To overcome the challenges of manual and repetitive development tasks, Germany-based connected engineering platform ELISE has raised $14.8 million in funding. The Series A round was led by Spark Capital, with participation from BMW i Ventures, Cherry Ventures, UVC Partners, and Venture Stars.
Founded in 2018 by Moritz Maier, Sebastian Möller, and Daniel Siegel, Elise makes engineering more accessible for teams with a low code platform that allows for connected, digital, and automated product development. Based on algorithms, it enables engineers to model product development steps digitally in one universal work environment, run them, and systematically reuse their work for new variants or projects. According to the company, this leads to more efficient use of product knowledge and accelerates development significantly. Its application areas include the automotive industry and aerospace. The current client list of the German startup includes the likes of BMW Group, Hyundai Motor Group, MAN Truck & Bus, and Toyota Gazoo Racing.
Moritz Maier, co-founder and CEO of ELISE said: “This new investment will allow us to make significant progress to boost low-code standard in engineering. The ease of use of our visual programming language enables engineers to model and automate development processes in the shortest possible time. With our open platform, we enable engineers to transfer agile and efficient software development methods to hardware development. This automates manual and repetitive tasks and enables companies to manage the growing complexity of product development in the face of increasing cost and innovation pressure.”
Alex Finkelstein, general partner at Spark Capital added: “When ELISE customers achieve up to 90 per cent time savings in development processes, it’s much more than a proof of concept.”