Swiss AI-engineering upstart Neural Concept raises $27m

Neural Concept, a Swiss startup using AI to turbocharge product engineering, has raised $27m in its Series B funding round.

Neural Concept

Founded in 2018, Neural Concept has developed what it calls an ‘Engineering Intelligence’ platform that enhances the design process with ‘3D Deep Learning’. The company claims its technology can reduce product development time by up to 75 per cent and accelerate product simulation by up to 10x.

Despite its relative youth, Neural Concept already counts over 60 OEMs as customers, including Airbus, Bosch, General Electric and Subaru, as well as four out of the 10 current Formula 1 teams. This latest cash injection follows a $2m seed round in 2020 and a $9m Series A round in March 2022.

“The world is facing unprecedented global challenges that urgently require innovative engineering solutions,” said Pierre Baqué, co-founder and CEO at Neural Concept.

“Engineering teams are under enormous pressure to deliver smarter, safer, and more sustainable products faster – but to do this requires a fundamentally new approach. Neural Concept allows OEMs to place leading-edge 3D Deep Learning and Generative AI right at the heart of their product development – improving collaboration and processes while helping identify innovative solutions.”

According to the company’s website, the Neural Concept platform is compatible with existing CAD solutions such as Dassault Systemes’ Solidworks and PTC’s Onshape. The company also recently signed a deal for technical collaboration with NVIDIA that will enable Neural Concept to optimise the performance of physics-driven deep learning models on NVIDIA GPUs and CUDA software.

The $27m funding round was led by Forestay Capital, with the D. E. Shaw group, alongside existing investors AlvenCNB CapitalHTGF, and Aster Group. Neural Concept said the Series B cash will allow it to consolidate its position in the rapidly evolving AI space and accelerate growth and recruitment to meet customer demand across Europe, Asia-Pacific and the US.

“Neural Concept has pioneered 3D Deep Learning – the leading-edge of AI – and demonstrated phenomenal traction and results with customers in various industries around the world,” said Deborah Pittet, senior principal at lead investor Forestay Capital.

“We are thrilled to be partnering with the company’s world-class visionary team and lead this significant Series B, which will accelerate its global growth and reshape the way engineering companies around the world develop and design products.”

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