Adaptive Simulations completes a $2.7 million investment round led by Industrifonden and Fairpoint Capital
Adaptive Simulations, a Stockholm, Sweden-based SAAS provider of virtual automated flow simulations, announced the completion of a €2.4 million ($2.7M) capital funding round.
The round was backed by Industrifonden and Fairpoint Capital and the money will be used to hire more people for development, sales and marketing, as well as to launch the product in new industry segments. In conjunction with the investment, Mårten Skogö, from Industrifonden, and Filip Petersson, investment manager at Fairpoint Capital, will join the company's board.
Adaptive Simulations, founded in 2015 based on research made at KTH by Rodrigo Vilela de Abreu, Johan Hoffman, Niclas Jansson and Sebastian Desand (CEO), developed Ingrid Cloud, a software solution within flow simulations (Computational Fluid Dynamics, CFD) and design optimisation, which simplifies and speeds up the process of running powerful flow simulations.
The company has 15 employees and has around 25 paying customers, primarily within architecture and building construction, which has been their first market to entry. Clients include White, Sweco, Vasakronan and Thyréns.
Prior to this round, Adaptive Simulations raised almost $2M from investors including Creathor Venture, Karma Venture and KTH Holding.