Upverter Raises $2.3 Million to Expand Enterprise Business and Become Profitable

Upverter has raised $2.3 million.

The Toronto-based startup raised the money from Boris Wertz’s Version One Ventures as well as Golden Venture Partners, Autodesk CEO Carl Bass, and David Lerner.

The news was broken by TechCrunch, who noted the Canadian online electronic design automation platform has evolved substantially since its participation in the Y Combinator class of Winter 2011. Quoth TC:

The startup originally appealed mostly to home hackers and hardware DIY enthusiasts who wanted to share electronics diagrams and help each other out in a very grassroots approach to engineering, and Upverter encouraged that and grew its network considerably. The past year, however, has been spent building Upverter into something a bit more business-friendly, and that has resulted in the startup landing its first revenue, from enterprise clients paying “tens of thousands” of dollars per month for access to its cloud-based tools.

“Faster prototyping and cheaper manufacturing are empowering a new generation of hardware experts to gain hold in an industry once ruled by large corporations,” says Version One. “We are at the beginning of a new hardware revolution, and at Version One, we believe that platforms are key to accelerating this revolution by commoditizing and simplifying all the steps needed to take a product from prototype to mass production.”

“We were still way too early to get into the professional game a year ago, but we were thinking about it,” Upverter founder and CEO Zak Homuth told TechCrunch in an interview. “Over the spring, it was Upverter as usual, we were growing the community, growing the parts library, growing the design library. 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.”

Upverter is a collaborative schematic capture and printed circuit board layout platform that lives entirely in the cloud and is aimed at companies, hobbyists, students, and the open source hardware community. The company, which now has a dozen employees, plans to continue growing its enterprise business, aiming for profitability by the end of the year.

“We are really excited to be a part of Upverter’s growth going forward as they help millions of makers, hardware engineers, and entrepreneurs launch their companies and fuel the radical innovations of tomorrow,” Version One added.