Following a strong growth in customers, EPFL-spin-off Neural Concept closed its Series A financing round. The funds will be used to fuel further growth. The company plans to recruit more than 30 new team members.
Neural Concept has already been adopted by world-class engineering teams at companies such as Airbus, Bosch, Safran or Plastic-Omnium, as well as by a number of tech and car-racing groups. Over the last 12 months, the number of its customer companies has more than tripled. In the same period, the team achieved a major breakthrough in integrating its technology within automotive OEMs and Tier 1 design toolchains.
Replacing industrial product simulation by AI
Neural Concept has raised a $9.1 m Series A, led by Alven with the participation of Aster and prior investors, CNB and HTGF. "Two years ago, no one could imagine that industrial product simulation would be replaced by AI in the future. But it's arriving faster than expected and Neural Concept technology is already years ahead in terms of prediction and optimisation. It saves a lot of time and a lot of resources: a new team member needs 2 hours to learn how to use it when it took years to master simulation techniques before. We see a lot of potential outside of automotive and aerospace design." commented Charles Letourneur, Managing Partner, Alven.
The start-up’s approach called “Engineering Intelligence” reduces the time needed for repetitive numerical simulation tasks, taking it down from days to seconds. The speed and accessibility of the tool make teams more responsive: they typically solve design tasks two times faster than before, while reducing by up to 10 times the need for compute-intensive simulations.
The company is relying on a proprietary technology, based on Geometric Deep-Learning, to exploit engineering data to the fullest. By automatically learning from raw simulation and everyday design information, Neural Concept’s solution speeds up R&D cycles, enhances product performance and helps solve the toughest engineering challenges.
“With this new capital intake, we will deepen our collaboration with our key customers and go the extra-mile together to fundamentally redesign and improve their engineering workflows. Our platform has proven its worth with a few leading engineering teams and the next years will be dedicated to make this revolution an everyday reality for hundreds of engineers”, explained Pierre Baqué, founder and CEO.
(Press release / SK)
Photo: Neural Concept, Customer Story Mubea
Please login or sign up to comment.
Commenting guidelines