Vela Systems Completes $10.5M Funding

Eric Hal Schwartz7/28/09

Burlington, MA-based Vela Systems, which develops software for construction firms, has completed a $10.5 million equity funding, according to an amended SEC filing made today. The investors were not disclosed. In July 2007, Vela raised $6 million, which is included in the $10.5 million total. The company provides software to allow construction companies to access, modify, and manage paperwork using mobile devices. Vela was spun out of mobile software research and development from the MIT Center for Real Estate and the Harvard Graduate School of Design. [A previous version of this story mistakenly implied that Vela had raised $10.5 million in new funding. We regret the error---Eds.]

Eric Hal Schwartz was an intern in Xconomy's Seattle office.