SimScale Raises €25M Series C Extension Round To Transform Product Design And R&D

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.

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