and New York. The app replaces error-prone paper systems and directly links data from the Centric 8 PLM system to customers through an interactive mobile device, thereby allowing fashion houses and designers to present their collections to buyers significantly faster and more accurately.
The mobile app market, PLM market and luxury sector continue on a path of rapid growth, says Groves, and Centric has generated significant momentum in all three areas. "We are excited about the market opportunity to extend our PLM product leadership for fast moving consumer goods companies, and to expand our corporate presence in the luxury and fashion centers of North America and Europe."
"Centric has proven that its Centric 8 application suite is unique and compelling in the fashion and consumer goods markets," says Bandel Carano, managing partner at Oak Investment Partners. "The opportunity now to add more mobile applications to the Centric 8 PLM footprint represents an explosive growth opportunity—one which we at Oak find compelling."
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