Munich, Germany and Boston, MA, USA – 28 October 2021: – SimScale, the maker of the world’s first cloud-native platform for engineering simulation, announced today the release of the latest technology investments to make simulation more accessible to the turbomachinery and industrial equipment industries.
Engineers can now access Simerics-MP technology in the cloud through the SimScale engineering simulation platform. This integration provides engineers with the accessibility of SimScale and the power of Simerics, providing new modern workflows that save thousands of dollars in CFD model setup, hardware upgrade and maintenance, and waiting times. This exclusive partnership provides the simulation community with a single source for high-end CFD analysis on the cloud, at an affordable price and with the speed and accuracy needed to match and reduce the need for physical prototypes.
By working together, Simerics and SimScale offer an inclusive workflow where simulation engineers import any CAD model, set up a CFD simulation, mesh and solve in minutes, and post-process in real-time through one easy-to-use web-based interface.
SimScale, the SaaS platform making high-fidelity simulation technically and economically accessible to engineers worldwide, today announces that it has raised an additional €25M as an extension to its Series C funding. The investment is co-led by Draper Esprit and New York-based global private equity and venture capital firm Insight Partners, with Earlybird, June, Vsquared, and USV also participating in the round. This follows on the heels of SimScale’s €27m Series C round in January 2020, bringing the total amount of funding raised in this round to €52m.
SimScale plans to use the new funding to expand into new industries, such as rotating machinery, electronics, and automotive, by adding additional simulation capabilities, as well as to broaden its enterprise offering to larger customers to further its vision of removing barriers to entry for engineering simulations across teams, applications, and industries.
Founded in 2012, SimScale’s web-based solution aims to remove the pain points of traditional, expensive computer-aided engineering (CAE) software so engineering teams can focus on what matters most: designing the best products. A cloud-native engineering simulation platform, the SimScale software enables engineering teams to get designs right faster by making highly accurate, end-to-end engineering simulations technically and economically accessible for any organization, anywhere in the world.
Many existing CAE solutions are difficult to use and cannot be scaled efficiently without the need for sizable amounts of both hardware and maintenance investment into software licenses, high-performance computing (HPC) hardware, and beyond. Existing software is also generally inflexible for customers looking for customizable engineering workflows and often requires significant time expenditures due to the difficulty of deploying the software.
SimScale’s SaaS solution delivers simulations via the cloud with the accuracy required for late-stage design validation, in addition to the ease-of-use needed for early-stage design simulation. With over 300,000 current users, the platform enables access to engineering simulations across R&D stages and cycles, applications and industries, and enables engineers to collaborate in real-time by default without the need for any hardware or maintenance investment.
According to a Jan 2021 report by Global Industry Analysts Inc, the global CAE market was worth an estimated $5.2B in 2020 and is anticipated to reach $8.7B by 2026, demonstrating the scale of the market opportunity. This new investment also comes off the back of SimScale’s recent strategic partnership with computational fluid dynamics (CFD) software company Simerics, making high-fidelity CFD models available in the cloud through the SimScale engineering simulation platform.
With SimScale, users are able to scale and optimize simulations and harness the virtually unlimited computational resources of the cloud to power best-in-class simulations of engineering problems. The SimScale platform also drives exceptional value for money through usage-based pricing, which makes the platform economically accessible and customizable based on budget.
David Heiny, Co-founder and CEO at SimScale, said: “Our vision is to make engineering simulation a standard tool in every engineer’s tool kit, and accessible early in the design stage, throughout the entire R&D cycle, and across teams, applications and industries. With hundreds of thousands of users and millions of simulation jobs carried out, we’ve made significant progress towards it in recent years.”
“Yet, there are still entire industry sectors that we haven’t started addressing yet, and billions of dollars in CAE market value left untapped,” continued Heiny. “This additional investment allows us to double-down on our strategy and accelerate our pace at which we extend SimScale’s offering.”
Christoph Hornung, Investment Director at Draper Esprit said: “SimScale isn’t just creating efficiencies on the periphery of engineering. By bringing top class, traditionally in-house simulation technology into the cloud, it is primed to revolutionize an entire industry.”
“With SimScale, teams from around the world will be able to work on simulation projects simultaneously, seamlessly, and collaboratively, creating for the first time a truly global engineering process. The opportunities for this in terms of productivity and innovation are enormous and are being discovered every day. We are delighted to support SimScale in its extraordinary growth.”
Josh Fredberg, Managing Director and Operating Partner at Insight Partners, said: “We continue to believe that SimScale is well-positioned to transform and minimize barriers that have prevented engineering firms from using or scaling simulation as they expand into new industries. We are excited to work with Draper Esprit as SimScale continues to grow and partner as they scale up.”
Founded in 2012 with offices in Munich, Germany and Boston, MA, USA, SimScale is the world’s first SaaS application for engineering simulation. By providing instant access to computational fluid dynamics (CFD), thermal analysis, and mechanical simulation to over 300,000 users, SimScale has moved high-fidelity multiphysics simulation technology from a complex and cost-prohibitive desktop application to a user-friendly cloud application accessible via a subscription-based pricing model.
About Draper Esprit:
Draper Esprit is one of the most active venture capital firms in Europe, investing in disruptive, high-growth technology companies. We believe the best entrepreneurs in Europe are capable of building the global businesses of the future. We fuel their growth with long-term capital, access to international networks, and decades of experience building businesses.
For more information, go to draperesprit.com
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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