German startup SimScale, one of world’s first production-ready cloud-based softwares for simulation, today announced that it has closed €27 million in Series C funding. Global venture capital and private equity firm Insight Partners led the round, with participation from existing investors: Earlybird, Union Square Ventures, June Fund, Vito Ventures, Bayern Kapital, and High-Tech Gründerfonds.
Founded in 2012 with offices in Munich, New York, and Boston, SimScale is one of the world’s first simulation software, redesigned for the web. In essence, SimScale is cloud-based, so customers can cut the cost of expensive hardware and maintenance fees. Users can switch from costly and complex desktop softwares, to an online simulation software. Engineers looking to make their design processes more iterative can now simulate, test, scale and optimise their designs using only a standard web browser.
“SimScale’s platform has minimized the barriers that prevented many engineering firms from using or scaling simulation,” said Joshua Fredberg, CAE software veteran and operating partner at Insight Partners, who joined SimScale’s board of directors. “Simulating designs is now possible for engineers who previously believed such capabilities were out of reach. We believe SimScale is well positioned to transform not only who uses simulation, but how it is used across several engineering disciplines.”
Insight Partners, who led this round, are known for investing in changemakers who create transformational software and are experiencing monumental growth. Insight has invested in more than 300 companies and participated in over 40 IPOs. As a growth equity investor, Insight is focused on providing capital and operating expertise to the best software companies and helping them scale.
“SimScale is proud to have brought cloud-based simulation to engineering teams worldwide,” said David Heiny, CEO of SimScale. “We’re thrilled to welcome the team from Insight Partners to SimScale’s journey. This investment marks the next phase of SimScale’s growth, as we empower more customers to produce better designs faster.”
“We are excited to invest alongside Insight Partners in the current Series C funding. The investment of the US venture firm impressively underlines that Germany is not only strong in mechanical engineering, but also creates cutting-edge technology in the field of software engineering, which sets standards worldwide,” said Hendrik Brandis, partner of Earlybird.
via https://www.AiUpNow.com/ by contact@bcurdy.com, Khareem Sudlow
