London-based Generative Engineering secures €4 million pre- seed funding led by EQT Ventures with participation from Join Capital. Complex physical products, like those in the automobile and aerospace sectors, need a lot of cash and are slow to engineer.
The complexity of modern products has outpaced engineering tools, and engineers working on product development nowadays sometimes have to go through a multi-year, extremely laborious process for a single design.
With the help of a special platform offered by generative engineering, engineers may produce and test hundreds of different engineering ideas in a fraction of the time it currently takes.
Joe Griston, co-founder and co-CEO, said: “Engineers of real-world products are the unsung heroes of the modern world, they bring solutions to many of the planet’s critical issues, but time is of the essence. We need a faster way to make engineering more cost-effective, efficient and productive. Our platform will supercharge engineers, giving them the tools to exponentially increase their impact by generating and showcasing thousands of different tested designs in a fraction of the time.”
The engineering software market is thought to be about $30 billion at the moment and is growing quickly. On the other hand, the platform developed by Generative Engineering could result in significant cost savings for the entire engineering sector, which has been projected to be worth several hundred billion USD.
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Ted Persson, Partner at EQT Ventures, commented: “The founding team have all witnessed first hand the pain points of engineering. They have seen that it takes time, money and people to design new innovative products – and unfortunately – that failure is common. Generative Engineering’s platform can shave off years of development timelines and bring enormous cost-savings through a smarter design process.”
Sebastian von Ribbentrop, Partner at JOIN Capital, added: “From our first meeting we have been very impressed by the successful development of Generative Engineering’s platform at such an early stage, and are fortunate to be funding such an extraordinary team.”
About Generative Engineering
Joe Griston, Nick Arini, Laurence Cook, and Nick Boultbee, the founding team, have backgrounds that range from product management at Google to computational engineering at the PhD level at MIT.
Founded in 2021, Generative Engineering is a platform which operates across the entire engineering process, from idea engineering to systems integration and cost engineering, from designing individual parts to building large systems.