GrabCAD, a Boston, MA-based online community for people designing and building physical products, has closed on $8.15m in Series B financing.
The round was led by Charles River Ventures, with participation from new investor David Sacks and existing investors Atlas Venture, NextView Venture, and Matrix Partners.
The company is using the funds to accelerate its growth as it builds a new collaborative tool that improves design and communication processes in the creation of physical products.
Founded by CEO Hardi Meybaum GrabCAD aims to transform the traditionally non-collaborative computer-aided design (CAD) process between mechanical engineers, customers, and manufacturers into a more efficient experience through the use of social and cloud-based technologies. It is also a place for engineers to share their skills, expand knowledge, and work with innovative tools and features.
In conjunction with the funding, Charles River Ventures partner Izhar Armony will join GrabCAD’s board of directors.
The company, which has its development team in Estonia, is currently hiring (http://blog.grabcad.com/jobs/).