think3 Lands More Than $10 Million in New Financing Led by Top Technology Venture Firm NEA

Cash Positive and Building Momentum Throughout the $9 Billion MCAD and PDM Markets, think3 Will Use the Funds to Extend Global Sales and Marketing Efforts

SANTA CLARA, Calif., June 25 /PRNewswire/ -- think3, Inc., an MCAD and PDM solution provider, today announced that it has secured more than $10 million in additional financing led by top-tier venture firm New Enterprise Associates (NEA). The funding comes on the heels of several major machinery design customer wins, the release of a new product suite and the appointment of an industry veteran to head up worldwide sales. In other news today, think3 announced that for the second year in a row it has received the prestigious Editors' Choice Award from CADENCE Magazine for its thinkdesign software. The award recognizes trend-setting companies that are demonstrating a high level of innovation and moving the CAD industry forward.

think3 will use the additional funding to bolster sales and marketing efforts in support of its mission to revolutionize the global $9 billion MCAD and PDM markets. NEA General Partner Mark Perry has joined think3's board, bringing a deep knowledge of the MCAD market and an impressive management background, including tenure as vice chairman with responsibi lity for worldwide field operations at SGI.

About think3's Market Opportunity

"When design software replaced paper in the early 1980s, AutoDesk became an industry standard overnight," said Mark Perry, General Partner at NEA. "Since then, the major players in the MCAD software market have turned away from their customers and have been slow to innovate, creating a huge opportunity for a new company to lead the next fundamental industry revolution: the move to 3D from today's largely 2D design world. Joe Costello built Cadence into a billion-dollar software company and we're convinced he can do it again with think3. think3 has the talent, technology and timing to be the next great innovator in the MCAD market. We're excited about helping Joe and his team make the move to dominate this market like Cadence did in EDA."

"NEA brings an impressive mix of strategy, experience and support, which we hope to take advantage of as we build on our market position worldwide," said think3 Chairman and CEO Joe Costello. "Mark Perry's enterprise software experience combined with the firm's overall understanding of the CAD market, having backed newly public Magma Design Automation, give us tremendous confidence that NEA will be a great partner for us and add the advice and insight needed in this critical stage of our company's maturation."

The significant support from NEA underscores the potential for think3 to assume a global leadership role in delivering fully integrated 3D design and PDM solutions that deliver direct business results and immediate ROI. In early 1998, think3 outlined an ambitious vision to bring 3D to the masses by revolutionizing the way large organizations purchase, implement and use 3D MCAD technology to design and develop a broad range of products. Recognizing that a radical shift in technology and business strategy was required to achieve this vision, the company developed the only fully interoperable 2D, 3D and PDM product and introduced the industry's first subscription-based pricing model.

About think3's Business Model

"In this era of companies continually apologizing to Wall Street for their lack of visibility into earnings, a software company successfully implementing a subscription-based pricing model is tremendously attractive," said Richard Kramlich, General Partner at NEA. "Traditionally, software companies have struggled with the subscription-model, and the first company to have successfully implemented this model is Cadence Design Systems, in the EDA industry, under the leadership of Joe Costello."

Today, subscription-based sales of 3D products account for more than 90% of think3's bookings and under this pricing model think3 has sold more than 6,000 seats of its products. The company is cash flow positive and poised for rapid growth.

About NEA

New Enterprise Associates (NEA) is a leading venture capital firm investing primarily in information technology, biotechnology and medical/life sciences companies. Practicing classic venture capital for over 20 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $5 billion under management, NEA's experienced management team has invested in over 500 companies, of which more 135 have gone public and more than 150 have been acquired. NEA has offices in Menlo Park, California, Reston, Virginia and Baltimore, Maryland. 

www.nea.com

About think3, Inc.

think3 develops mechanical computer aided design (MCAD) and product data management (PDM) solutions for companies that design everything from sports cars and furniture to heavy machinery and industrial equipment. think3 is on a mission to revolutionize the $9 billion CAD and PDM markets by providing "mass 3D" design software that helps companies streamline business processes and deliver superior products to market faster. think3's more than 5,000 customers include leading companies in a broad range of industries, from machinery, automotive and aerospace to consumer products and fashion. Privately held, think3 is a global organization headquartered in California with offices throughout Europe, Asia and North America. 

www.think3.com

 

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