Tech Soft 3D secures backing from Battery Ventures
Investor interest in out little PLMish world remains strong. Tech Soft 3D yesterday announced that it has closed a “significant” investment from Battery Ventures and that Battery General Partner Morad Elhafed and Vice President Satoshi Harris-Koizumi will join the Tech Soft 3D board of directors.
You use Tech Soft products, even if you don’t realize it. Tech Soft 3D makes HOOPS, the 3D graphics API that’s used for data exchange, visualization, AR/VR, every time you publish CAD or CAE data to PDF … Tech Soft 3D doesn’t make CAD, it makes CAD possible.
Tech Soft 3D says it will use the cash to fuel growth “by investing in product development, scaling the company’s global reach and increasing its product offerings through acquisitions. The company also expects to further expand its portfolio of partners”. That’s interesting because the company already lists many PLMish players as partners: Adobe, ANSYS, Autodesk, Bentley, Dassault Systèmes, Desktop Metal, Hexagon, Trimble, 3D Systems, Siemens PLM, Samsung SDS, Xometry, among others.
Tech Soft 3D CEO Ron Fritz said, “We are thrilled to leverage Battery’s domain expertise in software, and the firm’s global network of relationships, to take our company to the next level … As the trend of increased 3D software development continues to accelerate, this investment from Battery will allow us to expand our offerings and better serve current and future partners.”
Mr. Elhafed explained why Battery is interested in Tech Soft 3D this way: “The company’s reach is extremely impressive, and its products are fueling innovation at large and small companies undergoing digital transformation” and Mr. Harris-Koizum added, “As every company becomes a software company, we think demand for Tech Soft 3D’s products will only increase—and we look forward to partnering with the company to penetrate new markets and expand, both organically a nd through acquisitions.”
Battery Ventures isn’t new to our PLMish universe. The investor acquired SigmaTEK Systems in 2018 and Vero Software in 2010 (selling it to Hexagon in 2014). According to Crunchbase, Battery has made over 650 investments in its time, and that Tech Soft 3D might be its 7th this year alone. Neither Tech Soft 3D nor Battery announced how big the investment is, or for what stake in Tech Soft 3D, but a quick scan of the Crunchbase listing show that dollar amounts range from $8 million for a series A round to over $200 million for Series F.