Elise GmbH, Bremerhaven, Germany, a start-up developing generative engineering software, has raised €3 million as part of its seed round of funding. The round was led by Cherry Ventures and UVC Partners, who invested alongside BMW i Ventures and Venture Stars, and is intended to maximise Elise’s product development and market entry.
The start-up aims to fundamentally change the process of part design. Its generative engineering software works by collecting the requirements of parts, such as its loadcases, size, and costs, which subsequently helps to shape a product. The software also allows the engineer to include requirements from various other stakeholders, therefore avoiding feedback loops that stretch product development timelines.
According to Elise, during a twelve-month beta phase with leading OEMs and Tier 1 organisations in the automotive and aerospace industry, such as BMW, MAN, Ariane Group and Brose, its software has been validated and has reportedly demonstrated significant value-add, saving engineers up to 90% of time in product design.
“We are very excited about our seed round financing as it enables us to extend the functionality of our software,” stated Dr Moritz Maier, co-founder of Elise.
Daniel Siegel, co-founder of Elise, added, “After several years of research and development, we have shown our proprietary software to selected partners for the first time and are overwhelmed by their feedback.”
“Product development processes are increasingly complex and require the input of several stakeholders across an organisation,” explained Filip Dames, Partner at Cherry Ventures. “The Elise platform can significantly increase the speed at which specifications are collected and products are designed – we were impressed by the successful implementations of the product at such an early stage.”
Tobias Jahn, Principal at BMW i Ventures, stated, “Elise enables engineers to automate multiple time consuming steps of the product design process. We observed high efficiency gains during the initial usage at the BMW Group and are convinced that such achievements are also possible at scale throughout the rest of the organisation.”