A Chicago-based procurement solutions provider has raised $89 million in financing and says the funding will be used to accelerate digital transformation initiatives in manufacturing, according to CADDi Inc.
The “series C” round was co-led by existing investors including Globis Capital Partners, DCM Ventures, Global Brain, World Innovation Lab (WiL), JAFCO Group, and Minerva Growth Partners. with participation from four new investment partners. It brings CADDi’s total capital raised to $164 million.
The six-year-old firm says it aims to revolutionize the manufacturing sector by providing two solutions: CADDi Manufacturing, a parts procurement platform, and CADDi Drawer, a cloud service for managing drawing data.
The new investment will be primarily deployed to bolster the "CADDi Manufacturing" division, enhance technological capabilities of "CADDi Drawer," and expand the global workforce to progress toward a goal of generating $10 billion in revenue by 2030. The firm also said its U.S. office will expand to 100 employees within a year.
CADDi, which has a strong presence in Japan, is also concentrating on international expansion. With 590 employees globally, it has recently established a U.S. division and Mexico supplier operations to cater to American manufacturers.