OnScale Disrupts Engineering: Raises 10 Million From Intel Capital and Gradient Ventures
OnScale empowers companies to advance the development of new technologies like Semiconductors and MEMS, 5G, next-gen medical devices, and autonomous vehicles through engineering simulation.
REDWOOD CITY, Calif., April 1, 2019 (Newswire.com) - OnScale, an emerging leader in Cloud-enabled engineering simulation software, today announces $10M in Series A funding led by Intel Capital and Gradient Ventures, Google’s AI-focused venture capital fund. Additional investors include Thornton Tomasetti, Stage 2 Capital, Cultivation Capital, and CampbellKlein.
OnScale, which has grown considerably since emerging from stealth in early 2018, will use the new investment to drive global expansion, respond to increasing demand, and accelerate development of its Computer-Aided Engineering (CAE) solutions for complex, real-world engineering applications.
OnScale CAE tools are based on proprietary multiphysics solvers that were developed and validated over 30 years by one of the largest engineering consulting firms in the world for DARPA, the U.S. Department of Defense (DOD), and large commercial customers. The CAE solvers were architected for highly parallel mainframe computers to handle very large engineering simulation problems and are a perfect fit for modern cloud-based, high-performance computing. OnScale was spun out of Thornton Tomasetti in 2017 and is led by Chief Executive Officer Ian Campbell, along with a strong leadership team with over 100 years of combined experience in CAE software.
The company has established a large and growing base of customers, including a number of Fortune 100 companies. OnScale gives engineers a wealth of design insights and highly accurate simulation results up to 100x faster than legacy CAE offerings. Current OnScale solutions address the simulation needs of Semiconductor and MEMS, 5G mobile, next-gen biomedical, infrastructure safety, and autonomous vehicle markets. The company is focusing on improving OnScale’s user interface, expanding the breadth of physics solver capabilities, and forming partnerships with other software companies to provide seamless engineering workflows.
“With strategic investors like Intel Capital and Google’s Gradient Ventures, OnScale is well positioned to help engineers of all disciplines solve their design challenges,” said Campbell. “Created for engineers, by engineers, our mission is to usher in the future of engineering. With this investment, we will continue to empower innovators who are creating the future of technology.”
“As technology systems become more complex, next-generation computer-aided engineering software will become integral to design and deployment,” said Dave Flanagan, vice president and senior managing director at Intel Capital. “OnScale’s highly scalable CAE solution leverages the power of the cloud and advanced multiphysics to model highly complex systems, helping customers solve the toughest design challenges.” Investment Director Arun Chetty will join OnScale’s board.
“Leaps in technology require paradigm shifts in engineering, and the combination of world-class multiphysics solvers, AI, and highly scalable cloud-based HPC provide an opportunity for such a paradigm shift in how we create world-changing technologies. That is why we're excited to welcome OnScale and its team of software experts to the Gradient portfolio,” said Zach Bratun, Partner, Gradient Ventures.
OnScale, the emerging leader in on-demand scalable engineering simulation software, empowers engineers to accelerate innovation across multiple industries, including next-generation technologies such as MEMS, Semiconductor, 5G, Biomedicine, and Autonomous Vehicles. OnScale combines powerful multiphysics solver technology used and validated by Fortune 50 companies for over 30 years, with the limitless speed and flexibility of cloud High-Performance Computing (HPC). By removing the constraints of legacy simulation tools, OnScale allows engineers to dramatically reduce cost, risk and time to market for cutting edge technologies. http://onscale.com
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous technology, data center and cloud, 5G, next-generation compute, and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.4 billion in 1,554 companies worldwide, and 670 portfolio companies have gone public or participated in a merger or acquisition. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
About Gradient Ventures
Gradient Ventures is Google's AI-focused venture fund – investing in and connecting early-stage startups with Google’s resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing AI-based products, allowing companies to take advantage of the latest techniques so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit www.Gradient.com.
Masha V. Petrova