Vico Software Adds $3.6M Equity Investment
Boulder, CO - October 6, 2009 - Vico Software, the leader in 5D Virtual ConstructionTM, announced today that it completed a $3.6 million round of equity financing led by existing investors. Borealis Ventures, Highway 12 Ventures, and Village Ventures participated in this Series B investment providing additional capital focused on the Company's product development and market execution.
Vico Software's applications and methodologies have helped General Contractors and Owners like Webcor Builders, PCL Construction, Swinerton Builders, The Weitz Company, Clayco, Hartela, Mota Engil Engenharia, McCarthy Building Companies, Inc., and St. Joseph Health System exploit the benefits of 5D Virtual Construction. The recently-announced Vico Office software suite, open to Autodesk Revit, Tekla, ArchiCAD, CAD-Duct, and IFC files, allows users to perform constructability analysis, extract construction-caliber quantities, derive model-based schedules and cost estimates, and perform on-site production control. By combining models from many of the popular BIM authoring tools, Vico Office makes it possible for builders to take BIM from pursuit to preconstruction to the field.
"Since our first investment in Vico Software in 2007, the Company has achieved its goal of the leadership position in 5D Virtual Construction. This Series B investment gives the Company added capital to accelerate product development as well as bolster its customer service and go-to-market execution," said Jesse Devitte, General Partner of Borealis Ventures and Chairman of the Board of Vico Software, Inc.
According to Mark Sawyer, CEO and President of Vico Software, "We reached a tipping point in 2009 despite the economic climate that has slowed new construction projects around the world. Our Vico Services team has completed over 350 Virtual Construction engagements for our clients, and we have taken those real-world lessons into the software lab to produce the Vico Office suite. No one questions the fact that BIM is transforming building construction and any transformation will take time. But with our Series B round complete, we are in a position to accelerate delivery of even greater value to our customers at a time when they face increased competition on every project. Their ability to differentiate themselves in the pursuit phase and then manage each project to a profitable outcome has never been more important."
Borealis sources unique early-stage investment opportunities in the areas of application software, digital media, and technology commercialization. As founders' partners and active investors, we leverage our operating expertise and networks to add value, mitigate risk, and accelerate growth. Our investments are concentrated in Northern New England (Boston and north), but we invest nationally within our sectors of expertise.
At Highway 12 Ventures we have one goal, to partner with the most promising high-growth start-up companies in the Intermountain West to build lasting, market leading companies. We work hard to bring valuable resources to management teams and with over $100 million under management, we can insure adequate capital will be available to fund strong growth.
Village Ventures is a seed and early stage venture capital firm focusing on three primary sectors: consumer media and retail, health care and financial services. Our strategy is to partner with leading entrepreneurs creating innovative products and solving complicated problems in those industries.
About Vico Software
Vico Software, Inc. provides software and services to the building construction industry. Building owners, general contractors, and construction managers use our software and our services to reduce risk, manage costs, and optimize schedules on complex building projects. Vico's 5D Virtual Construction solutions pioneered the category of BIM for Construction, and they remain the industry's most integrated approach to coordination, quantity takeoff, cost estimation, project scheduling, and production control. The new Vico Office product suite continues this tradition making it possible to leverage many important BIM file formats such as Revit, Tekla, and ArchiCAD. The benefits of our solutions and services have been proven on hundreds of building projects to date.
For more information, please contact:
VP of Marketing at Vico Software
Tel: (978) 882-0170 x118 (eastern)