AI engineering software firm secures £8.5m to propel international growth

A London-based artificial intelligence (AI) engineering specialist has secured multi-million pound funding to support its international growth plans.

Monolith AI has raised £8.5m in Series A funding, bringing its total investment to date to £10.6m.

Led by New York-based private equity and venture capital firm Insight Partners, the round also saw participation from existing investors Pentech and Touchstone as well as new backers including Alejandro Agag, the founder of Formula E and Extreme E, Apex Black and the Stanford Angels of the UK.

Founded in 2016 by Dr Richard Alhfeld as an Imperial College London spin-out, Monolith AI has worked with the likes of Stanford University, NASA, Rolls-Royce, BMW, Honda, BAE Systems and Siemens.

Monolith AI’s mission is to democratise machine learning for product development by building an intuitive coding free software that empowers every engineer to understand, predict and optimise products dramatically faster using artificial intelligence algorithms.

The new investment will enable the firm to grow its international client base and continue to develop its 3D machine learning technology.

Dr Richard Ahlfeld, CEO and founder of Monolith AI, commented: “Deriving insight from data for decision-making is a complex but necessary challenge for engineering organisations.

“Engineers understand the data, they are embedded in the business and have the intuitions necessary to know why to process and model data.

“Democratising Al, by empowering engineers to be self- sufficient in building and deploying Al solutions, helps engineering organisations drive digital transformation more efficiently than other currently available solutions.”

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