Fredericton-based ASETS-CA Inc. has closed a funding round from strategic investors, and plans to use the money to enhance its engineering design software and increase sales.

The company, whose technology improves workflow for people involved in 3D computer-assisted design, or CAD, issued a statement last week saying the “Pre-Series A funding round” was led by venture capital firms Accel and Quantum Edge as well as the Indian phenol and acetone producer Deepak Group.

ASETS-CA last raised capital in late 2023, and has not revealed the total value of either funding round.

“This milestone is more than just capital—it’s a strong validation of our belief that the future of engineering lies in intelligent, automated, and adaptive workflows,” said CEO and Founder Ashwini Oke in a statement.

Founded in Luxembourg in 2023, the company relocated to New Brunswick in preparation for entering commercialization, and has signed deals with several large customers. It is a graduate of the Energia Ventures accelerator, which is affiliated with the University of New Brunswick.

ASETS-CA’s lead product is a web application called Integrated Design Suite, or IDS, which automates much of the process of designing a new structure. This includes checking whether it is compliant with local building codes and regulations.

ASETS-CA uses proprietary vision-language models and spatial graph AI to convert legacy engineering documents into structured, decision-ready data. Users of the technology have found that they reduce data extraction time by as much as 85 percent and make gains in design coordination and accuracy, said the company.

The latest round came about after the company signed engineering contracts in India and Canada and lined up additional pipeline projects in the European Union. ASETS-CA said in the statement that the funding comes at a pivotal time as it is accelerating deployment of IDS.

ASETS-CA plans to use the new capital to enhance the IDS platform to enterprise-grade performance and reliability; hire top-tier AI and engineering talent with deep domain expertise; and accelerate its go-to-market efforts and expand partnerships within software ecosystems.

The company now employs 12 people and intends to raise the headcount to as many as 18 employees.

“Modernizing engineering is critical to unlocking the next wave of growth in India’s manufacturing sector,” said Meghav Mehta, CEO of Deepak Chemtech. “Our strategic investment in ASETS-CA is a step towards supporting and adopting emergent AI technologies that enhance design intelligence and make Indian manufacturing globally competitive.”