Munich-based Saas platform for engineers SimScale has announced the addition of €25 million to its already successful Series C funding. Including the add-on, this now brings the firm's round to a robust €52 million, and the money will be used to expand into new verticals including rotating machinery, electronics, and automotive.
Almost a decade in business now, SimScale provides a web-based platform that has been eliminating some of the traditional and expensive stumbling blocks involved in the computer-aided engineering (CAE) software process. By providing a highly accurate, end-to-end simulation platform, SimScale gives any organisation across the globe immediate access to an economically affordable answer to some of the engineering world’s most pressing problems.
One of SimScale’s USPs lies in the fact that as opposed to a traditional CAE system, which often requires heavy investments in high-performing computing hardware, alongside significant investments in software licenses. As a cloud-based solution, engineers can scale and optimise simulations and tap into a seemingly limitless source of computational power, all at a fraction of the cost.
The platform provides engineers with both late-stage design validation as well as early-stage simulation, and counts over 300,000 users collaborating in real-time across R&D stages and cycles, applications and industries.
When viewing SimScale from an investment point of view, according to a report from Global Industry Analysts Inc. issued in January of this year, the CAE market was worth $5.2 billion in 2020 and is estimated to balloon to $8.7 billion by 2026. Clearly, a lucrative market to be in by any measurement.
SimScale’s Series C extension was co-led by Draper Esprit (who seem to be on a Germany sweep as of late; SimScale, Schuttflix, and Coachhub) and New York-based Insight Partners, with Earlybird, June, Vsquared, and USV also participating in the round.
“With SimScale, teams from around the world will be able to work on simulation projects simultaneously, seamlessly, and collaboratively, creating for the first time a truly global engineering process. The opportunities for this in terms of productivity and innovation are enormous, and are being discovered every day,” commented Draper Esprit’s Christoph Hornung.