Upchain announced it has reached 621 percent ARR year-on-year growth, both by deepening its relationship with its enterprise clients and by growing its SMB market.
“We’re incredibly proud of the growth that we’ve achieved,” said founder and CEO John Laslavic.
“Not only have we continued to expand with the clients we have, but we’ve started to move into the long-ignored SMB space. We’re hoping to continue bringing the enormous value of collaboration to design and engineering in a customer-centric way to drive better products to market faster than ever before.”
This growth comes on the back of an additional $3 million investment from existing partners First Ascent Ventures (previously OTEAF) and BDC late last year — additional investment that’s driven a major hiring initiative, with 30-plus new hires in Toronto and an additional 23 in Croatia to fuel its engineering arm.
That work has led directly to significant advances in product innovation with a number of high-profile new features launched last year, including custom-built integrations into mechanical and electrical CAD systems, ERP systems and the Google Suite.
“Keeping teams working in the tool ecosystems that they already know and love is absolutely essential to our approach,” says Michael Aronzon, CTO.
“We want Upchain to be not only a powerful platform but one that virtually anybody in the world of product development can pick up and use in seconds. That drives our design and development approach.”
Upchain launched in 2015 and raised its $7.4 million series A in 2018, led by First Ascent Ventures and BDC. Its mission is to disrupt the world of manufacturing by changing how people collaborate on product data. Where traditional solutions are designed to work for engineering, Upchain’s platform stretches beyond silos to connect different teams and users with the right data at the right time.
“We’re happy with the growth we’ve had so far and are extremely optimistic about our continued growth through 2019,” says Laslavic. “We think there’s a huge market to capture and with the team we’ve built within Upchain and with our investment partners, I’m excited to say that we’re the one to do it.”
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