You may have thought it, you may have sensed it, you may have felt it rub up against your ear and frighten you slightly. GrabCAD has closed another round of funding. This time, the 3D model-pumpin’ engineering community means million dollar business. Filling the roster of investment firms, they have Matrix Partners, Atlas Venture and NextView Ventures. Up alongside this group sit 4 other angel investors, John McEleney (former SolidWorks CEO), Jon Stevenson (Shape Data/Parasolid development), Alex Ott (QLIK,Siebel,SAP) and Angus Davis (TellMe). All together, they’re bringing $1.1 Million to the bank account of Boston-based GrabCAD. But even more, they bring industry knowledge and start-up experience to help push this start-up to the next level.
Talking with co-founder and CEO, Hardi Meybaum, earlier, he mentioned the crucial support from Axel Bichara of Atlas Ventures in the early days of GrabCAD, providing many of the contacts that have helped them grow to where they are today. Plans for the funding include increasing development to provide more tools to the GrabCAD engineering community and consolidating team members at the Boston headquarters. In his blog post put out earlier today, he says:
This investments will help us continue to build our product and business change the way engineers work together both with each other and with CAD services customers. GrabCAD will become the largest mechanical engineering resource by building better tools to collaborate, share knowledge and use the expertise in this professional community.
Two things strike me about all of this. First, GrabCAD has been tenacious about growth. Last month alone they tripled their engineering community. Second, they’re visibly one the only start-ups in the Engineering space. Or at the very least, the only ones creating the excitement that are attracting long time veterans of the CAD industry. Expect a lot more excitement from this group in the future days.
Note: Diamond image above is a Pro/E model created by GrabCAD user Camilo Parra Palacio
Disclosure: Josh Mings serves on the advisory board to GrabCAD.