U.S. and World Newswire
:
Business
:
Funding and Investment
News
CADFORCE Secures $1.7 Million in Series A Funding Led By Santa Barbara-Based Venture Capital Firm, Rincon Venture Partners
Published: Wed, 15 Feb 2006, 20:35:00 GMT
LOS ANGELES, CA (SEND2PRESS NEWSWIRE) -- CADFORCE, Inc. (www.cadforce.com), a Los Angeles-based provider of outsourced CAD drafting services for architects and homebuilders, has secured a $1.7 million Series A round of financing led by Rincon Venture Partners, an early-stage venture capital firm, based in Santa Barbara, CA. The Series A round also included members of Southern California's Tech Coast Angels, and a handful of other industry insiders. Douglas Webster, Vice President of Mergers and Acquisitions at MCI, and Jim Andelman, General Partner at Rincon Venture Partners, will join Robert Vanech, Chief Executive Officer of CADFORCE, on the Board.
 CADFORCE provides specialized technology-based services including drafting, production of construction documents, and photo-realistic renderings for architects, homebuilders, engineers, and others who use CAD software. The Company has deployed a unique, around-the-clock, "blend-shore" execution model; its drafting facility, located in Calcutta, India, collaborates with the quality control team in the United States. Leveraging a web-based, technology-transfer platform, advances in broadband communication, and a highly talented and cost-effective offshore labor pool, CADFORCE saves architects and homebuilders as much as 70% of their production costs for construction documents and other CAD work.
The company intends to use the proceeds to scale its operations and infrastructure so that it can effectively respond to the tremendous market demand. CADFORCE offers superb quality drafting and practices fanatical customer service. Currently, the Company is growing its domestic and off-shore operations, building its quality control teams, and improving its technology infrastructure.
"CADFORCE is attacking a multi-billion dollar market opportunity that is virtually untapped, and providing its customers with a high-quality, low-cost service that they desperately need," said Andelman. "Combined with a management team that has proven that it can execute aggressive growth plans, recruit top talent, and maintain a relentless focus on customer service, these attributes make us very excited about this investment. We're pleased to be supporting CADFORCE's ongoing success."
The projected annual market for CADFORCE's service exceeds $10 billion, according to the American Institute of Architects and the US Department of Labor, and only a fraction of one percent of this work is currently being done offshore. "The demand that we see for our service surpasses all projections and my greatest expectations," said Vanech. Previously Chairman, Vanech became the CEO in May, 2005.
About CADFORCE Inc.
CADFORCE is the national leader in outsourced drafting for architects, engineers, and homebuilders. In an industry known for razor-thin margins, CADFORCE is returning significant profits to its clients through decreasing construction document costs. Over the past three years, the Company has sustained double-digit, organic growth through successful customer acquisition. Today, CADFORCE has over 350 customers in over 30 states including the majority of publicly-traded homebuilders. CADFORCE specializes in production of construction documents in Autodesk's [NASDAQ: ADSK] Architectural Desktop and all versions of AutoCAD.
In addition to its headquarters in Los Angeles, CA, CADFORCE operates regional sales offices in New York, Chicago, Portland, San Francisco, Miami, Denver, Phoenix, and Washington, DC. The Company expects to continue growing its national presence and expand its offshore facilities within the next year. CADFORCE plans to raise a significant round of Series B financing later in 2006 to continue its rapid growth through strategic acquisitions.
For more information please visit www.cadforce.com or call 310.437.6305.
All trademarks acknowledged.
NEWS SOURCE: CADFORCE, Inc.
Send2Press® is the originating wire service for this story.
» Read More Funding and Investment News
» Other Send2Press Industry News by Category
More Information and Media Contact:
For questions about this story, contact the news source:
»
Click Here for Contact Information
THE CONTENT OF THE ABOVE NEWS STORY WAS PROVIDED BY THE NEWS SOURCE WHO IS SOLELY RESPONSIBLE FOR ITS ACCURACY. FOR QUESTIONS ABOUT THIS STORY CONTACT THE NEWS SOURCE AND NOT SEND2PRESS (THIS WEBSITE).
O T H E R R E S O U R C E S
T E R M S O F U S E
This article is Copr. © 1983-2008 Neotrope / Send2Press. Reproduction of this news article version requires written authorization. You may freely link to this article. Journalists (see the section "Journalist Resources" above) may use orig. news release as the basis for an article.
