$5M For Concord's aPriori
Concord-based aPriori Technologies Inc.'s venture investors have committed another $5 million to the company, it announced Monday.
The manufacturing software maker plans to use the money to expand its sales and service teams in Europe and develop its sales channels in the Asia-Pacific region, an area where the company sees "tremendous opportunities," according to a statement from CEO Stephanie Feraday.
"This funding enables us to build on the successes of the last two years to capitalize on these opportunities and make aPriori the product-cost standard for discrete manufacturers," Feraday said.
aPriori has sold more than $51 million in equity and convertible securities to venture and accredited investors since 2004, according to Securities and Exchange Commission (SEC) documents.
The company's software interacts with existing computer-aided design (CAD) programs and helps project costs using current information about commodities prices, manufacturing methods, labor and other variables. The company says the software helps manufacturers understand the financial ramifications of design choices, better allowing them to hit cost targets on their projects.
The funding comes from existing investor Sigma Partners, which provided $4.5 million in a series A round to aPriori in 2005, investing alongside Bain Capital Ventures. Sigma has backed several other MetroWest companies, including ExaGrid, Glasshouse and Virtusa, according to its website.
From Buyers To Suppliers
One way a cost-projection tool can help manufacturers is to show them what they should be paying for parts outsourcing and comparing it to the prices they've been quoted.
But aPriori isn't just working with buyers. Some of the new funding will help ramp up a network of suppliers from the automotive, aerospace and industry machinery industries with the goal of providing quick and accurate price quotes to their customers, the company said in its announcement.
"This strategy helps suppliers respond more quickly to requests for quotes, scale their business and effectively establish themselves as the preferred vendor for future business," the company said.
The company said its most recent fiscal year, which ended April 30, was its most successful to date.
It doubled its employee headcount, boosted revenues more than 50 percent and won business from new customers like Ford Motor Co., Toyota Industrial Equipment and Diebold. Other customers include ThyssenKrupp Elevator Americas and snowmobile and offroad vehicle maker Polaris Industries.
aPriori, which is private, guards its revenue information closely, choosing not to disclose it in public filings or in announcements about financial performance.
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