Press Release | Munich, Germany & San Francisco, USA – April 3rd, 2023
Modelwise, the German American industrial tech company, which uses AI to digitize safety engineering, has raised a $2.2M series seed. The round was led by Join Capital, with participation from Emerging Venture Capital, Fast by Gettylabs, and several angel investors.
Modelwise is transforming safety engineering with its AI-supported software platform that automates engineering tasks, improves safety outcomes, and saves time and money. For customers across industries such as aerospace, rail, automotive, and industrial automation, among others, failures in product safety and reliability can break a business.
Today’s increasingly complex products incorporate thousands of electronic components. Yet, companies are using the same century-old safety engineering approaches, relying on human experts and unscalable processes.
Modelwise software is changing this, making safety engineering 100 times faster, reducing costs by over 80%, and enabling companies to focus on innovation without compromising safety. Customers are already reaping the benefits, with leading innovators in industrial automation like HIMA and Pepperl + Fuchs deploying Modelwise software for more efficient, effective safety engineering.
Modelwise software has applications in all electronics markets, which are experiencing a rapid increase in demand for safe electronics and are held back by the lack of safety experts. The automotive industry is one glaring example: according to Deloitte, the cost contribution of electronics to a product increased from 20% in 2007 to about 40% in 2017 and is projected to reach 50% by 2030.
“We are excited to be working with Florian, Arnold, Iliya and the entire team at Modelwise and to support them on their growth path. We are strong believers in the potential of AI and automation to disrupt traditional industries and Modelwise falls squarely into our investment thesis. The combination of the team’s in-depth knowledge of safety engineering and the power of their proprietary technology provides an incredible opportunity to revolutionize the safety engineering process across industries.”
Tobias Schirmer, Partner at Join Capital
Modelwise is bringing agile development styles to complex products. The software automatically analyzes, designs, and tests product designs against safety and reliability requirements. Modelwise integrates into existing workflows, interfaces with standard tools such as Matlab and OrCAD, and provides engineers with one platform for easy result sharing, auditing and certification.
About Join Capital:
Join Capital (https://www.join.capital/) is a Berlin-based, early-stage venture capital firm investing in Europe’s most pioneering enterprise and industrial tech startups. Our portfolio companies are front-and-center in factories, delivering smart machinery and robotics for high-volume manufacturing. They are behind the scenes with powerful algorithms for managing global production systems. They rethink and rewire essential processes, with the goal of maximizing human capabilities.
About Modelwise:
Modelwise, a Munich-based deep-tech company, revolutionizes functional safety analyses with AI-driven solutions. The mathematically complete solution seamlessly integrates into engineers’ workflows, significantly reducing time-to-market for companies like HIMA and Pepperl+Fuchs. By detecting potential design flaws early in the development of safety-critical products, the solution averts costly callbacks and ensures human safety.
For media inquiries or further information, please contact:
Arnold Bitner, Co-Founder & Co-CEO, Modelwise GmbH
Mobile: +49 176 95 88 61 40
Email: arnold.bitner@modelwise.ai
