“We now have the time and opportunity do things differently” that quote keeps coming back to, uttered by a GC we did work for, and now we see it’s not just HP and Dell battling over cloud computing but corporations active in the BIM space as well. Press Release Below.
Vela Systems Raises $6M Series B for Expansion, Strategic Partnerships
Autodesk Leads Round; Commonwealth Capital Ventures and GrandBanks Capital Provide Continued Support
Burlington, Mass. – September 2, 2010 – – Vela Systems, Inc., a provider of mobile field software for the architecture, engineering and construction (AEC) industry, today announced it has closed a $6 million Series B round of equity financing led by new investor Autodesk, Inc. (NASDAQ: ADSK). Series A investors Commonwealth Capital Ventures, GrandBanks Capital and individuals also participated in the round. Details of the transaction were not disclosed.
Coming off of a record-breaking first half of 2010, this latest round of funding positions Vela to expand and address rapidly-growing customer demand. Vela will use a portion of the investment to help support and expand the Autodesk partnership especially as it relates to bringing Building Information Models (BIM) to the point-of-construction.
“A year ago we announced our collaboration with Vela Systems to integrate Vela Systems’ construction field management software with Autodesk Navisworks Manage,” said Jim Lynch, vice president, BIM Product Group, Autodesk AEC Solutions. “Today’s investment announcement marks the next significant step in our growing relationship aimed at helping general contractors, construction managers and design-build firms streamline the BIM process from design through construction and into handover.”
