CADDi has announced a significant funding boost for its manufacturing digital transformation.
The Series C funding round has secured US$89m, raising total capital to $164m. This was co-led by investors Globis Capital Partners, DCM Ventures, Global Brain, World Innovation Lab (WiL), JAFCO Group and Minerva Growth Partners.
Digital transformation at CADDi
CADDi is a global procurement solutions provider headquartered in Chicago, which was founded in 2017, with the aim of revolutionising the manufacturing sector. CADDi has two solutions:
A parts procurement platform and a one-stop service for manufacturing which utilises original technologies to optimise quality, cost and delivery within its supply chain infrastructure.
Launched in 2022, "CADDi Drawer," is a cloud-based data utilisation system which aims to further digitally transform the manufacturing industry.
The new round of investment will be mainly used to grow the CADDi manufacturing division, enhance the technological capability of CADDi Drawer, and further expand their global workforce.
These steps will look to help them achieve ambitious goals of generating $10bn in revenue by 2030, with CADDi Drawer contributing over $100m in ARR within a few years and $1bn in revenue by 2030. A significant building block of that strategy is growth in the North American market with the US office expanding to 100 employees within a year.
CADDi's manufacturing growth
CADDI has seen significant growth since the round of Series B funding in August 2021. It has expanded from 230 to 590 employees and has increased their global footprint, and has recently established a US division and Mexico supplier operations to cater to American manufacturers.
“Our mission is to unleash the potential of manufacturing,” said CEO, Yushiro Kato. “As the first step, we will focus on parts procurement for industrial machines and factories, along with software for drawings analysis and utilisation. Like a caddie in golf, CADDi strives to guide the manufacturing industry to unleash its full potential.”