UK startup Monolith AI raises £1.9M in funding
Technology start-up Monolith AI, which has developed the first AI assistant for engineers, today announced it has raised £1.9 million in venture funding.
The fundraising was led by Pentech Ventures with participation from Stanford Angels of the UK, Ascension Ventures and Charlie Songhurst.
This funding will support Monolith’s mission to transform the engineering design process through the use of their advanced AI platform.
Monolith AI’s platform applies cutting-edge machine learning to complex engineering problems.
The London-based company has demonstrated significant value in their early customer engagements by utilising the large amounts of data that is generated during the engineering design process.
Rapid exploitation of data
The Monolith platform enables the exploitation of this valuable data asset using its advanced data analytics and machine learning framework, enabling the customer to drastically shorten time to market.
Monolith has worked with companies and their engineers in the Automotive, Aerospace and Packaging industries, showing the wide applicability and versatility of the platform.
“Our goal is to accelerate product development, from race cars to spaceships and everything in between. We believe that traditional engineering will soon change dramatically”, said Dr Richard Ahlfeld, CEO and Founder of Monolith AI.
“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, said “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.”