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Vela Systems Raises $6M Series B for Expansion, Strategic Partnerships

Vela Systems Raises $6M Series B for Expansion, Strategic Partnerships

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Published by PR.com
Autodesk Leads Round; Commonwealth Capital Ventures and GrandBanks Capital Provide Continued Support.
Autodesk Leads Round; Commonwealth Capital Ventures and GrandBanks Capital Provide Continued Support.

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Published by: PR.com on Sep 02, 2010
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09/02/2010

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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
 
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,” saidGrandBanks Capital General Partner Ryan Moore. “We are impressed with Vela's excellent track recordand are happy to provide continued support."About Vela SystemsVela Systems provides Field Management software for construction. Unlike carrying pads of paper andtubes of drawings on the jobsite, Vela combines mobile technologies at the point-of-construction withreporting for management. Using Vela measurably improves the quality and profitability of projects andcompanies. Construction happens in the field - Manage it.(tm)For additional information about Vela Systems, visitwww.velasystems.com.About Autodesk Autodesk, Inc. is a leader in 3D design, engineering and entertainment software. Customers across themanufacturing, architecture, building, construction, and media and entertainment industries - includingthe 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 todevelop the broadest portfolio of state-of-the-art software for global markets.About Commonwealth Capital VenturesCommonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software andsoftware-based services, Internet and digital media, communications technology, and instruments andsystems investments in the Northeastern United States. The firm's collaborative investment approachleverages the entire team's venture and operating expertise, experience, and contacts to guide portfoliocompanies through all stages of their development. Since its inception in 1995, Commonwealth Capitalhas invested in more than 140 high-growth companies. Commonwealth currently manages over $580million of committed capital across four funds.About GrandBanks CapitalGrandBanks 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 inpartnership with SOFTBANK Corp. and has proven investment expertise in Internet infrastructure,software, security and storage applications, media and wireless technologies and services, and financialtechnologies 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, Vela Systems, Inc., and Vivox.Autodesk, AutoCAD and Navisworks are registered trademarks or trademarks of Autodesk, Inc., and/orits subsidiaries and/or affiliates, in the USA and/or other countries. All other brand names, productnames, or trademarks belong to their respective holders.

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