Leeds start-up secures £1.5million ahead of launch
Slingshot Simulations has raised £1.5m as it prepares to roll out its “digital twin” technology.
The company creates "digital twins" or virtual models of objects or locations, in order for organisations to test out new ideas - such as warehouse layouts. It’s already working on one of the largest of its kind, exploring ways to reduce traffic congestion and air pollution in Leeds, York and Hull.
The £1.5m investment comes from existing investor NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), as well as the government’s Future Fund.
In 2019, it secured £750k from Mercia and the University of Leeds.
“Digital twins have huge potential to improve our lives - to cut costs, improve public health, identify risks and reduce accidents,” explained Slingshot’s CEO Dr David McKee, who also sits on the board of the global trade body, the Digital Twin Consortium.
“However until now the cost of this technology has limited its use to large corporations. This funding will take us one step closer to our goal to make digital twins accessible to organisations of all sizes.”
With global interest, the University of Leeds spin-out is seeking to start deploying the technology from February this year.
“David and his team have won international recognition for their work and their platform opens up new possibilities for businesses in areas such as construction, transport and logistics, product development and manufacturing. We are pleased to be able to fund them once again to help them launch their product into the market,” added Will Clark of Mercia.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).