A Leeds University spin-out that allows businesses to use advanced computer simulations to test new ideas and make better decisions has secured £250,000 of funding from the university and £500,000 from NPIF-Mercia Equity Finance to further develop its technology.
Based at Nexus, the University of Leeds innovation hub, Slingshot Simulations was established to commercialise seven years of research by computer scientists at the university.
It uses advanced simulation technology to help businesses devise more efficient ways of working — by simplifying decisions and mitigating risk.
Organisations can use the platform to build a ‘synthetic’ world that mirrors their own operations — for example, identifying the optimal design and location of a warehouse so that it functions effectively, minimises fuel costs and meets supply-chain demand.
The company has proved its software with some of the world’s leading technology companies, and the new funding should help it to break into new markets.
CTO David McKee (
www.slingshotsimulations.co.uk) said: “Slingshot’s simulation technology is significantly faster and more cost-effective than alternative solutions, and it is designed for use by non-technical staff.
"Our vision is to define a global standard for an Internet of Simulation, so that it could be used by anyone, anywhere.
"This will allow people to use simulations to communicate and collaborate across industries and organisations.”