SimScale closes €27 million in Series C Financing
MUNICH, Germany, 2 February 2020: SimScale, which provides production-ready SaaS application for engineering simulation, announced through a Press release 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, the company said. SimScale’s latest funding round follows a prior round in 2017 led by June Fund.
SimScale said it will use the investment to accelerate the expansion of its cloud-based computer-aided engineering (CAE) platform for customers and to grow global operations.
According to the release, SimScale provides computational fluid dynamics (CFD) and finite element analysis (FEA) simulation via the cloud, eliminating the hurdles that often accompany traditional, on-premises simulation tools. By leveraging the power of the cloud, SimScale said, it has helped customers cut the cost of expensive hardware and software maintenance fees. Also, SimScale said it offers parallel processing of multiple designs, allowing customers to quickly identify those that are best-performing. Engineers seeking to make their design processes more iterative can simulate their designs using only a standard web browser, SimScale said.
“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, 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.”
David Heiny, CEO, SimScale, said: “SimScale is proud to have brought cloud-based simulation to engineering teams worldwide. 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.”