Latvia-based simulation and modelling platform for engineers CENOS has raised €1 million seed funding. The round was led by Startup Wise Guys and Capitalia, with participation from Baltic angels, including Uldis Sipols, formerly VP of Product Supply Purchases at Procter & Gamble.
The fresh capital will be used to scale the startup’s platform with new vertical applications and to build market penetration via sales channels.
Headquartered in Riga, CENOS was founded in 2017 by three PhDs in physics and mathematics who committed themselves to democratising simulation software by making it easy, affordable, and secure to use by every engineer. CENOS is now looking to develop and launch a further two applications in 2022, with more apps planned upon launch of a new community platform and open-sourcing app building in the early 2023.
CENOS is targeting leadership in the Computer Aided Engineering software market, predicted to reach $20 billion in 2028. It has already brought its first two simulation products to market successfully as part of the startup’s vision to democratise access to effective engineering modelling through vertical-focused applications and the use of open source algorithms.
Mihails Scepanskis, CEO and founder, CENOS said: “Engineering simulation software today is still stuck in version 1.0. It’s big, bloated, and surprisingly bad at guiding engineers to solutions rapidly. CENOS addresses this challenge with a platform that provides advanced open source engineering software algorithms in vertical-focused apps with a usable interface that doesn’t take 10 years to learn.”
The company currently has about 130 community users already - academic and hobbyists who access the software free for non-commercial purposes and who provide the nucleus of new open-source contributors.