UK-based startup PhysicsX, which leverages artificial intelligence to accelerate engineering design and simulation processes, has secured $300 million in new funding, bringing its valuation to $2.4 billion.
The new valuation is more than double the company’s valuation from roughly a year ago, when it raised $170 million in a Series B round at a valuation of nearly $1 billion. Since its founding, PhysicsX has raised approximately $500 million in total funding.
The latest funding round was led by Singapore’s state-owned investment firm Temasek, which was already an investor in the company.
Existing investors Applied Materials, Nvidia, Atomico, General Catalyst, and Siemens also participated in the round, while new capital came from M&G and Intrepid Growth Partners.
Founded by two former Formula 1 engineers, PhysicsX focuses on applying artificial intelligence to improve product design processes in the manufacturing and defense industries.
The company develops technologies aimed at dramatically accelerating complex design and simulation workflows, reducing tasks that traditionally took months to complete to processes that can now be performed in seconds.
According to the company, the engineering and advanced manufacturing sectors face significant challenges due to limited resources and shortages of specialized talent, while also having to cope with increasing technological complexity and faster rates of change.
PhysicsX, which employs approximately 350 people, believes that engineering software built from the ground up for the AI era can address some of the most critical challenges related to hardware innovation.
The new funding will be used to further develop the company’s platform, strengthen its AI research efforts, and support the international expansion of its operations.
Among PhysicsX’s immediate plans are expanding its presence in the United States and opening a new office in Singapore.