Paragon Lake, a startup that aims to make the custom jewelry design process more efficient, has raised $5.8 million in a Series A funding round led by Highland Capital Partners and Canaan Partners. The company, which was founded in 2006, has been developing a web-based jewelry design tool for independent jewelers that it hopes to release in the next few months.
The online software aims to offer jewelers a 3D modeling environment with a simple user interface that should be significantly less expensive than traditional modeling programs. Jewelers will be able to create 3D models of custom jewelery as their customers describe it in real time, eliminating the crude sketches and time consuming back-and-forth exchanges that are part of the process today.
As part of the deal Canaan’s Dan Ciporin will join Paragon Lake’s board, which already includes Bob Davis of Highland. Both investing venture funds have had previous experience with services that helped expedite consumer product design: Highland has invested in VistaPrint, a service that lets businesses design printed materials like business cards, and Canaan previously invested in Blurb, a custom book printer.
Deadpool prediction!
India has the biggest jewelery market. They should better move their ass to India
What a waste of money. VCs are getting sloppy nowadays.
It may not be as sexy as a location-based-iPhone enabled-twitter, mashup du jour, but the Paragon Lake guys have picked a $60B market with nearly no tech based competitors. Add a straight forward business model, brilliant use of custom manufacturing technology and you have a recipe for a big win. Sure it isn’t going to register with the TechCrunch regulars, but ask some brides to be in your office. I’m sure they will see the value, especially compared to some lame Yelp rip off built for Android.
I agree with Ghaus they should move to India
I agree with Joseph. Its nice to see a niche/b2b focused startup profiled. If they can execute, they’ll easily make that $5.8m back every quarter.
They made 3 million bucks in 2007. Damn! http://images.businessweek.com.....rce/16.htm
i second the deadpool prediction!
Al, they “projected” $3MM in 2007. I’d be amazed if they actually hit that number and were still in Highland’s incubator.
These guys are a joke and will probably fail within 12-24 months. Worst of all is having to work with Highland.
Well if this takes off I will buy all my jewelry from them, I love the idea of not having to leave my internet to buy stuff, now including custom jewelry.
I really like the concept, it seems like they have a firm understanding and stance on where the industry is going. As much as ppl think India is the place to be, the price difference, the added security and the personal attention each project/piece gets seems like it more than makes up for any geographical positioning some people may think could hinder them (doesn’t the internet connect the whole world quickly and efficiently?), and will ensure success for Paragon Lake.
congratulations to more babson alum! (i’m an alum too) - these guys got a great write-up in the boston sunday globe as well…
@jjenkins - a joke? really? do you know anything about custom jewelry? you’d be well served by reading the globe article, it looks a bit more about bob davis and some other highland folks who helped shape the company…and murali menon is involved now - and considering he helped build suppliermarket into a 1.2 billion dollar sale to ariba, i wouldn’t count this company out just yet…
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this is an interesting article with interesting comments as well! i think the concept is worth taking a chance at. online shopping has very well taken the market and new ideas and tools may help ease the difficulty of online product assessment particularly with custom jewelries. sometimes, the most crazy ideas work best!