GE Ventures and Silver Lake have invested $40 million into Aras, a provider of enterprise product lifecycle management software.
The investment round was led by Silver Lake Kraftwerk, a fund of Silver Lake, with participation from GE Ventures, the investment arm of General Electric.
Aras says it will use this minority investment to drive growth, expand operations – including Aras’ service and support – and further extend Aras’ technology leadership through development and acquisitions.
Martin Fichtner, managing director of Silver Lake Kraftwerk, says: “We invest in breakout companies that accelerate industrial transformation through a combination of technology innovation and disruptive business models.
“Aras embodies this strategy with a game changing platform and ‘SaaS Anywhere’ approach that have proven very compelling to customers, and we are excited about Aras’ next stage of growth.”
With increasing complexity driven by the Internet of Things (IoT) and Industrial Internet – in everything from connected cars and smart homes to industrial equipment – global manufacturers are rethinking the technology that supports the business of engineering necessary to develop, produce and service tomorrow’s next generation products.
Peter Schroer, CEO and founder of Aras, says: “Enterprises need a much more flexible, scalable and upgradable platform for the business of engineering.
“We help companies transform and optimize every stage of the product lifecycle – by enabling the digital thread which connects data and processes from systems engineering and simulation to smart manufacturing and predictive maintenance – and creating the digital twin, the exact digital representation of a car, ship or aircraft engine.”
Steve Taub, managing director, advanced manufacturing and enterprise at GE Ventures, says: “To power the next wave of global industrial productivity, GE is investing in critical foundational capabilities for the industrial internet.
“Aras’ PLM platform delivers digital twin product configuration and digital thread traceability across the lifecycle which are critical to analyzing and interpreting data from products and the factory. As a customer, we have already seen the benefits of their PLM platform in action.”