Neural Concept, a leading Engineering Intelligence platform that transforms product design with 3D Deep Learning, announced that it has raised $27 million in a Series B funding round. The funding round was led by Forestay Capital, with the D. E. Shaw group and existing investors Alven, CNB Capital, HTGF, and Aster Group also participating.
This funding round follows the company’s $9 million Series A round in March 2022 and $2 million Seed round in 2020. And the funds raised in this latest round will consolidate Neural Concept’s technology leadership in the field and accelerate its global recruitment and growth to meet strong customer demand across Europe, Asia-Pacific, and the US.
Manufacturers globally are facing major challenges. And the need for better performance, safety, and sustainability is increasing, while pressure to reduce costs and accelerate innovation continues to rise. Neural Concept addresses these challenges by empowering engineering teams to develop better products faster using AI.
Launched in 2018 and headquartered in Lausanne, Switzerland, Neural Concept has more than 60 employees across Switzerland, Germany, and the US.
Over 60 OEMS including Airbus, Bosch, General Electric, Subaru – and 4 out of 10 Formula 1 racing teams – depend on Neural Concept’s platform to place Engineering Intelligence at the heart of their product development process.
This platform combines Neural Concept’s technology with unique data analysis, MLOps, and application deployment capabilities to make Engineering Intelligence central to the product simulation and development processes. And it dramatically improves collaboration across data-science, simulation, and design teams in order to enhance and accelerate innovation.
Neural Concept has reduced end-to-end product development times by up to 75%; accelerated product simulation by up to 10 times; and improved product characteristics, including efficiency, safety, speed, and aerodynamics, by up to 30%.
KEY QUOTES:
“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. 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.”
- Deborah Pittet, Senior Principal at lead investor Forestay Capital
“We are excited to embark on this journey with Neural Concept and to support its growth. We believe Neural Concept can be a powerful accelerant for product engineering teams bringing products to market, as demonstrated by the dozens of global manufacturers already utilizing its innovative platform. This funding helps position Neural Concept to extend Engineering Intelligence to many more.”
- Jean Nations at the D. E. Shaw group
“The world is facing unprecedented global challenges that urgently require innovative engineering solutions. 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 Original Equipment Manufacturers 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. We are delighted to work with our new investors Forestay Capital and the D. E. Shaw group and all of our existing investors to take the company to the next level. This $27 million Series B funding round will allow us to build on our strong commercial success and help more OEMs around the world harness the full potential of Engineering Intelligence to deliver better products faster.”
- Pierre Baqué, Co-founder and CEO at Neural Concept
