Slingshot Simulations, a University of Leeds spin-out which allows businesses to use advanced computer simulations to test new ideas and make better decisions, has secured £750,000 in funding.
The investment compromises £500,000 from NPIF – Mercia Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, and £250,000 from the University of Leeds.
It will allow Slingshot – which has proved its software with some of the world’s leading technology companies – to further develop its technology and break into new markets.
Based at the university’s innovation hub, Nexus, Slingshot was established to commercialise seven years of research by computer scientists at the university.
It uses advanced computer simulation technology to help businesses devise more efficient ways of working by simplifying decisions and mitigating risk.
Organisations can use the platform to build a ‘synthetic’ world that mirrors their own operations. For example, identifying the optimal design and location of a warehouse so it functions effectively, minimises fuel costs and meets supply-chain demand.
Dr David McKee, Slingshot’s Chief Technical Officer, said: “Slingshot’s simulation technology is significantly faster and more cost-effective than alternative solutions, and is designed for use by non-technical staff.
“Our vision is to define a global standard for an Internet of Simulation so that it could be used by anyone, anywhere. It will allow people to use simulations to communicate and collaborate across industries and organisations.”