GrabCad has told Boston.com that it has raised another “few hundred thousand dollars” in funding on top of the $4 million funding round it raised last january. The company offers a community oriented site for engineers creating 3D models, as well as offer a library of 3D CAD models they can use in their work. Their business model allows outside companies to run crowdsource competitions to design a solution to a particular problem, and then award money for the best design. That being said, many of the models are purely aesthetic or interesting concept products.
The investors in the new funding round include Doron Reuveni, Matt Mickiewicz, and Ahti Heinla, the former chief technical architect at Skype.
The company was founded in Tallinn, but has moved part of its office to Cambridge, Massachusetts. Four employees are based in the U.S. while 12 stay in Estonia. Along with the funding, next Wednesday the president of Estonia, Toomas Henrik-Ilves will be at GrabCad’s housewarming party in Cambridge. President Henrik-Ilves is no stranger to the Northeast– as the son of Estonain refugees he grew up in New Jersey and attended Colombia University.
GrabCad has followed a nice path to where they are today. The company was accepted into (and won) the Techstars Boston program as well as the Seedcamp London event earlier that year.
