Slingshot Simulations, a UK-based digital twins and decision intelligence software company based on University of Leeds IP, is announcing a £3 million series A raise backed by regional academic investor Northern Gritstone.
Northern Gritstone is providing the capital alongside fellow UK investors Mercia and Northern Powerhouse Investment Fund, a partnership of Mercia and government-owned enterprise development agency British Business Bank.
Spun out to commercialise University of Leeds alumnus David McKee's research, Slingshot Simulations is focused on using spatial big data to underpin large digital twin models for some of society's biggest challenges, like climate change, public health and sustainability.
The funding will allow Slingshot to pursue business for its lead digital twin platform, Compass: Engine, tailored to small and medium-sized enterprises.
The spinout is also participating in global knowledge sharing in the digital twin space, through the industry's Digital Twin Consortium, of which McKee is a co-chair, in addition to the UK's Centre for Digital Built Britain.
Slingshot Simulations' product is marketed as an SaaS platform, and is initially targeted at organisations seeking to build sustainability-themed digital twins.
With the new funding, Slingshot also plans to scale SaaS digital twin platforms for decarbonised future mobility and "regional net zero strategic planning".
The series A investment has drawn the attention of UK digital economy minister Paul Scully, who commented: "Thanks to the resilience of innovative start-ups like Slingshot Simulations, the UK ended last year as one of the world's leaders in tech.
"It's great to see more investment flowing into a firm that can help cities cut air pollution and reduce congestion. We're committed to making sure our tech sector continues to thrive and add jobs and growth to the economy.”
Mercia led two earlier rounds of funding for Slingshot from its managed vehicle Northern Powerhouse Investment Fund - Mercia Equity Finance, as well as its EIS venture funds. The NPIF fund has EU funding support from European Investment Bank and the EU's 2014-2020 structural capital instrument.
David McKee, CEO of Slingshot Simulations, added: "We're really excited to be backed by the Northern Gritstone team and continue to have the support of Mercia and the Northern Powerhouse Investment Fund.
"With this new funding we can realise our vision more quickly – enabling anyone, anywhere to access the power of digital twins and decision intelligence and make a quantifiable difference to some of the biggest challenges we face today.
"2023 will be an exciting year as we accelerate the release of cutting-edge capabilities on this journey."