The Series B funding round was led by Forestay Capital, with participation from existing investors Alven, Constantia New Business, HTGF and Aster Group. The funds will be used for recruitment and expansion into Europe, APAC and the U.S. The company's product is currently being used by Airbus, Bosch, General Electric, Mubea, Subaru, and four Formula 1 racing teams. Neural Concept is also working with NVIDIA to optimize the graphics card maker’s GPUs and CUDA software.
Key takeaways:
- Neural Concept, a company spun out from the Swiss Federal Institute of Technology in Lausanne, has raised $27 million in a Series B funding round to apply AI to make the design process of electric vehicles faster and more efficient.
- The company's platform uses deep learning in a 3D environment and combines data analysis with machine learning to speed up development times by up to 75% and product simulation by as much as 10 times.
- The startup's product is currently being used by Airbus, Bosch, General Electric, Mubea, Subaru, and four Formula 1 racing teams, and is working with NVIDIA to optimize the graphics card maker’s GPUs and CUDA software.
- The new funding will be used for recruitment and expansion into Europe, APAC and the U.S.