Toronto-based startup Upverter, a GitHub-like platform for hardware engineers, or an online design automation platform, has raised $2.3 million from Version One Ventures, Tom McInerney, Autodesk CEO Carl Bass, Amol Sarva (Peek proto-smartphone device), David Lerner and Golden Venture Partners.
The company will use the money for growth as it pursues the status of a profitable business.
Originally it was a cloud-based engineering tool for these hardware designers, but the company “evolved considerably”, wrote Techcrunch’s Darryl Etherington, and began earning revenue from from enterprise clients seeking access to its cloud-based tools.
“Over the summer, we really started to double down on what needed to exist to take the Upverter platform from this hobbyist hacker with open source tool, to this real-deal professional design suite to compete with the big boys, or to become complementary to them,” CEO Zak Homuth told Etherington.
