Onshape, the only company in the world 100% focused on cloud and mobile CAD, announced $80 million in new equity financing led by Andreessen Horowitz with participation from existing investors New Enterprise Associates (NEA), Commonwealth Capital Ventures and North Bridge Venture Partners. To date, Onshape has raised $144 million in total funding. Onshape will use the new investment to significantly expand worldwide sales and marketing efforts and increase its R&D and strong customer support.
This round of funding comes toward the end of Onshape’s highly successful beta test program as the company looks to soon transition to its first formal release. While still in the beta stage, Onshape has already achieved historic firsts for professional 3D CAD:
Andreessen Horowitz, a leading Silicon Valley firm, has been an early investor in such companies as Facebook, Twitter, Airbnb, Box, GitHub, Pinterest, Skype, Slack, and Zenefits. General Partner Peter Levine will be joining the Onshape Board of Directors.
“We’ve been closely following the CAD industry for a long time,” says Levine. “The Onshape team immediately stood out, having built a robust CAD system using a cloudbased technical architecture that most had considered impossible. The Onshape product is perfectly suited for an increasingly mobile workforce, which now can create and edit 3D models anywhere, on any device.”
In just six months after the beta launch, over 10,000 CAD professionals are already using Onshape’s full-cloud collaboration tools to speed up the design of consumer electronics, mechanical machinery, medical devices, machine parts, industrial equipment, and many other products.
“We are thrilled to have a strong vote of confidence from Andreessen Horowitz as we prepare to move out of beta and expand our global presence,” says Onshape CEO John McEleney. “Their endorsement and the renewed support of our current investors send a powerful message to our customers that Onshape is committed to building a worldclass sales and support team that matches the quality of our CAD.”
“We’re excited to have Andreessen Horowitz on our team,” adds Onshape Founder and Chairman of the Board Jon Hirschtick. “They’re the perfect partner. From nurturing the world’s first web browser to helping build industry titans like Facebook and Twitter, their wealth of experience will allow us to do even more to help our customers design better products.”
To learn more about how full-cloud CAD is radically changing the way engineers and designers approach their work, visit Onshape.com/customers.
About Andreessen Horowitz
Andreessen Horowitz backs bold entrepreneurs who move fast, think big and are committed to building the next major franchises in technology. Founded by Marc Andreessen and Ben Horowitz, we provide entrepreneurs with access to our deep expertise and insights in innovation, business development, market intelligence, executive and technical talent, and marketing and brandbuilding. Find us in Menlo Park, Calif., and at www.a16z.com.