SimScale, a Munich, Germany- and Boston, MA-based SaaS platform making high-fidelity simulation technically and economically accessible to engineers worldwide, raised an additional €25M as an extension to its Series C funding.
The round was co-led by Draper Esprit and Insight Partners, with participation from Earlybird, June, Vsquared and USV. This follows SimScale’s €27m Series C round in January 2020, bringing the total amount of funding raised in this round to €52m.
The company 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.
Founded in 2012 by David Heiny, CEO, SimScale provides a cloud-native engineering simulation solution that aims to remove the pain points of traditional computer aided engineering (CAE) software enabling engineering teams to focus on designing products. The software enables engineering teams to get designs faster by making accurate, end-to-end engineering simulations technically and economically accessible for any organisation, anywhere in the world.
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.