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.”
Founded in 2005, Vela Systems provides Field Management software for construction. Vela combines mobile technologies at the point of construction with reporting for management, eliminating the need to carry pads of paper and tubes of drawings on the jobsite. Field teams work with Vela software on mobile devices like the iPad and Tablet-PCs to access construction documents and to complete QA/QC inspections, worklists, punchlists, commissioning, update the BIM model, and more. Home office teams and management use Vela software via the internet to oversee Quality and Safety programs, coordinate among trades, and connect field information to BIM models for handover and facility management.
“Our current investors showed their continued support for Vela, and this strategic investment from Autodesk indicates its strong commitment to our company, product and strategy,” said Vela Systems CEO Tim Curran. “We are looking forward to building on our partnership with Autodesk to further enhance both companies’ product offerings and distribution.”
Vela Systems’ mobile construction field management software suite is fully integrated with Autodesk Navisworks Manage software, which enables design and construction professionals to unite project contributions into a synchronized model for whole-project review, simulation and analysis. This technology integration extends the BIM process to the job site by making it possible for Navisworks Manage models to reflect field-gathered data within the design.
“We are very excited about the progress Vela has made capturing important information at the point-of-construction,” said Elliot Katzman, General Partner at Commonwealth Capital Ventures. “In addition, we believe Vela’s partnership with Autodesk will be even further strengthened as the result of this investment.”
“Vela Systems has had great success attracting marquee customers, partners and strategic investors,” said GrandBanks Capital General Partner Ryan Moore. “We are impressed with Vela’s excellent track record and are happy to provide continued support.”
About Vela Systems
Vela Systems provides Field Management software for construction. Unlike carrying pads of paper and tubes of drawings on the jobsite, Vela combines mobile technologies at the point-of-construction with reporting for management. Using Vela measurably improves the quality and profitability of projects and companies. Construction happens in the field – Manage it.(tm) For additional information about Vela Systems, visit www.velasystems.com.
About Autodesk
Autodesk, Inc. is a leader in 3D design, engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries – including the last 15 Academy Award winners for Best Visual Effects – use Autodesk software to design, visualize, and simulate their ideas. Since its introduction of AutoCAD software in 1982, Autodesk continues to develop the broadest portfolio of state-of-the-art software for global markets. For additional information about Autodesk, visit www.autodesk.com.
About Commonwealth Capital Ventures
Commonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software and software-based services, Internet and digital media, communications technology, and instruments and systems investments in the Northeastern United States. The firm’s collaborative investment approach leverages the entire team’s venture and operating expertise, experience, and contacts to guide portfolio companies through all stages of their development. Since its inception in 1995, Commonwealth Capital has invested in more than 140 high-growth companies. Commonwealth currently manages over $580 million of committed capital across four funds. For more information, please visit www.commonwealthvc.com.
About GrandBanks Capital
GrandBanks Capital invests in early stage technology companies located primarily in the eastern part of the United States and Canada. With headquarters outside of Boston, the firm was established in partnership with SOFTBANK Corp. and has proven investment expertise in Internet infrastructure, software, security and storage applications, media and wireless technologies and services, and financial technologies and services. The GrandBanks Capital portfolio currently includes: Coradiant Inc., Ember Corporation, Exit41, Inc., First Coverage Inc., GlassHouse Technologies, Inc., I Love Rewards, Inc., Nexage, Inc., OutStart, Inc., SendMe, Inc., SilverRail Technologies, Inc., Where, Inc, Vela Systems, Inc., and Vivox. For more information, please visit www.grandbankscapital.com.
