Monolith AI Raises £8.5M in Series A Funding
- Insight Partners led the round to support growth and technological advancement
- Clients include BMW, Honda, Siemens and BAE Systems
- Alejandro Agag, founder of Formula E, also involved
August 23, 2021: Monolith AI, the leading Artificial Intelligence Engineering (AIE) software, has announced £8.5 million in Series A funding, taking its total capital raised to £10.6 million. The round was led by New York-based global private equity and venture capital firm Insight Partners, with existing investors Pentech and Touchstone supporting the round. Also joining the round is the founder of Formula E and Extreme E, Alejandro Agag, Apex Black and the Stanford Angels of the UK.
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 investment will allow Monolith AI to grow their international client base and 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 comments: “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 efficiently more efficiently than other currently available solutions.”
Josh Fredberg, Managing Director at Insight Partners will join the board. He notes, “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.”
Monolith AI was founded in 2016 by Dr. Richard Alhfeld following years of research at world-leading universities, including Stanford University and Imperial College London and collaboration projects with NASA and Rolls-Royce. The business also works with clients such as BMW, Honda, BAE Systems and Siemens.
About Monolith AI
Monolith AI is the leading AIE (Artificial Intelligence Engineering) software company. Monolith’s AI platform utilises the latest in machine learning to help design and engineering teams significantly improve the product development process. Monolith AI enables companies to monetise their CAD, simulation, and test data, using it to predict the behaviour of designs without performing new simulations or physical tests. Companies can optimise their R&D processes, increase their agility, and delight their customers by reducing internal costs, delivering better products to market faster and increasing their sales.
For more information, please visit the company’s website: https://www.monolithai.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.
*Fuel Application Innovation with Cloud AI Services, Forrester (commissioned by Microsoft), January 2022
Notes to Editors:
Imagery of the Monolith software platform can be downloaded here.
Monolith software is trusted by the world’s top engineering teams including Siemens, Honeywell, and the BMW Group to develop better quality products in half the time. Backed by one of the world’s largest software investors and recognized by Gartner as a Cool Vendor for AI in Automotive, Monolith AI empowers engineering domain experts in automotive, aerospace, and industrial markets to reduce expensive, time-intensive testing, lower risks to product performance and quality, and cut product development time. Featured in Forbes magazine and named one of the UK’s top 100 start-ups, Monolith AI founder Dr. Richard Ahlfeld received his PhD in Aerospace Engineering from Imperial College and was named to MIT Technology Review’s Top 10 Innovators under 35. Monolith AI is headquartered in London with global enterprise clients worldwide.