US-based consumer product software developer Backbone PLM closed a series A round featuring Novel TMT, the venture capital arm of telecommunications company Novel, at $18m yesterday.
VC firm Foundry Group led a $10m extension led by venture capital firm that added to an $8m first tranche led by Signal Peak Ventures in August 2018 that included Novel TMT, Grotech Ventures, Spider Capital, Beanstalk Ventures, Brainchild Holdings and Peterson Ventures.
Backbone has developed cloud-based software that is used by consumer goods producers to improve the efficiency of their manufacturing processes.
The platform enables users to work on product design and development in a centralised system, providing them with the tools to reduce errors and get their products to market more quickly.
Part of the funding has already been used by Backbone to expand into industries such as fashion, furniture, home goods and textiles.
The additional $10m will be used to more than double the size of the company’s 50-strong team, and to improve the functionality of the platform by building out additional features. It said the round increased its overall funding to $23m but has not revealed details of earlier financing.