Concord-Based SpaceClaim Claims $4M – cbl

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Posted February 9, 2012

Chris Randles

By Richard Rabicoff
CONCORD — Space Claim Corp., a 3D modeling company, completed a $4 million equity offering, with 12 investors participating.
Earlier this week, the company announced that it completed a Series D financing of $11 million, to fund investment in R&D and expansion of global sales channels. Investors included North Bridge Venture Partners, Kodiak Venture Partners, Borealis Ventures, and Needham Capital. Those investors had earlier poured about $19 million in SpaceClaim.
Named in the related SEC filing are president and CEO Chris Randles, CFO and vice president of Finance and Operations Gregory Stott, and directors Richard D’Amore from Waltham-based North Bridge Venture Partners; Richard Riff from Ford Motor Company; Lou Volpe from Waltham-based Kodiak Venture Partners; Michael Payne, SpaceClaim founder; Jesse Devitte from Hanover, N.H.-based Borealis Ventures; and Bharatan Patel from Lebanon, N.H.-based Fluent Inc.
Randles was most recently Entrepreneur-in-Residence at Borealis Ventures. Prior to Borealis, he led the management buyout of Mathsoft and served as its chairman, president and CEO until the company was acquired by PTC (Parametric Technology Corporation). Randles holds Bachelor’s and Master’s degrees from the University of Oxford, England.
Founded in 2005, SpaceClaim creates 3D solid models to enable engineers and industrial designers the ability to capture ideas, directly edit solid models regardless of their origin, and simplify designs in 3D for analysis, prototyping, and manufacturing.
Customers include Toyota Motor Corporation, Nokia Siemens Networks, Bosch, TE Connectivity, BorgWarner, Medtronic, Lotus Cars, Sharp, Ford Motor Company, LG Electronics, Eaton, K2 Medical Systems, FuelCell Energy, Emhart Glass, GE Aviation, Carl Zeiss, General Dynamics, and the U.S. Navy.
The company recently announced that its new license sales increased by more than 110 percent in 2011 and that it has more than doubled its number of resellers.
SEC filing: http://tinyurl.com/7d5kq5w
Also at citybizlist, see:
SpaceClaim Stakes Claim to $7M – cbl

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