Slingshot Simulations Raises £3 Million for Growth
Slingshot Simulations, an innovative company specializing in digital twin technology and decision intelligence solutions, has successfully raised £3 million in a Series A funding round. This investment comes from notable entities including Northern Gritstone, Mercia, and the Northern Powerhouse Investment Fund (NPIF). Located in Nexus on the campus of the University of Leeds, Slingshot Simulations began its journey in 2019, spearheaded by its founder, Dr. David McKee. With over twenty years of experience in large-scale modeling, simulation, and data science, McKee has previously contributed his expertise to industry giants such as Jaguar Land Rover and Rolls Royce, ensuring that the company has a strong foundation for future growth.
The newly acquired funds will be pivotal in accelerating the development of Slingshot Simulations’ Compass: Engine Software-as-a-Service (SaaS) platform, particularly aimed at small and medium-sized enterprises (SMEs).
This focus is strategically aligned with augmenting the sustainability efforts of organizations. The platform addresses significant challenges related to complex data integration and siloed activities by effectively linking large volumes of disparate data. Additionally, the no-code approach of the software enables broader participation in the ever-expanding digital economy, thereby enhancing equality, diversity, and inclusion in the tech sector. The company seeks to broaden its offerings in areas such as decarbonized mobility and strategic planning for achieving regional net-zero targets.
The digital twin market has emerged as one of the fastest-growing technology sectors, boasting a staggering compound annual growth rate (CAGR) of 58%. Market predictions indicate this sector could surpass $50 billion in value within the next three years, as noted by McKinsey. Slingshot Simulations is committed to becoming a key player in this dynamic landscape. Through its mission to democratize data access, the company aims to empower individuals and organizations to make informed, data-driven decisions in mere minutes. As a result of this funding and the burgeoning support from investors such as Northern Gritstone, the company is well-positioned to lead the charge in bringing digital twin technology not only to SMEs but also to adjacent industries like location intelligence. The collaboration between these investment firms exemplifies a collective effort to foster innovation and growth in the North of England, showcasing the significant potential within the region.
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