By Andrew Webb
Journal Staff Writer
Albuquerque-based CoMeT Solutions Inc. plans to use a fresh $3.5 million round of venture capital to begin the first commercial applications of its computer-aided engineering software.
The round was led by Flywheel Ventures, ITU Ventures and Fort Washington Capital Partners. Members of New Mexico Private Investors, which, along with the three firms, have previously invested about $1.5 million in CoMeT, joined the new funding round.
CoMeT uses technology developed at the University of New Mexico's Center for High Performance Computing that assists in the blending and management of data generated by otherwise disparate computer engineering programs.
Though computer-aided design has matured over the last 30 years, computer-aided engineering— the building and testing of a product, such as a vehicle, in a simulated environment— has emerged only over the last few years, company executives have said. As a result, while a large company might use a single computer-aided design system, it might rely on several computer-aided engineering programs from different vendors, and they might not talk to each other.
That's where CoMeT comes in.
The company has been working with three pilot customers— an aerospace firm, an auto parts manufacturer and a household product designer— said company chairman and chief technology officer Malcolm Panthaki.
CoMeT aims to begin seeking additional customers— most likely small working groups at large companies— this year.
The company envisions a $2.7 billion market for such software.
"The market for truly integrated design and analysis tools is heating up as innovative manufacturing companies invest to improve their (computer-aided engineering) environments to make a greater contribution to quality, cost reduction and faster design cycles," Flywheel managing partner Trevor Loy said in a statement.
Flywheel, ITU and Fort Washington have funding from the State Investment Council, which for the last three years has sought to increase venture-backed technology startups here by.
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