Leeds University spinout secures £3m investment to accelerate development

A spinout from the University of Leeds has secured a £3m Series A round of investment from Northern Gritstone, Mercia and the Northern Powerhouse Investment Fund (NPIF).

Slingshot Simulations, a digital twin and decision intelligence company, was founded in 2019 by Dr David McKee. The company builds on his two decades of extensive experience in researching and developing large-scale modelling, simulation and data science for a number of major companies, including Jaguar Land Rover and Rolls Royce.

Slingshot will use the funding to accelerate development and expand the customer base of its Compass: Engine SaaS platform to the SME market, with a particular focus on supporting organisations driving the sustainability agenda.

The company will also increase the scale of its application offerings in decarbonised future mobility and regional net zero strategic planning.

The digital twin market is one of the fastest growing technology markets, with a CAGR of 58 per cent, and is expected to reach over $50bn in the next three years, according to McKinsey.

Slingshot Simulations aims to contribute to the growth of the market through its mission to democratise the power of data by allowing anyone anywhere to make data-driven decisions in minutes.

Northern Gritstone was launched in July 2021 by the Universities of Leeds, Manchester and Sheffield to support the commercialisation of university spinouts in the north of England.

Dr David McKee, founder and CEO of Slingshot Simulations, said: “ 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.“

Duncan Johnson, chief executive, Northern Gritstone, said: “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. The company’s ground-breaking approach is representative of the thriving innovation in the north of England that Northern Gritstone was created to support.”

Will Clark, managing director of Mercia’s regional venture funds, said: “We are delighted to welcome Northern Gritstone as an investment partner in this round. We are confident Slingshot Simulations will play a central role in the emerging digital twin sector in the future.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →