NEWS SOURCE: CADFORCE Inc.
LOS ANGELES, CA (SEND2PRESS NEWSWIRE) — CADFORCE, Inc. (www.cadforce.com), a Los Angeles-based provider of outsourced CAD drafting services for architects and homebuilders, has secured a $1.7 million Series A round of financing led by Rincon Venture Partners, an early-stage venture capital firm, based in Santa Barbara, CA. The Series A round also included members of Southern California’s Tech Coast Angels, and a handful of other industry insiders. Douglas Webster, Vice President of Mergers and Acquisitions at MCI, and Jim Andelman, General Partner at Rincon Venture Partners, will join Robert Vanech, Chief Executive Officer of CADFORCE, on the Board.
CADFORCE provides specialized technology-based services including drafting, production of construction documents, and photo-realistic renderings for architects, homebuilders, engineers, and others who use CAD software. The Company has deployed a unique, around-the-clock, “blend-shore” execution model; its drafting facility, located in Calcutta, India, collaborates with the quality control team in the United States. Leveraging a web-based, technology-transfer platform, advances in broadband communication, and a highly talented and cost-effective offshore labor pool, CADFORCE saves architects and homebuilders as much as 70% of their production costs for construction documents and other CAD work.
The company intends to use the proceeds to scale its operations and infrastructure so that it can effectively respond to the tremendous market demand. CADFORCE offers superb quality drafting and practices fanatical customer service. Currently, the Company is growing its domestic and off-shore operations, building its quality control teams, and improving its technology infrastructure.
“CADFORCE is attacking a multi-billion dollar market opportunity that is virtually untapped, and providing its customers with a high-quality, low-cost service that they desperately need,” said Andelman. “Combined with a management team that has proven that it can execute aggressive growth plans, recruit top talent, and maintain a relentless focus on customer service, these attributes make us very excited about this investment. We’re pleased to be supporting CADFORCE’s ongoing success.”
The projected annual market for CADFORCE’s service exceeds $10 billion, according to the American Institute of Architects and the US Department of Labor, and only a fraction of one percent of this work is currently being done offshore. “The demand that we see for our service surpasses all projections and my greatest expectations,” said Vanech. Previously Chairman, Vanech became the CEO in May, 2005.
About CADFORCE Inc.
CADFORCE is the national leader in outsourced drafting for architects, engineers, and homebuilders. In an industry known for razor-thin margins, CADFORCE is returning significant profits to its clients through decreasing construction document costs. Over the past three years, the Company has sustained double-digit, organic growth through successful customer acquisition. Today, CADFORCE has over 350 customers in over 30 states including the majority of publicly-traded homebuilders. CADFORCE specializes in production of construction documents in Autodesk’s [NASDAQ: ADSK] Architectural Desktop and all versions of AutoCAD.
In addition to its headquarters in Los Angeles, CA, CADFORCE operates regional sales offices in New York, Chicago, Portland, San Francisco, Miami, Denver, Phoenix, and Washington, DC. The Company expects to continue growing its national presence and expand its offshore facilities within the next year. CADFORCE plans to raise a significant round of Series B financing later in 2006 to continue its rapid growth through strategic acquisitions.
For more information please visit www.cadforce.com or call 310.437.6305.
All trademarks acknowledged.
News issued by: CADFORCE, Inc.
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Original Story ID: (1308) :: 2006-02-0215-005
Original Keywords: autodesk, cadforce, outsourced CAD drafting services, architects and homebuilders, Long Beach, California, Robert Vanech, Series A round of financing led by Rincon Venture Partners, drafting, production of construction documents, and photo-realistic renderings for architects, homebuilders, engineers, CAD software, Douglas Webster, Jim Andelman, Tech Coast Angels CADFORCE, Inc.
NEWS SOURCE: CADFORCE Inc. | Published: 2006-02-15 20:35:00
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