We've raised $8.5m to revolutionise collaboration for ‘new age’ hardware teams solving humanity’s greatest problems.
London, 6 December, 2022: Flow Engineering, the first collaboration platform for hardware engineering teams designing complex systems, is today announcing $8.5m in seed funding. EQT Ventures led the round with participation from some of Europe’s top tech investors, including Backed VC, David Hegelson (Unity), Charlie Songhust (ex-Microsoft), Kyle Parrish (Figma) and Matt Clifford (EF). Today’s funding will help Flow realise its mission of supporting hardware engineering teams solve some of humanity's greatest problems.
A ‘new age’ of hardware engineering
Pari Singh, Forbes 30 Under 30 and Flow’s CEO and Founder, explains: “Today, we are going after humanity-defining problems, and hardware engineering teams are the ones working on complex projects like the development of various clean technologies. I call this group of engineers ‘new age hardware engineering teams’.”
Stuck in data management hell
‘New age’ engineering is dependent on the speed of iteration. The faster you iterate, the quicker you learn, test, validate and verify solutions. Time to market is one of the most important metrics for engineering teams - the team that iterates the fastest wins.
The problem is, engineers are designing the future of humanity with no fit-for-purpose collaboration tools. Working across a variety of engineering models from CAD to Excel to MATLAB, engineers are stuck in data management hell. Incredibly, 35% of a hardware engineering team’s resource is spent on data administration - sourcing, updating and sharing data over email or in meetings; time that could be spent innovating to solve some of the world’s biggest problems.
Flow is GitHub for hardware engineering
Flow is the first collaboration platform for ‘new age’ hardware engineering teams designing complex systems. Creating a single source of truth, Flow’s cloud-based platform reduces engineers’ sync time to zero by continuously and instantly integrating any model or system changes, helping companies get to market 30-50% faster.
Built by engineers from F1 and aerospace, Flow was created by a team who felt the pain first hand. “Engineers know how much time is wasted due to cross-functional collaboration,” Singh says. “It is slowing down the delivery of technologies that will make our world a better place. Flow exists to help ‘new age’ engineers drastically cut timelines and costs - we want to knock two years off nuclear fusion delivery timelines, enable engineers to put a new electric vehicle on the road 18 months quicker and take 20% off the cost of a carbon reduction project.
This is big business - $200bn is spent on hardware engineering projects every year, and in an era of inflation, global supply chain risk and energy crises, managing these projects efficiently is of increasingly vital importance.”
Flow’s technology is already being implemented by leading global companies in the automotive and aerospace sectors to manage key design parameters and requirements.
A golden era of investment
EQT Ventures Partner and co-Head, Alastair Mitchell, believes ‘new age’ engineering is entering a golden era of investment: “Everywhere you look, modern hardware engineering teams are building the future. The amount of value to be created is vast and the problems to fix are urgent.
“Software has seen vast investment since the early 2000s, but since around 2010, serious money has been flowing into hardware - industries like electric vehicles, aerospace and medical equipment. I expect to see this continue, with a particular focus on clean technology. In order to capitalize on the market opportunity, modern hardware engineering companies will need to scale faster and come to market as quickly as possible. Those wanting to survive and thrive will need engineering collaboration platforms like Flow’s.”
- Ends -
Notes to editors
About Flow Engineering
Flow Engineering is the first collaboration platform for “new age” hardware engineering teams designing complex systems in industries such as aerospace, automotive/EV and climate technology. With a mission to accelerate engineering projects globally and support teams at the cutting edge iterate more efficiently, Flow’s platform is GitHub for hardware engineering, creating a single source of truth and enabling those working to solve humanity’s greatest problems get their products to market 30-50% faster.
Flow is backed by EQT Ventures, Backed VC, and some of Europe’s top investors.
About EQT Ventures
EQT Ventures is a multi-stage VC fund that partners with the most ambitious and boldest founders in Europe and the US. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco, Berlin and Paris. Fuelled by experienced company builders and scalers, EQT Ventures helps the next generation of entrepreneurs with the capital and hands-on support needed to build global winners.
Press contact
Flow Engineering: Pari Singh - CEO Harry Thompson - Chief of Staff - harry@flowengineering.com
EQT Ventures: James Hartwell, Kekst CNC - james.hartwell@kekstcnc.com, +44 7870 487 532
Sign up for updates
Receive monthly updates on new posts and features
© Copyright 2024 TRC Space Ltd.
All rights reserved.
Providing new-age engineering companies with a requirements tool that is built specifically for their needs and allows them to focus on engineering ground breaking products.