AI engineering software firm Monolith AI has raised £8.5m in Series A funding, to further develop its 3D machine learning technology.
Monolith AI aims to democratise machine learning for product development by building an intuitive coding free software that empowers every engineer to understand, predict and optimise products dramatically faster using AI algorithms.
The investment will allow Monolith AI to grow its international client base, which already includes BMW, Honda, BAE Systems and Siemens.
Richard Ahlfeld, CEO of Monolith AI, said: “Deriving insight from data for decision-making is a complex but necessary challenge for engineering organisations. Engineers understand the data, they are embedded in the business and have the intuitions necessary to know why to process and model data.
“Democratising Al, by empowering engineers to be self- sufficient in building and deploying Al solutions, helps engineering organisations drive digital transformation more efficiently than other currently available solutions.”
This latest funding round, which takes total capital raised to £10.6m, was led by New York-based private equity and venture capital firm Insight Partners, with existing investors Pentech and Touchstone supporting the round. Also joining the round is the founder of Formula E and Extreme E, Alejandro Agag, Apex Black and the Stanford Angels of the UK.
Josh Fredberg, managing director at Insight Partners, who will join the board, added: “Whether we talk about aircraft, automotive, electronics or any engineered product, engineers make high impact decisions that drive revenue, cost, safety and sustainability.
“The team at Monolith have created an incredible offering that allows engineers to learn from data from across the entire product development phase and make better decisions earlier in the process. We’re delighted to have the opportunity to work closely with the company as it continues to grow.”
