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Founded Year

2012

Stage

Acquired | Acquired

Total Raised

$169M

Valuation

$0000 

About Onshape

Onshape delivers a multi-user environment and cloud-native product development platform. It accelerates product development with the power of cloud computing, real-time collaboration tools, and a built-in product data management (PDM) system. The company was formerly known as Belmont Technology. It was founded in 2012 and is based in Boston, Massachusetts. In October 2019, Onshape was acquired by PTC.

Headquarters Location

121 Seaport Boulevard

Boston, Massachusetts, 02210,

United States

844-667-4273

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Research containing Onshape

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Onshape in 4 CB Insights research briefs, most recently on Sep 12, 2022.

Expert Collections containing Onshape

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Onshape is included in 2 Expert Collections, including Future Unicorns 2019.

F

Future Unicorns 2019

50 items

A

Advanced Manufacturing

2,837 items

Companies in the advanced manufacturing tech space, including companies focusing on technologies across R&D, mass production, or sustainability

Onshape Patents

Onshape has filed 18 patents.

The 3 most popular patent topics include:

  • Product lifecycle management
  • CAD file formats
  • 3D computer graphics
patents chart

Application Date

Grant Date

Title

Related Topics

Status

9/13/2019

1/25/2022

Product lifecycle management, CAD file formats, 3D computer graphics, Software design patterns, Systems engineering

Grant

Application Date

9/13/2019

Grant Date

1/25/2022

Title

Related Topics

Product lifecycle management, CAD file formats, 3D computer graphics, Software design patterns, Systems engineering

Status

Grant

Latest Onshape News

PTC's pop-up Metaverse - no goggles required!

Jun 29, 2023

Bookmark icon Comment bubble icon The original vision of the Metaverse spelled out a large-scale, fully interconnected, persistent virtual world. Sounds great until you have to build the whole thing out. PTC is exploring an incremental approach for building pop-up metaverses rendered on top of the physical world built out one service call at a time. A service tech can pull out an iPhone to capture a digital representation of a part, assembly, factory, or service center with all its flaws and changes rather than the pristine version it was born. On the back end, this plugs into a spatial computing layer laying the foundation for new spatial apps, AI processing and enterprise apps like CRM, ERP, MES, ALM, and PLM. Set the phone on the wall, and it can capture their skeleton (for privacy) at 25 frames per second to analyze how they work for ergonomics, coaching and billing purposes. Vestas is using the tech to help teams collaborate on pop-up factories for building wind turbines. Burckhardt Compression is digitizing large compressors installed in remote locations to improve collaboration. Mercedes Benz uses it to analyze ergonomics and maintenance tasks to train service techs. In Germany, car service technicians get paid based on how long jobs like a tire change are expected to take. If they work faster, they get paid more per hour. It also allows a single trainer to train remotely rather than driving or flying around to watch in person. Product-centric view PTC specializes in helping companies building complicated products with a long life span. Many live in the field for a decade or more. So, they have a product-centric view of the world. Kevin Wrenn, Chief Product Officer for PTC, argues that digitizing representations of these products is essential for digital transformation: You have to start with digitally transforming your product, that has to come first. And so, if you have that mindset, product data becomes extremely important to digital transformation. And so you need to think about everything you do, from requirements, system models, and all the data you'd put into a PLM system. This includes CAD models, engineering bills of materials, manufacturing bills of materials, and service bill of materials that all become important data to drive the digital transformation. Closing the loop Equally important, enterprises also need to consider how to tie this together with back-end data scattered across various IT systems. PTC has built up a portfolio of engineering, manufacturing, and service solutions, which Wrenn believes is crucial for completing the circuit in closed-loop lifecycle management. PTC acquired ServiceMax last January to expand its reach into the service industry. It also acquired OnShape in 2019 to flesh out its cloud strategy for collaborative engineering and design. Wrenn says: A lot of important product data is in the factory's ERP, MES, and quality systems. But then, if you think about the product that's been living out in the field for decades, service information becomes really important. Because if you want to do closed loop lifecycle management, and you don't have a big position in service, for those kinds of companies, you're missing a system of record for the longest part of its life. A spatial computing layer Valentin Khun, VP of Innovation at PTC, sees this work as part of the evolution of the computer interface toward spatial computing. He says: Look at the history of computing. First, we have text, then the desktop paradigm, but we got a little bit stuck there. Now, we need spatial computing, which is the idea that the computer is not on a desktop but around you. A car is a good example of what spatial computing can really look like. When you drive a car, you actually don't drive a car directly. You have a joystick in your hand that operates a computer, and the computer drives your car. The car drives by wire, so you are actually using spatial computing when you drive a car. Khun envisions a world with a spatial computing operating environment that runs spatial applications networked among multiple users over the Internet. He started work on an open-source project at MIT a few years ago called the Reality Editor, designed to provide an IoT platform for physical spaces. At PTC, he helped modernize this into a spatial toolbox for running applications. He sees existing approaches like using USD and glTF for sharing digital twin data as a content layer for the metaverse. Kuhn is excited about building another abstraction layer for running new apps on top: What is really interesting for us is creating an application layer and an operating environment layer. Once you have control of how content is processed or how you can deploy logic into space, you can load the application from another party or bring all the PTC content into one 3D environment. And the way that you can create that application layer is you have to actually build a system around it. You have to build a garden where you can put the plants or a box in which you can put all your tools. Generating requirements Like all companies these days, PTC is also getting on the generative AI bandwagon, but for designing products rather than text or images. Engineers can set up the space, connections and boundary conditions and automatically generate a part optimized for a particular manufacturing technique. They can also generate an array of variations using different manufacturing processes to provide various options. Down the road, Wrenn envisions extending generative AI to help engineers complete requirements like GitHub Copilot can help complete code: You can imagine a ChatGPT kind of engine saying, ‘I have seen requirements like this before, let me finish them for you.’ Then, with that set of requirements, let's search your PLM database and see if a part already fulfills those requirements. If not, it could funnel those into generative design to automatically generate a part. My take Like all PLM vendors, including competitors Dassault Systèmes and Siemens Digital Industries , PTC is building an onramp to its own industrial metaverse ecosystem for creating digital twins. For now, at least, these ecosystems of cloud services and interconnected digital twins and digital threads all operate separated by moats for various technical and business reasons. But regardless of the platform companies that build things take, digitalizing physical things is key to enabling the kind of rapid innovation of digital natives like Uber, Airbnb, and Google. The challenge is building an on-ramp to help enterprises digitalize their existing products. A pop-up metaverse generated on the fly by an iPhone seems to provide an easy way for getting started. Rather than requiring a big bang, enterprises can start small just to improve their service process and then build out the other kinds of capabilities as they need them. Closed-loop lifecycle management will become increasingly important as enterprises find ways to transition to a more sustainable circular economy. Better digital twins that capture how things break and why will make it easier to improve the reliability and cost-effectiveness of products. It will also allow companies to analyze the total cost required to support new XaaS (everything-as-a-service) business models. The privacy-preserving human activity tracking is pretty essential too. This kind of approach will make it easier to identify how people perform tasks to think about manufacturing or repair process redesign in the same way, companies use process mining today. Now if they could just come up with an app to improve my golf swing… Image credit - Pixabay Read more on:

