London-based TOffeeAM has raised £5 million in a series A round.
Founded in 2019 as a spin off from Imperial College London, TOffeeAM is marketing a low-emissions flavour of AI-powered 3D printing design software to fuel emission reductions at top engineering houses, like Boeing and Rolls-Royce.
The round was led by Sumitomo Corp subsidiary Presidio Ventures Europe and London-based East Innovate. UK-based deeptech investor IQ Capital has returned from TOffeeAM’s seed round, investing alongside US-based fund Type One Ventures, Exor Seed, Italy’s Excellis and assorted angel investors.
TOffeeAM will use the series A capital to scale its 3D printing platform into new overseas markets; specifically seeking in-roads into the massive US market and also across East Asia.
It comes on the heels of an IQ Capital-led seed raise two years ago that raised £1 million, with additional funds from Imperial College London’s Techcelerate and the UK’s Royal Academy of Engineering.
TOffeeAM’s “intelligent physics” platform is the brainchild of ICL faculty researchers Marco Pietropaoli, Francesco Montomoli and Audrey Gaymann. It works from the cloud to maximise structural and thermo-fluid performance in the design of air jets, sports cars and fuel pipelines, allowing human engineers to capture massive CO2 reductions and deploy more sustainable energy profiles.
Despite being only three years old, TOffeeAM has optimised some pretty complex machinery. An unnamed Formula One team was revealed as a client during the Techcelerate internship, taking TOffeeAM into lucrative territory just as speed racing engineers have increasingly turned to rapid prototyping for delivering aerodynamic, emissions-light vehicles
With 3D printing templates used to reliably prototype new parts, several more Formula One outfits have been in touch since the Techcelerate deal to trial TOffeeAM’s intelligent physics technology.
Daniel Carew, principal at IQ Capital, said: “From our initial investment back in 2019, we recognised the potential in TOffeeAM’s team and technology, and Francesco and his expert team have achieved 100x growth since our investment.
“Their understanding of both the end customer and technology is testament to the exciting innovations emerging from UK universities.”