Insight Partners et al. back €27m series-C for SimScale

Harriet Matthews
31 January 2020

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Insight Partners has led a €27m series-C round for engineering simulation software developer SimScale.

Existing investors Earlybird, Union Square Ventures, June Fund, Vito Ventures, Bayern Kapital and High-Tech Gruenderfonds also took part in the round.

Joshua Fredberg, operating partner at Insight Ventures, has joined the company's board.

The company plans to use the investment to continue the development of its software platform and to grow its operations globally.

New York-based Insight Partners specialises in software investments. The GP bought Switzerland-based software provider Veeam in January 2020 in a deal reportedly valued at $5m. The GP said in a statement that the company's operations would be moved to the US following the acquisition.

Previous funding
In January 2017, June Fund led a series-B round for SimScale, with participation from Vito Ventures, Bayern Kapital, Union Square Ventures, Earlybird Venture Capital and Palm Drive Capital.

In December 2015, Union Square Ventures led a series-A round for the company. Earlybird and business angel Axel Bichara also participated.

In November 2014, Earlybird, HTGF and Bayern Kapital backed a funding round for SimScale.

In February 2013, HTGF, Bayern Kapital and a number of business angels participated in a seed round for the company.

Company
Munich-based SimScale was founded in 2013 and employs 70 staff. It provides cloud-based software to create simulations for engineering projects. The platform comprises computational fluid dynamics (CFD) and finite element analysis (FEA) simulations, processing designs submitted by users via a web browser. The software also allows users to collaborate on their projects.

People
SimScale – David Heiny (CEO).
Insight Ventures – Joshua Fredberg (operating partner).
Earlybird – Hendrik Brandis (partner).