Slingshot Simulations, a Leeds-based digital twin and decision intelligence company, has secured a £3m Series A round of investment from Northern Gritstone, Mercia and the Northern Powerhouse Investment Fund (NPIF).
A spinout from the University of Leeds, based in Nexus on the university’s campus, Slingshot Simulations was founded in 2019 by Dr David McKee.
The company builds on his two decades of extensive experience in researching and developing large-scale modelling, simulation and data science for a number of major companies, including Jaguar Land Rover and Rolls Royce.
Slingshot Simulations will use the funding to accelerate development and expand the customer base of its Compass: Engine SaaS platform to the SME market, with a particular focus on supporting organisations driving the sustainability agenda.
The company will also increase the scale of its application offerings in decarbonised future mobility and regional net zero strategic planning.
Dr David McKee, founder and CEO of Slingshot Simulations, said: “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.”
Northern Gritstone chief executive, Duncan Johnson, said: “As the digital twin market continues to expand, Slingshot Simulations’ ambition to produce this technology for a wider range of businesses can accelerate the sector’s development.
“The company’s ground-breaking approach is representative of the thriving innovation in the north of England that Northern Gritstone was created to support.
“Slingshot Simulations, which marks our first Leeds-based investment, is an excellent example of Northern Gritstone’s investment approach and we look forward to supporting its continued growth journey.”
Will Clark, managing director of Mercia’s regional venture funds, added: “We have supported Slingshot Simulations since its inception in 2019 to help it develop and commercialise its technology and in recent months it has made real progress in winning clients and building traction.
“We are delighted to welcome Northern Gritstone as an investment partner in this round. We are confident Slingshot Simulations will play a central role in the emerging digital twin sector in the future.”