Intersect Software Corp., a three-year-old software developer based in Dulles, plans to announce today that it has raised $9.4 million in a third round of funding from previous investors Columbia Capital, Bessemer Ventures and BlueStream Ventures.
Intersect develops software that helps engineering departments manage tasks and information around commercial product development. For instance, suppose an aircraft engineer designed a sophisticated wing strut without realizing that an earlier change in the airplane's fuselage made the strut unworkable. The fuselage engineer knew about the design change, but the problem lies in making sure that other engineers that could be affected by the change also know.
"Managers have to know what's really happening, why it's happening and what they're going to do about it," said Intersect chief executive David Leslie. "The issue with that is if you're trying to aggregate info over 25,000 engineers, think about how incredibly fragmented that information is."
Intersect's sales have been helped by broader economic problems, as engineering firms cut costs and try to figure out how to do more with less.
The money from the round will be used to expand the company's sales and marketing efforts and should fund operations for up to 18 months. Intersect has no definite plans on reaching profitability, nor will Leslie rule out seeking additional funding.
"We hope to make cash flow break-even on this," he said.