Summary:
Rescale raises $115 million in venture financing to enhance engineering software.
Backed by major investors including Applied Materials and Nvidia.
AI technology to be integrated to speed up complex simulations.
AI models can predict outcomes in less than a second with 98% accuracy.
Total funding raised by Rescale surpasses $260 million.
Rescale's Major Funding Round
Rescale, a San Francisco-based startup, has successfully raised $115 million in a recent venture financing round. This startup specializes in engineering software that aids in the design of complex systems such as race cars and computer chips.
Key Investors
Notable backers in this funding round include the venture arm of Applied Materials, a leading semiconductor manufacturing equipment maker, and Nvidia, renowned as the world's largest producer of artificial intelligence chips.
Innovative Software Solutions
The software developed by Rescale enables engineers to simulate complex physical systems during the design phase. For instance, it can model how wind flows around various design concepts for a race car, allowing for data-driven decisions before physical prototypes are built.
AI-Powered Simulation Enhancements
Joris Poort, the founder and CEO of Rescale, highlighted that the newly acquired funds will be directed towards leveraging artificial intelligence to accelerate simulation processes. Currently, a full-scale simulation demands substantial computing power and typically takes about three days to complete. Rescale aims to enhance this by utilizing the data from these simulations to train AI models.
Faster and Accurate Predictions
While the AI models may not completely replicate the full-scale simulation's accuracy, they are expected to be close and significantly faster. According to Poort, an AI model can deliver predictions in less than a second, achieving an accuracy of 98% or better on metrics like drag coefficient. This allows engineers to explore a broader range of possibilities under tight deadlines, using full-scale simulations for final verification.
Funding Milestone
This latest funding round brings Rescale's total capital raised to over $260 million. Investors in this round also include Atika Capital, Foxconn, Hanwha, Hitachi Ventures, and Y Combinator, among others. Previous investors feature prominent figures such as Sam Altman, Jeff Bezos, and Peter Thiel.
(Reporting by Stephen Nellis in San Francisco; Editing by Christian Schmollinger)
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