Tuesday, March 31, 2009

SpaceClaim shapes up $7M in funding

By Mass High Tech staff

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Concord-based software maker SpaceClaim Corp. has pulled in $7 million in financing to apply to the company’s research and development, sales and marketing, engineering analysis and simulated design. Existing investors Borealis Ventures, Kodiak Venture Partners, Needham Capital Partners and North Bridge Venture Partners all co-led the funding round.

SpaceClaim develops 3-D direct modeling solutions -- including the fourth-release of its products, SpaceClaim Engineer and SpaceClaim Style. The SpaceClaim Engineer modeler provides simulation and analysis tools for major computer-aided design (CAD) systems, with the goal of instituting early design collaboration. SpaceClaim Style, intended for industrial designers, creates solid models from hand-drawn, 2-D data.

Last October, the software firm changed leaders when Chris Randles took over as president and CEO of the company, replacing SpaceClaim co-founder Michael Payne, a former Prime Computer Corp. CAD developer who continues to serve as chairman of the board. Randles served most recently as entrepreneur-in-residence at SpaceClaim investor Borealis Ventures, a venture capital firm that operates offices in Hanover, N.H., and Portsmouth, N.H.

SpaceClaim completed a $13.5 million Series B round of funding in 2007 from North Bridge and Kodiak, which also participated in the company’s $7.5 million Series A financing.