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.