Vela Systems Raises $6M Series B for Expansion, Strategic Partnerships
Autodesk Leads Round; Commonwealth Capital Ventures and GrandBanks Capital ProvideContinued Support.
Burlington, MA, September 02, 2010 --(PR.com)-- Vela Systems, Inc., a provider of mobile fieldsoftware for the architecture, engineering and construction (AEC) industry, today announced it has closeda $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 alsoparticipated 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 expandand address rapidly-growing customer demand. Vela will use a portion of the investment to help supportand 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' constructionfield management software with Autodesk Navisworks Manage,” said Jim Lynch, vice president, BIMProduct Group, Autodesk AEC Solutions. “Today's investment announcement marks the next significantstep in our growing relationship aimed at helping general contractors, construction managers anddesign-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 combinesmobile technologies at the point of construction with reporting for management, eliminating the need tocarry pads of paper and tubes of drawings on the jobsite. Field teams work with Vela software on mobiledevices like the iPad and Tablet-PCs to access construction documents and to complete QA/QCinspections, worklists, punchlists, commissioning, update the BIM model, and more. Home office teamsand management use Vela software via the internet to oversee Quality and Safety programs, coordinateamong 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 fromAutodesk indicates its strong commitment to our company, product and strategy,” said Vela SystemsCEO Tim Curran. “We are looking forward to building on our partnership with Autodesk to furtherenhance 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 projectcontributions into a synchronized model for whole-project review, simulation and analysis. Thistechnology integration extends the BIM process to the job site by making it possible for NavisworksManage models to reflect field-gathered data within the design.“We are very excited about the progress Vela has made capturing important information at thepoint-of-construction,” said Elliot Katzman, General Partner at Commonwealth Capital Ventures. “In