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GL Ventures leads $15.7 million Series A funding in CurrentCAD
CurrentCAD, an online collaborative CAD platform, announced that it has completed a Series A round of financing with nearly 100 million yuan ($15.67 million). This deal was led by GL Ventures, with participation from GGV Capital. Canglan Capital acted as the exclusive financial advisor.
Founded in 2014, CurrentCAD mainly serves enterprises above medium scale at the current stage, and it will introduce a new service model for small- and medium-sized enterprises in the next stage. And the firm said the new funds will be used to develop computer-aided design products.
CAD as one of the core of industrial software system in the R & D design software, a large number of disciplines into the knowledge caused its high barriers to entry, product implementation is also difficult; according to BIS Research data, the global CAD market size is expected to reach $ 11.22 billion in 2023, will reach $ 13.83 billion in 2028.
The collaboration of CurrentCAD software, one of the firm’s products, has greatly improved the office efficiency of users. One of its modules can realize project process management, and all data, documents and communication information can be traced on the platform.
The platform allows all members of the same project team to work together, helping to complete the project from research and development to audit in the shortest time. At present, it has over 1,000 users nationwide.