Canada-based product design and development software provider Upchain has completed a C$7.4m ($5.8m) series A round co-led by enterprise software producer OpenText’s Enterprise Apps Fund (OTEAF).
OTEAF co-led the round with BDC Capital, the VC investment arm of the government-backed Business Development Bank of Canada. Upchain, a graduate of software accelerator L-Spark, has not disclosed details of any earlier funding.
Founded in 2015, Upchain has developed software to help designers and engineers collaborate on the creation, production and sale of products. It supports cooperative workflows with features such as automated edit logs and a computer aided design-based record for manufacturing.
The capital will support product development and the expansion of Upchain’s sales, marketing and customer support teams. The company plans to hire at least 60 employees across offices in Croatia and Canada within the next 10 months.
OTEAF general partner Richard Black will join Upchain’s board of directors together with Sean Brownlee, a partner at BDC Capital’s Industrial, Clean and Energy Technology Venture Fund.