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London Tech Week

Blending AI with engineering: Monumo emerges from stealth with £10.5M seed funding and advanced EV motor

Monumo founder and CEO Dominic Vergine
Monumo founder and CEO Dominic Vergine. Image credits/Monumo

Despite some sources reporting a slowing of electric vehicle sales, the EV market is expected to reach $623bn during 2024. Market share is still increasing, if at a slower pace and is expected to hit 31 million units by 2027, from 10.5 million in 2022. Reliability, real-world efficiency, and expensive repair costs can be considered major factors in why some consumers are reluctant to switch from traditional Internal Combustion Engine [ICE] powered vehicles. Compared to ICE vehicles, electric is still an underdeveloped technology with advances and innovations coming quick and fast.

One area of improvement that may help sway individuals to convert to EVs is the motors currently in use. Most EV manufacturers opt for Permanent Magnet Synchronous Motors (PMSM). These offer acceptably high power-density, efficiency, and no “torque ripple,” providing a smooth and quiet ride. Switched Reluctance Motors (SRMs) are starting to be adopted as a cheaper alternative that is a simpler, more reliable design, providing better efficiency, power, and torque. SRMs, mainly used in industrial applications have been avoided until now due to torque ripple and higher noise levels.

Monumo, a deeptech company blending artificial intelligence (AI) with traditional engineering, has emerged from stealth with groundbreaking advancements in electric motor design. The company’s patented technology, based on simulation, optimisation, and prototype frameworks, has achieved a 50% reduction in torque ripple in SRMs. Monumo’s innovative approach signifies a breakthrough in motor efficiency, making it smoother and quieter, thus more appropriate for use in EVs.

Monumo’s emergence from stealth is paired with a £10.5 million seed funding round from angel investors, underlining the confidence in its transformative technology. The company has entered into non-disclosure agreements (NDAs) with several tier one engineering companies and Original Equipment Manufacturers (OEMs). With a focus on the global electric vehicle (EV) market, Monumo’s multidisciplinary team aims to address challenges related to cost, efficiency, and sustainability in motor design.

The intersection of AI and engineering

Founded in 2021 and based in Cambridge and Coventry, Monumo integrates AI, machine learning (ML), and traditional engineering expertise to redefine electric motor design. The company’s proprietary technology conducts over ten million simulations daily, enabling the creation of optimal motor designs. This approach, unburdened by historical biases, positions Monumo as an innovator in reimagining the fundamental principles of electric motor technology.

Leadership team and expertise

Led by CEO and founder Dominic Vergine, a serial entrepreneur and former VP Sustainability at Arm, and CTO Jaroslaw Rzepecki, PhD, Monumo boasts a team with diverse expertise. The team includes automotive engineers, data scientists, physicists, deeptech experts, and entrepreneurs, with half holding PhDs in physics, electronics, ML, computer science, and engineering.

Shaping the future of engineering

Monumo’s world-first approach aligns with its mission to contribute to decarbonisation, starting with a focus on the EV market. The company’s groundbreaking motor simulations mark just the beginning of its efforts to achieve genuine system-level optimisation. With a commitment to creating a sustainable future, Monumo anticipates significant growth in its next phase.

Dominic Vergine, said, “We’re extremely excited to be entering this next phase of our business journey. At Monumo, we are driven by a desire to create a sustainable future and we know that the EV market is a crucial entry point for our technology. By partnering with OEMs and tier one engineering companies, our unique combination of simulation, ML, AI, and motor design ability can facilitate genuine near-term impact in the EV industry. These incredible results from our motor simulations are just the start as we look to create genuine system level optimisation for the first time. Naturally, we’re excited about the company’s next phase of growth.”

Anticipating impact beyond engineering

Santiago Matheus, Managing Partner, and Founder at LQD VC, expressed confidence in Monumo’s unique combination of technologies, foreseeing fundamental impacts on engineering disciplines and beyond. The company’s advancements challenge preconceptions and pave the way for unprecedented efficiencies, particularly in addressing issues such as noise reduction and cost-effectiveness in electric motor design.

Monumo’s end-to-end solution

Monumo’s end-to-end solution holds the potential to design and license electric motors that offer true competitive advantages to OEMs and tier one engineering companies. By removing rare earth magnets found in the majority of EV motors, Monumo aims to contribute to creating cost-effective, efficient, and sustainable motor designs, with the potential to apply this technique to other components, products, and industries.

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