Vela Systems, a developer of mobile software that streamlines field administration for the AEC (Architecture-Engineering-Construction) industry, today announced that it has secured $6 million in Series A funding. Commonwealth Capital Ventures and GrandBanks Capital co-led the round and were joined by existing angel investors CommonAngels and Launchpad Venture Group, as well as individual investors. Vela Systems will use the funds to roll out national sales coverage, launch the company’s channel partner program and expand internationally. As part of the funding, Commonwealth Capital Ventures General Partner Elliot Katzman and GrandBanks Capital General Partner Ryan Moore joined Vela’s Board of Directors. “The construction industry is second only to healthcare in size but has yet to enjoy the full benefits automation has to offer,” said Elliot Katzman, General Partner at Commonwealth Capital Ventures. “Feedback from contractors, architects and owners who have used Vela’s software suite indicates that the company has built an application that is indispensable to them. Vela Systems’ unique combination of construction industry knowledge, technology expertise, and the team’s proven ability to execute clearly positions them to deliver best-in-class solutions to this untapped market.” Vela is pioneering the use of mobile tablet-based software applications to automate field activities on construction project sites. The Vela Systems software suite streamlines field administration and related back-office processes by fundamentally changing the workflow and activities on construction sites-replacing handwritten notes, tubes of drawings, and clipboards with easy-to-use software and mobile devices such as Tablet PCs, and enabling teams to Work Faster, Collaborate Easier, and Finish Sooner. Vela offers tailored solutions for contractors, owners, engineers, and architects. “GrandBanks Capital is very excited about the compelling solution that Vela Systems has developed,” said General Partner Ryan Moore. “The company has rapidly become the leader in enterprise-class, mobile software for the AEC market, achieving tremendous traction and market adoption since bringing its product to market eighteen months ago.” Founded in 2005, Vela Systems is the result of research into mobile software for the AEC industry at the MIT Center for Real Estate and the Harvard Graduate School of Design. After extensive analysis of available solutions, Vela’s founders recognized the tremendous opportunity to apply best practices in mobile information technologies to address key pain points in the AEC industry. “Commonwealth and GrandBanks recognize that Vela Systems unlocks tremendous value in the construction process. Our customers are improving productivity, accelerating project delivery, and reducing job risk by replacing their regular field notebook with a Tablet-PC running our software,” said Co-founder Josh Kanner. “The industry and software experience that Commonwealth and GrandBanks bring to the table was fundamental to our financing decision. Together we will deliver more functionality and better services to our customers and partners and achieve a broader reach in the global construction market. We are excited to have them lead this round of funding.”
About Commonwealth Capital Ventures:
Commonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software and software-based services, Internet and new 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 130 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 companies located primarily in the eastern part of the United States and Canada. With headquarters outside of Boston, the firm was originally 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: Colubris Networks Inc., Coradiant Inc., Ember Corporation, Enpocket Inc., First Coverage Inc., GlassHouse Technologies, Inc., Incipient, Inc., OutStart, Inc., uLocate Communications, Inc., and Vivox, Inc. For more information, please visit www.grandbankscapital.com .
About Vela Systems, Inc.:
Vela Systems is The Leader in Mobile Software for the AEC Industry The Vela software suite significantly accelerates field processes related to construction, capital projects and capital equipment – reducing cycle times while improving quality assurance and risk management. Industry leading Architects, Engineers, Contractors and Owners agree that Vela Systems helps them Work Faster, Collaborate Easier, and Finish Sooner.
