Technology start-up Monolith AI, which has developed the first AI assistant for engineers, today announces it has raised £1.9 million led by Pentech Ventures with participation from Stanford Angels of the UK, Ascension Ventures and Charlie Songhurst. This funding will support Monolith’s mission to transform the engineering design process through the use of their advanced AI platform.
Monolith AI’s platform applies cutting-edge machine learning to complex engineering problems. The London-based company has demonstrated significant value in their early customer engagements by utilising the large amounts of data that is generated during the engineering design process. The Monolith platform enables the exploitation of this valuable data asset using its advanced data analytics and machine learning framework, enabling the customer to drastically shorten time to market.
Monolith has worked with companies and their engineers in the Automotive, Aerospace and Packaging industries, showing the wide applicability and versatility of the platform.
“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 – we like to describe it as the J.A.R.V.I.S. in Iron Man.”, said Dr Richard Ahlfeld, CEO and Founder of Monolith AI.
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.”
“Monolith is transforming engineering design, by unlocking capabilities to handle unprecedented scale and complexity at breakthrough speed,” said Rani Saad, president of the Stanford Angels of the UK. “We are delighted to have backed Monolith from the outset and to continue to do so.”
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Dr Richard Ahlfeld, Founder and CEO, was included in Germany’s Top 30 Under 30 Innovators, awarded a fellowship at the Royal Academy of Engineering and the EPSRC Doctoral Prize Fellowship at the Uncertainty Quantification Laboratory of Imperial College London. During his PhD Richard published twelve papers, one of which enabled him to work at Stanford and NASA. Richard’s research interests are situated at the intersection of machine learning and engineering simulations.
Monolith AI previously secured a seed/Angel round in October 2018 (Stanford Angels and two private investors). The startup has taken part in the Founders Factory Accelerator and Techcelerate Incubator programmes. Previously Monolith AI was known as Uquant.
Pentech Ventures are leading early stage software investors looking for opportunities to build breakout companies in emerging market spaces, with particular focus on AI and ML. Founded in 2001, the firm has raised over £150m across three funds and has a long track record of guiding small founding teams from pre-launch to international scale. Pentech’s four partners are ex-operators with deep tech backgrounds and an immersive understanding of the businesses they invest in. With a UK outlook and hubs in London and Edinburgh, the team’s investments include Acunu (Apple), FanDuel, Maxymiser (Oracle), Nutmeg, Outplay and Semetric (Apple). The companies Pentech has backed have between them created almost 2,000 new jobs.
About Stanford Angels of the UK
The Stanford Angels of the United Kingdom is a group of Stanford alumni with experience as successful investors, entrepreneurs, and executives —primarily in sectors experiencing high innovation. The group offers select, high-calibre startups access to smart funding, relevant expertise and private connections.