Learning from the old, and predicting the next, AIE (artificial intelligence engineering) platform Monolith has raised £8.5 million in Series A funding. Putting the understanding of, prediction, and optimisation of products in the hands of every engineer, Monolith will use this new capital to further accelerate product development. To date, the London-based firm has raised £10.6 million.
Founded in 2016 by Dr. Richard Achfeld, whose credentials include projects with NASA, Airbus, and Rolls-Royce, Monolith allows design and engineering teams to capitalise on existing CAD, simulation, and test data, using it to predict the behaviour of future designs without the need, or cost, of performing new simulations or tests.
“Deriving insight from data for decision-making is a complex but necessary challenge for engineering organisations. Engineers understand the data, they are embedded in the business and have the intuitions necessary to know why to process and model data,” comments Achfeld. “Democratising Al, by empowering engineers to be self- sufficient in building and deploying Al solutions, helps engineering organisations drive digital transformation more efficiently than other currently available solutions.”
The service is already employed by major brands including BMW, Honda, Siemens, and BAE Systems, and with Formula E and Extreme E founder Alejandro Agag also participating in the round, it’s clear that the racing divisions of these firms have been pushing Monolith to the redline.
The £8.5 million round was led by Insight Partners, with existing investors Pentech and Touchstone also following on. In addition to Mr. Agag, Apex Black and the Stanford Angels of the UK showed their support for Monolith.
“Whether we talk about aircraft, automotive, electronics or any engineered product, engineers make high impact decisions that drive revenue, cost, safety and sustainability. Richard and the team at Monolith have created an incredible offering that allows engineers to learn from data from across the entire product development phase and make better decisions earlier in the process,” concluded Insight Partners’ Josh Fredberg.
Lead photo: Fergus Burnett. Alejandro Agag photo: Dan Taylor
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