Connected engineering pioneer Elise raises €14.5 million
Munich — The Bremen-based start-up Elise has successfully closed its Series A financing round with 14.5 million euros. The total amount is provided by lead investor Spark Capital together with investors UVC Partners, BMW i Ventures, Cherry Ventures and Venture Stars. The goal of the funding is to establish the low code standard in engineering, as well as to expand the application areas to other engineering domains.
The start-up founded in 2018 around the founders Dr. Moritz Maier, Sebastian Möller and Daniel Siegel convinced the VCs with its open Connected Engineering platform for networked, digital and automated product development. With a background in bionic research and offering engineering services, the founding team developed a solution for their projects to overcome the challenges of manual and repetitive development tasks. Soon, customers wanted not only technical services, but also access to the software solution.
“With the help of the Series A funding, we are making significant progress toward our goal of becoming the low code standard in engineering. The ease of use of our visual programming language allows engineers to map and automate development processes in a very short time,” explains Dr. Moritz Maier. “With our open platform, we enable engineers to transfer the agile and efficient methods of software development to hardware development. This automates manual and repetitive tasks and enables companies to manage the growing complexity of product development in the face of increasing cost and innovation pressures.”
“Thanks to Elise, the idea of Connected Engineering is already part of everyday life at renowned companies such as BMW, Daimler and Airbus. When Elise customers achieve up to 90 percent time savings in development processes, it’s much more than a proof of concept. It’s the future of engineering that Elise customers can participate in today,” said Alex Finkelstein, General Partner at Spark Capital.
Benjamin Erhart, Partner at UVC Partners, underlines the importance of the solution: “Elise has already fundamentally changed the way products are developed today. We didn’t think at the beginning that rapid iterations, leveraging of experience and easy integration of existing tools would have such a huge impact on product development: The improvements Elise has been able to achieve with its first well-known customers, both in terms of development time and part performance, are incredible. We are convinced that the Elise platform will soon be the preferred tool for engineers in their day-to-day operations.”
Elise’s customers include BMW Group, Brose Group, EDAG Engineering, Hyundai Motor Group, Toyota Gazoo Racing and MAN Truck & Bus.
About UVC Partners
UVC Partners is a Munich and Berlin based early-stage venture capital firm investing in European B2B start-ups within the enterprise software, industrial technologies and mobility sectors. The fund typically invests between €0.5 million and €10 million at the outset and up to €30 million in total per company. The portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading center for innovation and business creation. With over 300 employees and more than 100 industry partners, UnternehmerTUM can draw on many years of experience in building young companies. This collaboration allows UVC Partners to provide startups with unique access to talent, industry clients and other financial partners. www.uvcpartners.com
Developed by engineers for engineers: The founders have provided engineering services at the Alfred Wegener Institute for over 10 years and have designed a graphical programming language to help you design and manage your projects more efficiently. www.elise.de