Slingshot Simulations raises £3m for digital twin platform
University of Leeds spinout Slingshot Simulations has secured a £3m Series A boost for its ‘simulation as a service’ product.
Founded out of the northern university in 2019, Slingshot Simulations describes itself as democratising simulation technology. The company facilitates simulation development for SMEs through its Compass Engine.
Its main product, Compass Engine, is a no-code software platform for enterprises to upload their data, automatically find links between it and then create virtual representations. This includes charts and mapping, but also for digital twin modelling and virtual reality or metaverse purposes.
Slingshot Simulations will use the funding boost to expand the customer base for its Compass Engine platform. New developments will focus on sustainability and decarbonisation.
“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,” said Dr David McKee, founder and CEO of Slingshot Simulations.
“2023 will be an exciting year as we accelerate the release of cutting-edge capabilities on this journey.”
The investment came from Northern Gritstone, Mercia, and the Northern Powerhouse Investment Fund, a vehicle supporting SMEs in the North of England as part of the Regional Development Fund.
“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,” said Northern Gritstone CEO, Duncan Johnson.
“The company’s ground-breaking approach is representative of the thriving innovation in the north of England that Northern Gritstone was created to support.”
The Series A round marks Northern Gritstone’s first investment into a Leeds-based firm.
In February 2021, Slingshot Simulations raised £1.5m in a round that also saw participation from the Northern Powerhouse Investment Fund and Mercia.