London-based Artificial Intelligence Engineering (AIE) software platform, Monolith AI uses the latest techniques in machine learning to help significantly improve the product development process. Now, the company has picked up £8.5 million in a Series A funding round.
Utilisation of funds
The investment round was led by New York-based global private equity and venture capital firm Insight Partners alongside existing investors Pentech and Touchstone. Also, the founder of Formula E and Extreme E, Alejandro Agag, Apex Black and the Stanford Angels of the UK have joined the financing round.
With this round, the overall investment raised by the company accounts for £10.6 million. The investment will allow Monolith AI to grow their international client base, continue to develop their groundbreaking 3D machine learning technology that accelerates product development workflows through virtually predicting product performance.
Dr Richard Ahlfeld, CEO and founder of Monolith AI commented: “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.”
Josh Fredberg, Managing Director at Insight Partners will join the board. He noted: “Whether we talk about aircraft, automotive, electronics or any engineered product, engineers make high impact decisions that drive revenue, cost, safety and sustainability. 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.”
Helps in product development
Monolith AI was founded in 2016 by Richard Alhfeld after years of research at world-leading universities, including Stanford University and Imperial College London and collaboration projects with NASA and Rolls-Royce. Monolith AI’s mission is 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 artificial intelligence algorithms. The business works with clients such as BMW, Honda, BAE Systems and Siemens.