U.S. Group Invests $10 million in Chinese PLM Company20 Dec, 2007
IDGVC contributes to China-based CAXA in an effort to expand the product lifecycle management market in that country.
Chinese product lifecycle management (PLM) provider CAXA announced that International Data Group Technology Venture Investment (IDGVC) contributed $10 million to promote the growth and expansion of CAXA's PLM business in China.
CAXA states that future expansion plans include becoming a global PLM vendor network, supporting the integration of China's manufacturing industry into the global economy. IDGVC's investment reportedly marks the first time an investment group has financed a Chinese PLM vendor.
"China has a large, untapped PLM market that continues to expand with the growing need for domestic and international manufacturing," said Lin Dongliang, general partner of IDGVC. "As the largest PLM company and leading PLM provider for China, CAXA is the ideal target for our investment. We interviewed many of CAXA's customers and partners before making our decision. IDGVC was impressed with their confidence in CAXA's technical capabilities, corporate culture, and employees."
Added Lei Yi, president and CEO of CAXA, "With this funding, CAXA plans to expand its service team while also enhancing the R&D development of existing PLM products. IDGVC's investment will support CAXA's plan for expansion and eventual globalization of our business by working with leading global providers in CAD, CAM, and PLM."
CAXA's PLM offerings include technologies for 2D and 3D CAD, computer-aided process planning, computer-aided manufacturing, product data management, computer integrated manufacturing, and manufacturing process management.
Founded in 1992 by International Data Group (IDG), IDGVC's investment focus is on Internet, information services, software, telecommunications, networking, media, and entertainment technologies. IDGVC has invested more than $300 million in more than 100 portfolio companies. To date, IDGVC's total fund under management in China is $800 million, according to the announcement.