Artificial Intelligence (AIE) engineering software Monolith AI has announced a Series A funding of Â£ 8.5million, bringing its total capital raised to Â£ 10.6million.
The round was led by New York-based global private equity and venture capital firm Insight Partners, with existing investors Pentech and Touchstone supporting the round. The founder of Formula E and Extreme E, Alejandro Agag, Apex Black and the Stanford Angels of the United Kingdom also join the round.
The investment will allow Monolith AI to expand its international customer base and continue to develop its 3D machine learning technology designed to accelerate product development workflows by virtually predicting product performance.
Dr Richard Ahlfeld, CEO and Founder of Monolith AI, comments: âDeriving insights from data for decision making is a complex but necessary challenge for engineering organizations. Engineers understand data, are rooted in the business, and have the insights into why data is processed and modeled.
âDemocratizing Al, by allowing engineers to be self-sufficient in creating and deploying Al solutions, helps engineering organizations drive digital transformation more effectively than other solutions currently available. “
Josh Fredberg, Managing Director of Insight Partners, will join the Board of Directors. He notes, âWhether we’re talking about airplanes, automobiles, electronics, or any other engineered product, engineers make high-impact decisions that drive revenue, costs, safety and sustainability.
âRichard and the Monolith team have created an incredible offering that allows engineers to learn from data from the entire product development phase and make better decisions earlier in the process. We are delighted to have the opportunity to work closely with the company as it continues to grow.
Monolith AI was founded in 2016 by Dr Richard Alhfeld after years of research at world-renowned universities including Stanford University and Imperial College London and collaborative projects with NASA and Rolls-Royce. The company also works with clients such as BMW, Honda, BAE Systems and Siemens.