New Enterprise Associates (NEA) invests in Altair SimSolid
MISSISSAUGA, Ontario, Canada. — January 27, 2016 — Altair SimSolid Corporation, the company pioneering new methods for performing structural analysis by design engineers, announced initial seed funding from New Enterprise Associates (NEA). Altair SimSolid Corporation will use the new investment to accelerate the development of its innovative structural analysis application Altair SimSolid.
Altair SimSolid Corporation is a company founded by asking a simple question: “Why does the geometry used in the Design and Structural Simulation worlds have to be so different?” This geometry translation and meshing process is the most time consuming and expertise extensive task done in traditional FEA and is viewed as a fundamental roadblock to wider industry adoption. Altair SimSolid solves this problem by using the CAD geometry directly without translation or simplification. Moreover, Altair SimSolid’s innovative approach can analyze complex parts and large assemblies not practical with traditional FEA and do it efficiently on a desktop class computer.
“We are thrilled with this initial investment,” said Altair SimSolid CEO Ken Welch. “NEA’s participation is a strong endorsement of our technology and vision. Direct analysis of CAD geometry without meshing removes key market pain points and provides an important foundation for the expansion of performance simulation in the product design process.”
“Structural simulation is a $1.2B market with huge opportunities for process improvements,” said Greg Papadopoulos, Venture Partner at NEA. “Altair SimSolid’s structural analysis technology simplifies many complicated issues faced by design engineers. We are thrilled to partner with the team on their journey to transform preliminary design simulation.”
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions since its founding in 1977. In the U.S., NEA has offices in Menlo Park, CA; Boston, MA; New York, NY; Chicago, IL; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
About Altair SimSolid Corporation
Altair SimSolid Corporation is a startup company pioneering new methods for performing structural analysis by design engineers. Our unique approach eliminates geometry simplification and mesh generation, the two most time consuming and expertise extensive tasks done in traditional FEA. Our product analyzes complex parts and large assemblies not practical with other methods and does it efficiently on desktop class computer. Altair SimSolid Corporation has locations in Newport Beach, California USA and Mississauga, Ontario Canada. For additional information, visit www.simsolid.com.
Media Contact: Ken Welch: firstname.lastname@example.org