CIMdata PLM Industry Summary Online Archive
1 March 2012
Financial News
Comet Solutions® Closes $4 Million Series C Capital Round
Comet Solutions, Inc. announced the closing of a $4 million Series C equity capital round. The company's last round of Series B financing closed in December 2009. This round of investment is being led by current investor Athenian Venture Partners and comprises a syndicate including new investor Sun Mountain Capital, current investor Tri-State Growth Capital Fund and several other new individual co-investors. The capital will be used primarily to expand resources and activities in sales, marketing, and customer support.
High sales growth, new international distribution partnerships in key markets and an increase of its customer base have enabled the company to attract capital from an expanded set of investors. Commented François Hélou, Senior Partner with Athenian Venture Partners, "We observed Comet Solutions make tremendous progress since the time of our initial investment two years ago, as exemplified by the 150% increase in sales in 2011 over 2010. With its success in advancing Computer Aided Engineering, Comet Solutions aligns with Athenian's strategy to seek out companies with a sustainable vision, substantial intellectual property, deep management bench and unique products that provide effective solutions to acute business problems."
Lee Rand, General Partner with new investor Sun Mountain Capital, added "The company's success delivering value to customers in high growth sectors, such as optics, and high growth geographies, such as China, convinces us that their software can be a game changer in the Product Lifecycle Management market. We are excited to invest in Comet Solutions and believe the company is poised for breakout growth."
With this capital investment, Comet Solutions plans on expanding resources and activities in several areas.
Sales and Customer Support Teams are being increased to serve the demand from customers wanting to implement a simulation-driven design environment.
International Distribution is being expanded into numerous global markets, including offices in China and distribution partners in Japan.
In Product Development, the company is expanding its product line, which will bring the benefits of Comet to more simulation domains and improve the user experience for all customers.
By adding new jobs to the offices in Albuquerque, NM, Cincinnati, OH, and Southfield, MI, the company plans to double overall staff size over the next eighteen months to support business growth.
"Closing this round of financing is testimony to the strength of our customer and partner relationships, employees, and software solutions," commented Dan Meyer, President and CEO of Comet Solutions. "This new capital ensures the company has the ongoing financial strength required to serve our customers for the long-term and continue to invest in innovative solutions which accelerate our growth as a key innovator and supplier in the PLM market."
About the Investors
For more information on Athenian Venture Partners visit their website at www.athenianvp.com. For more information on Sun Mountain Capital visit their website www.sunmountaincapital.com. For more information on Tri-State Growth Capital Fund visit their website at www.fortwashington.com.
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