ELISE, a Germany-based connected engineering platform, has closed $14.8 million in a Series A financing round. The investment was led by Spark Capital with participation from BMW i Ventures, Cherry Ventures (invested in Medoma and Luminovo), UVC Partners, and Venture Stars.
Scaleup plans on cards
The investment from Spark Capital helps German startups expand to additional domains. It will be used by ELISE to scale in new markets and expand to new application areas.
“This new investment will allow us to make significant progress towards our goal of becoming the low-code standard in engineering. The ease of use of our visual programming language enables engineers to model and automate development processes in the shortest possible time,” explained Maier, co-founder and CEO of ELISE.
“ELISE has made the idea of connected engineering part of everyday life at renowned companies including BMW, Mercedes-Benz Group or Airbus. When ELISE customers achieve up to 90 percent time savings in development processes, it’s much more than a proof of concept. It is the future of engineering that ELISE customers can already participate in today,” said Alex Finkelstein, general partner at Spark Capital.
Benjamin Erhart, Partner at UVC Partners added, “ELISE has already fundamentally changed the way products are developed. We didn’t think at the beginning that rapid iteration, reusing work and easy integration of existing tools would have such a huge impact on product development: The improvements that ELISE has been able to achieve with the first well-known customers, both in terms of development time and component performance, are incredible.”
Shortens product development process
Founded in 2018 by Dr. Moritz Maier, Sebastian Möller, and Daniel Siegel, the Connected Engineering platform ELISE makes engineering more accessible for teams with a low code platform that allows for connected, digital and automated product development. It is the first open low-code development platform of its kind transforming the product development process.
The platform enables 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 pressure.
Based on algorithms, it enables engineers to model product development steps digitally in one universal work environment, run them, and systematically reuse their work for new variants or projects. This results in a more efficient use of product knowledge and accelerates development significantly.
The team has designed a visual programming language for more efficient design and execution of their projects. Currently, ELISE’s customers include BMW Group, Hyundai Motor Group, MAN Truck & Bus and Toyota Gazoo Racing.