PhysicsX, a London startup using AI to transform engineering, compressing complex designs and simulation processes that once took months into seconds, has raised $300m at a $2.4bn valuation.
The new valuation is more than double its previous valuation of nearly $1bn when it raised its $170m Series B round around 12 months ago. The startup has raised around $500m in total.
The latest funding round was led by existing investor Singaporean sovereign wealth fund Temasek, with backing from existing investors Applied Materials, Nvidia, Atomico, General Catalyst and Siemens and new investors M&G and Intrepid Growth Partners.
Founded by two former Formula 1 engineers, the startup is focused on leveraging AI to improve the designing of products across manufacturing and defence industries.
PhysicsX is tapping into a market in which engineering and advanced manufacturing are hindered by resource and skill bottlenecks, struggling to keep pace with the increasing complexity and speed of change. PhysicsX, which employs around 350 people, is building into this gap with the conviction that AI-native engineering software can solve many of the most fundamental challenges inherent to hardware innovation.
The funding will be used to better develop its platform, AI research and expand in the US and open an office in Singapore.
Jacomo Corbo, co-founder & CEO of PhysicsX, said: "Almost every hard problem in the physical economy — better aircraft, better chips, better engines, better energy systems — comes down to how fast and how well engineers and machine operators can work through the underlying physics. For decades, that has been the binding constraint on hardware innovation. Physics AI removes it.
“We are giving engineers the ability to explore thousands of designs where they once managed a handful, in seconds rather than weeks, across the most demanding industries in the world."
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