London AI start-up secures £1.9m funding
AI start-up Monolith has secured £1.9 million funding.
The London-based firm has created the first artificial intelligence assistant for engineers which enables exploitation of data using its data analytics and machine learning framework. This aims to shorten time to market for the customer.
This funding will support Monolith’s mission to transform the engineering design process through the use of their advanced AI platform.
Monolith has worked with companies and their engineers in the Automotive, Aerospace and Packaging industries, showing the wide applicability and versatility of the platform.
The fundraising was led by Pentech Ventures with participation from Stanford Angels of the UK, Ascension Ventures and Charlie Songhurst.
“Our goal is to accelerate product development, from race cars to spaceships and everything in between,” said Dr Richard Ahlfeld, CEO and founder of Monolith AI.
“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.”
Eddie Anderson, partner at Pentech, added: “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.”
Rani Saad, president of the Stanford Angels of the UK, said: “Monolith is transforming engineering design, by unlocking capabilities to handle unprecedented scale and complexity at breakthrough speed.
“We are delighted to have backed Monolith from the outset and to continue to do so.”