Slingshot Simulations, a London, UK-based company that spinout from the University of Leeds, secured £3 million in Series A funding.
The round was led by Northern Gritstone, alongside Mercia and the Northern Powerhouse Fund.
Slingshot Simulations will use the funding to accelerate development and expand the customer base of its Compass: EngineTM platform, aiming to support organizations driving the sustainability agenda.
The startup also plans to increase the types of services it offers in reducing carbon emissions from transport and creating plans to reach net zero carbon emissions regionally.
Dr. David McKee, Founder, and CEO of Slingshot Simulations said: "We're really excited to be backed by the Northern Gritstone team and continue to have the support of Mercia. “With this new funding, we can realize our vision more quickly – enabling anyone, anywhere, to access the power of digital twins and decision intelligence and make a quantifiable difference to some of the biggest challenges we face today. 2023 will be an exciting year as we accelerate the release of cutting-edge capabilities on this journey."
Slingshot Simulations offers its Compass: EngineTM software at a low cost, allowing customers to rapidly visualize and analyze large data sets, as well as simulate scenarios to predict outcomes.
The digital twin market is rapidly growing and is expected to reach over $50 billion in the next three years. Slingshot Simulations aims to contribute to this growth by making data-driven decisions easily accessible to anyone and by expanding the use of digital twin technology to other markets.
Company: Slingshot Simulations Ltd
Raised: £3.0M
Round: Series A
Funding Month: January 2023
Lead Investors: Northern Gritstone
Additional Investors: Mercia and the Northern Powerhouse Fund
Company Website: https://www.slingshotsimulations.com/
Software Category: Decision Intelligence
About the Company: Founded in 2019 by Dr. David McKee, Slingshot Simulations is a digital twin company with a mission to deliver insights from cutting-edge data science. The company provides tools for the automated configuration, deployment, management, and analysis of simulations. Using a technique known as "digital twinning," Slingshot Simulations software builds simulations of real-world objects, assets, and systems to provide a wealth of information for decision-makers. The company facilitates simulation development for SMEs through its Compass Engine. Its main product, Compass Engine, is an easy-to-use, low-code decision intelligence platform-as-a-service for data preparation, analysis, and simulation that integrates with your current tech stack.
Source: https://www.leeds.ac.uk/main-index/news/article/5234/leeds-spinout-slingshot-simulations-secures-3m-investment