London-based Monolith AI has raised £8.5 million to further improve its AI assistant platform for Engineers

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Artificial intelligence and engineering platform Monolith AI has received £8.5 million in Series A funding. The round was led by Insight Partners, with existing investors PentechApex Black and Touchstone joining in the round as well. Angel investors Alejandro Agag and the Stanford Angels of the UK has also participated. This latest funding is bringing the company’s total capital raised to £10.5 million.

Founded in 2016, Monolith AI is a software company using the latest in machine learning and data science, helping engineers to significantly improve the product development process. Monolith enables companies to monetize on their old simulation and test data by using it to anticipate the behavior of new products. Companies can optimize their R&D process by reducing the numbers of simulations, tests and prototypes required to develop a new product delivering faster and better products.

Dr. Richard Achfeld, founder and CEO of Monolith AI explained that “Deriving insight from data for decision-making is a complex but necessary challenge for engineering organizations. Engineers understand the data, they are embedded in the business and have the intuitions necessary to know why to process and model data. Democratizing Al, by empowering engineers to be self- sufficient in building and deploying Al solutions, helps engineering organizations drive digital transformation more efficiently than other currently available solutions.”

Their services are already in use by notable clients like BMW, Siemens, BAE Systems and Honda. The firm will use the newly acquired funds to further accelerate their product development.

Source: UK Tech Investment News “Monolith AI secures £8.5 million Series A investment led by Insight Partners”

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