Onshape Frequently Asked Questions (FAQ)

  • When was Onshape founded?

    Onshape was founded in 2012.

  • Where is Onshape's headquarters?

    Onshape's headquarters is located at 121 Seaport Boulevard, Boston.

  • What is Onshape's latest funding round?

    Onshape's latest funding round is Acquired.

  • How much did Onshape raise?

    Onshape raised a total of $169M.

  • Who are the investors of Onshape?

    Investors of Onshape include Parametric Technology, North Bridge Venture Partners, Commonwealth Capital Ventures, New Enterprise Associates, Andreessen Horowitz and 3 more.

  • Who are Onshape's competitors?

    Competitors of Onshape include Physna and 4 more.

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CB Insights puts confidence and clarity into your most strategic decisions.
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Trusted by the world's smartest companies to:
  • Predict emerging trends
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  • Stalk the smart money
  • Identify tomorrow's challengers
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Compare Onshape to Competitors

Physna Logo
Physna

Physna is a geometric search engine. It helps businesses unlock the full potential of their third-dimensional (3D) model data through geometric search. The platform uses proprietary algorithms and advanced geometric deep learning technology to codify 3D models into detailed data that is understandable by software applications. It was founded in 2015 and is based in Columbus, Ohio.

Gravity Sketch Logo
Gravity Sketch

Gravity Sketch is a three-dimensional (3D) design platform for cross-disciplinary teams to create, collaborate, and review. It offers tools to transform 3D creation and collaboration using augmented reality (AR). The company was founded in 2014 and is based in London, United Kingdom.

HoloBuilder Logo
HoloBuilder

HoloBuilder provides a construction management platform. The company offers reality-capturing solutions for progress documentation and construction project management. It enables constructors, engineers, and clients to virtually visit a site anytime. HoloBuilder was formerly known as Bitstars. The company was founded in 2016 and is based in Lake Mary, Florida. On June 2021, HoloBuilder was acquired by Faro Technologies.

A
Augmenta

Augmenta provides construction management services. The company uses artificial intelligence, including machine learning and mathematical optimization which enables contractors and engineers to create error-free, constructible, code-compliant designs of buildings. Augmenta was founded in 2018 and is based in Toronto, Canada.

Duro Logo
Duro

Duro provides cloud-based SaaS software to help hardware companies manage the design and manufacturing of their custom hardware products. The company offers PLM migration and custom PLM deployment. The company serves aerospace and defense, consumer electronics, and computer infrastructure industries. It is based in Los Angeles, California.

Bimcrone Logo
Bimcrone

Bimcrone enables real-time monitoring and reporting of all processes from the planning stage to the operation stage of construction. It produces better projects with the subcontractor tracking system. It offers building information modeling (BIM) to construction industries in Turkey. The company was founded in 2019 and is based in Ankara Turkey.

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