Aras, a US-based product lifecycle management software developer backed by conglomerate General Electric, raised $70m in a series D round yesterday led by investment bank Goldman Sachs’ Private Capital Investing group.
The round included Silver Lake Kraftwerk, a subsidiary of investment firm Silver Lake.
Founded in 2000, Aras provides an enterprise product lifecycle management (PLM) platform that helps organisations manage processes such as product development, systems engineering, multi-site manufacturing, supply chain operations and compliance.
In addition to fuelling the company’s global expansion plans, the series D capital will be used to develop its PLM platform and fund acquisitions.
In September 2017, the company raised $40m in funding backed by General Electric’s corporate venturing arm GE Ventures and led by Silver Lake Kraftwerk.
Hillel Moerman, head of private capital investing at Goldman Sachs, said: “Globally, industrial businesses are wrestling with the transition to the digital era, whether refreshing mission-critical enterprise applications or positioning themselves for new opportunities.
“Aras’ innovative software platform enables them to execute digital transformation projects.”