Fredericton-based Evenio, a CFD (Computational Fluid Dynamics) software developer, has raised $1.3-million in capital investment from Celtic House Venture Partners, Green Century Investments and New Brunswick Innovation Foundation.
The funding will be used to grow and strengthen the sales and engineering teams, in line with an ambitious business plan to increase the use of its cloud-hosted, on-demand CFD platform, EXN/Aero.
Scott Walton, VP of Envenio, said the new funding help them grow faster.
“Since the company was founded, we have funded most of the product development through engineering consulting,” said Walton. “Now that the product is on the market, we are looking to accelerate its adoption. It’s the world’s first HPC-optimized, cloud hosted, on-demand CFD tool. It is our honour to be funded by some of Canada’s leading technology investment firms who have a long history of success in Software-as-a-Service products.”
The CFD platform that Envenio has developed is useful for companies that develop and design products like cars, plane wings, and buildings, the company says. These kinds of companies often have to create and test prototypes, such as a plane wing that needs to be tested in a variety of wind and turbulence conditions.
That can be time-consuming and expensive in real-world conditions, so Envenio’s platform gives them the opportunity to do some of the simulation work using computer-aided engineering to visualize and ‘test’ products under the conditions they must face. Simulation software can save costs and reduce time, preventing the need for, or reducing the number of real world tests.
In addition to the much-needed cash infusion, the three investors bring decades of industry experience and credibility.
Celtic House has 20 years experience nurturing Canadian technology companies, and is regarded as one of the most active investors in technology and innovation.
“We share Envenio’s belief that the billion dollar global CFD industry is positioned for disruption from new cloud-based and GPU-based approaches that offer unparalleled performance coupled with new service delivery models derived from consumer internet technology” says Tomas Valis of Celtic House Venture Partners.
Green Century Investments has extensive experience in a number of sectors, and while its headquarters are in Toronto, its reach extends to countries including China.
The NBIF has helped create more than 90 companies and fund 400 applied research projects since its inception in 2003.