News Websites may republish the "news release" text version linked to above under "Journalist Resources" except must retain "Send2Press Newswire" as the source of this news if used verbatim. Websites which offer/sell PR or newswire services, or web promotion services, or "splogs" may NOT reprint our content in ANY form. Send2Press Newswire is a service mark of, and "Send2Press" is a registered trademark of, Neotrope. Creative Commons - Some Rights Reserved (3.0) - Attribution Required.
DISCLAIMER: the above article is believed accurate but not guaranteed, and is based on business news supplied by the source (CADFORCE, Inc.). The noted source is solely responsible for its accuracy. Financial/Stock news may contain forward looking statements. Neotrope/Send2Press makes no claims of accuracy or suitability for any purpose. Any opinions expressed by representatives of company(s) mentioned in news and profiles are solely those of the person indicated, and do not reflect any opinion or policy of Neotrope or Send2Press. Your use of any information contained herein is done solely at your own risk, and you are fully responsible for using any information herein, or on sites mentioned or linked to in the article. All trademarks acknowledged.
REFERENCES: CADFORCE Secures $1.7 Million in Series A Funding Led By Santa Barbara-Based Venture Capital Firm, Rincon Venture Partners, autodesk, cadforce, outsourced CAD drafting services, architects and homebuilders, Long Beach, California, Robert Vanech, Series A round of financing led by Rincon Venture Partners, drafting, production of construction documents, and photo-realistic renderings for architects, homebuilders, engineers, CAD software, Douglas Webster, Jim Andelman, Tech Coast Angels, Feb 15, 2006.
VIEWED BY MEDIA (and public): 4006 times (1 today, 4 this week,
38 this month, 391 this year)
| Lucy Hood to Deliver Keynote Presentation at Private Capital Network Breakfast Meeting |
| LBA Group Makes Premier List of the 5,000 Fastest-Growing U.S. Businesses |
| Investors Evaluate Early Stage Companies through Online Videos at PlanHeaven |
| Infrastruct Security, Inc. Exceeds $20 Million Annual Revenue with New Round of Financing |
| Social Network Technology and VoIP Provider YFonGlobal Raises Second Angel Round for a Total of $1.8 Million |
| Napatech Receives USD 7.5 Million Venture Capital Funding |
| CADFORCE, Inc. Announces $3.1 Million in Venture Capital Financing |
| Epeius Biotechnologies Corporation Receives $400,000 Grant to Support Gene Therapy Trials for Pancreatic Cancer |
| Crescent Diagnostics Secures Venture Capital Financing Investment to Advance the Development of its Novel Bone Quality Test |
| Authernative, Inc. Raises $2.5 Million in Series A Funding to Extend Its Position as Emerging Provider of User Authentication and Identity Management Solutions |
| LFR Communications, Inc. dba Graphcard.com to Raise $5,000,000 Via Private Placement |
| Napatech Receives $5 Million Venture Capital Funding |
| InSciTek Secures $2 Million in Additional Funding from Enhanced Capital Partners LLC |
| Point to Point, Inc. Announces Emergence from Bankruptcy; Components of Bankruptcy Financing |
| CADFORCE Secures $1.7 Million in Series A Funding Led By Santa Barbara-Based Venture Capital Firm, Rincon Venture Partners |
| Symphony Wealth Management Group's Ovation Fund Blazes New Trails on the Efficient Frontier and the Utilization of ETFs |
| American Finance Finalizes Agreement on Global Oil Tools' Liabilities |
| First American Makes Equity Investment in ComplianceEase - Industry-Leading Technology Providers Partner to Offer Essential Bundled Solutions |
| BRANDCONTROL.NET Receives Second Round of Venture Capital Funding |
| InSciTek Successfully Closes $4.0 Million for the Allworx Product Line |
| 25 Security Industry CEOs and Presidents Share Their Views on Growth Trends and the Business of Security |
| Young Investing Phenom Unlocks the Keys to the Stock Market |
| New Source of Financial Information has Words of Caution for Retirees |
| Lehman Brothers' Chief Investment Officer and Managing Director, Private Investment Management to Speak at New England-Canada Business Council's May Luncheon Meeting |
| The Lyamec Corporation Reaches Milestone Expansions in Great Britain, France, Canada, and Libya |
» View All News Channels
» Press Release Services
» Send2Press Home Page
|
|
|
|
|
Subscribe in a reader
PLAIN TEXT FORMAT (UTF-8)
PDF FORMAT
