Slingshot Simulations secures £3m series A investment round
Slingshot Simulations, a pioneering digital twin and decision intelligence company, has secured a three million pound Series A round of investment from Northern Gritstone, Mercia, and the Northern Powerhouse Investment Fund (NPIF).
A spinout from the University of Leeds, based in Nexus on the university’s campus, Slingshot Simulations was founded in 2019 by Dr David McKee. The company builds on his two decades of extensive experience in researching and developing large-scale modelling, simulation, and data science for a number of major companies, including Jaguar Land Rover and Rolls Royce.
Slingshot Simulations will use the funding to accelerate development and expand the customer base of its Compass: Engine SaaS platform to the SME market, with a particular focus on supporting organisations driving the sustainability agenda. The company will also increase the scale of its application offerings in decarbonised future mobility and regional net zero strategic planning.
Compass: Engine provides a solution to three critical challenges:
- Unique IP overcomes the data deluge and breaks down siloed activity by quickly linking high volumes of complex, disconnected data and simulations.
- By delivering a low-cost, no-code solution, new pathways are created into the rapidly growing digital economy for those who have traditionally struggled to participate, supporting efforts to improve equality, diversity, and inclusion in the high-tech and data science sectors.
- Through compelling, metaverse-like visualisations, storytelling through data engages a much broad base of stakeholders in the decision-making process.
The digital twin market is one of the fastest-growing technology markets, with a CAGR of 58%, and is expected to reach over $50bn (£40.4bn)in the next three years, according to McKinsey. Slingshot Simulations aims to contribute to the growth of the market through its mission to democratise the power of data by allowing anyone anywhere to make data-driven decisions in minutes. It is also looking to bring digital twin technology to adjacent markets such as location intelligence.
Slingshot Simulations was advised on the fundraising by Squire Patton Biggs, with a team led by Corporate Partner Andrea Cropley, Associate Joshua Lodge and Intellectual Property and Technology Partner Emma Ball. Northern Gritstone and Mercia were advised by CMS (Partner Gareth Saynor and Senior Associate Caroline Walker).
Dr David McKee, Founder and CEO of Slingshot Simulations, said: “We’re really excited to be backed by the Northern Gritstone team and continue to have the support of Mercia and the Northern Powerhouse Investment Fund.
“With this new funding we can realise our vision more quickly – enabling anyone, anywhere to access the power of digital twins and decision intelligence and make a quantifiable difference to some of the biggest challenges we face today. 2023 will be an exciting year as we accelerate the release of cutting-edge capabilities on this journey.”
Northern Gritstone Chief Executive, Duncan Johnson, said: “As the digital twin market continues to expand, Slingshot Simulations’ ambition to produce this technology for a wider range of businesses can accelerate the sector’s development.
“The company’s ground-breaking approach is representative of the thriving innovation in the north of England that Northern Gritstone was created to support. Slingshot Simulations, which marks our first Leeds-based investment, is an excellent example of Northern Gritstone’s investment approach and we look forward to supporting its continued growth journey.”