DesignAdvance™ Systems Inc., an electronic design automation (EDA) and computer aided design (CAD) design-synthesis software developer, announced that it has completed a $3 M second round of funding and has graduated from The Technology Collaborative's Jumpstart program.
"We have a field proven solution for PCB design and are now focused on building our company and growing our EDA and MCAD business," said Randy Eager, CEO of DesignAdvance. "This round of funding represents an important milestone for DesignAdvance as it enables us to add the necessary sales, support and marketing staff to hit our sales targets for 2006 and beyond."
Along with this round of funding, DesignAdvance has graduated from The Technology Collaborative Jumpstart program. The Technology Collaborative is an economic development organization that supports the growth of Pennsylvania's world-class digital technologies, robotics and cyber-security industries.
"The resources and infrastructure of The Technology Collaborative gave us many advantages we needed to start and run our business," continued Eager. "They provided us with initial contacts to potential customers; rent free office space next to Carnegie Mellon University, our technology licensor; and a sounding board for new ideas."
"DesignAdvance is among the growing number of companies we have supported that have been able to achieve market momentum and success," said, David Ruppersberger, president and CEO of The Technology Collaborative. "We are pleased to have technology companies benefit from our resources, and be able to build their businesses and move on to the next level of growth."
DesignAdvance's first product, CircuitSpace™, is installed at Fortune 100 companies. DesignAdvance also has strategic partnering agreements with Cadence Design Systems Inc., Mentor Graphics Corp. and Valor Computerized Systems Ltd., which bring the company validation of its technology and credibility in the marketplace.