Engineering software startup nTopology lands $65M
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NTopology, a company that develops software used in the design and manufacturing of 3D-printed parts and products, today announced that it raised $65 million in a series D round led by Tiger Global, bringing the company’s total financing to $135 million at a $400 million post-money valuation. Oldslip Group, Root Ventures, Canaan Partners, Haystack, and Insight Partners participated in the tranche, which cofounder and CEO Bradley Rothenberg says will be put toward expanding the types of apps nTopology serves in the product development process.
The pandemic accelerated digital transformation in the engineering sector. Shifts that likely would’ve happened over years instead happened within a matter of months, as engineers found themselves with more time to pilot different design software. In many respects, this was a positive development. According to a report by the Xpera Group, 95.5% of all data captured goes unused in the engineering and construction industry. In 2016, the World Economic Forum predicted that full-scale digitization within 10 years could lead to savings between $0.7 and $1.2 trillion in design, engineering, and construction and $0.3 and $0.5 trillion in construction operations.
Founded in 2015 by Bradley Rothenberg and Greg Schroy, nTopology’s software helps engineers create parts with functional requirements built in. The company’s tools give its users control over spatial variations of shape, allowing for a range of designs and analyses.
“I founded nTopology … as I set out to find a design software solution that was specifically tailored to the needs of advanced manufacturing,” Rothenberg told VentureBeat via email. “NTopology’s digital engineering software, which combines generative design (for example, lattices and topology optimization), workflow management, and production preparation, is bridging the limitations of existing computer-assisted design (CAD) programs for the advanced manufacturing sector.”
According to Rothenberg, the main verticals nTopology operates in are aerospace and defense, health care, automotive, and consumer applications. The company services thousands of users across over 300 customers including Ford, Lockheed Martin, Honeywell, Emerson, and Wilson, which use its modeling systems to design the components of their products.
In less than a year, nTopology claims to have doubled revenue and increased its headcount to 120. The company anticipates increasing its employee count 150% by the end of 2022.
Looking ahead, Rothenberg says that nTopology will explore how AI and machine learning can assist engineers in discovering new product designs. “While advanced manufacturing opens a new and exciting design space for engineers, it doesn’t come for free,” he added. “One of the core uses of our new capital will be to expand our applications within our primary verticals and beyond as we head into Q1, 2022. The areas we plan to focus on include heat exchangers, medical implants, architectural materials, lightweighting, and industrial design.”
Boding well for nTopology and its competitors, which include Siemens NX, Catia, and Ansys, the global engineering software market is expected to exceed $46 billion by 2024.
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