AI Start-up Monolith AI raises £1.9M investment for engineering AI assistant
Technology start-up Monolith AI has raised £1.9 million in investment funding in support of its AI platform which is designed to help accelerate the engineering design process. Monolith AI’s platform applies machine learning to complex engineering problems, 'Our goal is to accelerate product development, from race cars to spaceships and everything in between. We believe that traditional engineering will soon change dramatically. Our dream is to work alongside engineers to enable them to bring exponential growth to product development. We are building the world’s first AI Platform for Engineers', said Dr Richard Ahlfeld, CEO and Founder of Monolith AI.
The Monolith platform aims to make use of the data generated by engineers using data analytics and machine learning framework to assist design engineers and shorten time to market for new products. Monolith has already worked with companies and their engineers in the Automotive, Aerospace and Packaging industries, showing the wide applicability and versatility of the platform.
Eddie Anderson, partner at Pentech, said 'The Monolith platform extracts knowledge and value from historical and current design processes, enabling new designs to be brought to market in a much shorter period of time, and for significantly less cost. We believe they can become the category leader in this emerging sector and are very excited to be working with Richard and the Monolith team.'
The funding was led by Pentech Ventures with participation from Stanford Angels of the UK, Ascension Ventures and Charlie Songhurst. Rani Saad, president of the Stanford Angels of the UK comments: 'Monolith is transforming engineering design, by unlocking capabilities to handle unprecedented scale and complexity at breakthrough speed. We are delighted to have backed Monolith from the outset and to continue to do so.'