Backbone PLM, a cloud-based collaborative product development platform provider, has closed an $8 million funding round that includes $6.7 million in Series A funding. Signal Peak Ventures led the round, with participation from Grotech Ventures, Spider Capital, Novel TMT Ventures, Beanstalk Ventures, Brainchild Holdings and Peterson Ventures.
With the funding, Backbone PLM plans to accelerate its growth and support continued innovation of its product lifecycle management platform.
Founded by brothers Matthew Klein and Andrew Klein, who have more than 30 years of combined experience in product development, Backbone PLM seeks to automate the design and production process for consumer goods companies launching new products, enabling them to reduce lead times throughout the supply chain. Additionally, Backbone PLM is designed to enable retailers and brands to manage milestone calendars, iterate designs, and track factory communications, samples, approvals, cancellations, actions and purchase orders through to the end product.
The company currently works with more than 100 direct-to-consumer brands, including Allbirds, Kith, Outdoor Voices, Parachute Home, Stitch Fix and Warby Parker.