An artificial intelligence engineering software startup has raised £8.5 million in Series A funding.
Monolith AI says its mission is to democratise machine learning for product development by building an intuitive coding-free software which empowers engineers to understand, predict and optimise products faster using artificial intelligence algorithms.
The round was led by New York-based global 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.
The investment will allow Monolith AI to grow its international client base and continue to develop its groundbreaking 3D machine learning technology that accelerates product development workflows through virtually predicting product performance.
“Deriving insight from data for decision-making is a complex but necessary challenge for engineering organisations,” said CEO and founder Dr Richard Ahlfeld.
“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.”
Monolith AI was founded in 2016 by Dr. Richard Alhfeld following years of research at world-leading universities, including Stanford University and Imperial College London and collaboration projects with NASA and Rolls-Royce. The business also works with clients such as BMW, Honda, BAE Systems and Siemens.
Josh Fredberg, managing director at Insight Partners, will join the company’s board.
“Whether we talk about aircraft, automotive, electronics or any engineered product, engineers make high-impact decisions that drive revenue, cost, safety and sustainability,” he said.
“Richard and 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.”
AI