US-based product lifecycle management software developer Aras raised $40m in a funding round yesterday that was backed by GE Ventures, the investment arm of conglomerate General Electric.
Silver Lake Kraftwerk led the funding round, which will be used to drive Aras’ growth by expanding operations, bolstering development and making acquisitions.
Aras has developed an enterprise product lifecycle management (PLM) platform that helps businesses keep track of critical product information and processes. The company’s clients include General Electric.
Aras has raised approximately $64.3m in funding since it was founded in 2000, according to deals database PitchBook.
Steve Taub, managing director, advanced manufacturing and enterprise, at GE Ventures, said: “To power the next wave of global industrial productivity, GE is investing in critical foundational capabilities for the industrial internet.
“Aras’ PLM platform delivers digital twin product configuration and digital thread traceability across the lifecycle which are critical to analysing and interpreting data from products and the factory. As a customer, we have already seen the benefits of their PLM platform in action.”