Simreka, a provider of simulation software that accelerates materials driven product and manufacturing process innovation using AI, raised a seven figure seed financing round.
The round was led by High-Tech Gruenderfonds with participation from the SAP.iO Fund.
The company intends to use the funds to give further boost to sales and marketing efforts as well as enhance their product with new capabilities.
Led by Dr. Akshay Patel, co-founder and CEO, Simreka has built an enterprise simulation software and data service that allows brands and manufacturers to accelerate their R&D cycles and reduce their time-to-market with products that meet evolving customer demands.
The company has built a huge proprietary database of 100 million+ chemicals/materials and 1000+ manufacturing processes. This database contains data like chemical/ material properties, their updated pricing and manufacturing process data, all of which can be accessed via an API.
In the last 12 months, the company has already been working with some SAP customers and has developed close working relationships with multiple SAP teams. It is now looking to expand this relationship and work with SAP customers in a variety of segments including chemicals, apparel, cosmetics, etc.
The company has offices in Utrecht, Netherlands, Düsseldorf, Germany, and Karnataka, India.