VC funds trickling back into PLM

Comet Solutions back in January announced that it had closed on a $2 million series B round of investment led by Athenian Venture Partners together with Tri-State Growth Capital Fund and Kentucky Co-Investment Partners. The company will use the funds to expand its sales, marketing and customer support activities.

Dan Meyer, Comet Solutions CEO, said in the press release about the deal that “[w]ith new capital, we can build on recent sales successes in the aerospace/defense and off-highway sectors and expand our reach to engineering leaders. To accomplish this, we are adding more industry veterans to the team who understand the issues facing engineering departments eager to bring simulation earlier in the design cycle. We are also intensifying the go-to-market efforts we have with current channel partners in order to realize our potential in the market.” Mr. Meyer added, “Expanding our base of investors provides the financial backing to ensure we are here to support our customers for the long-term and will continue to invest in innovative solutions for simulation-driven product development which wow our customers.”

This isn’t the only funding the company has secured in the last year. Back In June 2009, Comet Solutions announced a $1.4 million dollar loan from The Innovation Ohio Loan Fund. That money is specifically directed to expand and improve the company’s product line while the new series B equity capital allows the company to accelerate its sales and support of those new products.