The funding will be used to grow and strengthen the sales and engineering teams, in line with an ambitious and exciting business plan to increase the use of its cloud-hosted, on-demand computational fluid dynamics (CFD) platform, EXN/Aero.
Aside from vital financing, each of the three investors bring decades of industry experience and credibility, promising to strengthen the already exciting, innovative and ambitious plans held by Envenio since its inception. Sustainability and innovation is at the forefront of Envenio's work, and this is also reflected by the investors involved in this exciting announcement.
With over 20 years' experience in nurturing Canadian technology companies, Celtic House Venture Partners has over $4.5billion worth of exits (acquisitions/IPOs), and is largely regarded as one of the most active investors in technology and innovation. The company is well known for investing in exciting, emerging technology companies, such as Envenio.
“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 brings extensive experience from a number of sectors, and while its headquarters are in Toronto, its reach extends far beyond Canada, to countries including China. Holding a strong belief that sustainability is vital for business as well as the environment, Envenio will play a key role in its overall goal of building an ecosystem for continuing global success.
Not-for-profit corporation, New Brunswick Innovation Foundation (NBIF), adds this investment to its $70million portfolio, alongside $380million leveraged from other sources. With a strong record of helping to create over 90 companies and fund 400 applied research projects since its inception in 2003, the corporation currently has 47 companies on its books. Passionate about business, investment returns are re-invested in other startup companies. In addition to financial support, NBIF also assists with design, communication, market and industrial guidance.
2017 has so far proved an exciting year for the company, strengthening its place in the cloud CFD simulation industry. The New Brunswick based company has a clear commitment to the user experience, and was recently awarded ISO9001 Certification to reflect this. In addition, Envenio has regularly featured in a number of press articles, as well as presenting at industry events such as the Teledyne CARIS 2017 Conference.
Speaking about the investment, Scott Walton, VP of Envenio said "Since the company was founded, we have funded most of the product development through engineering consulting. 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 honor 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".
Try It For Yourself
EXN/Aero is a general purpose computational fluid dynamics, cloud solver that reduces simulation times by up to 20x. The platform includes a meshing tool, the solver, and a post-processing tool, and plenty of storage for your files. There are a range of on-demand options available to users, helping them to better manage project cash flow. This affordable CFD software is sure to be an asset to companies or CFD freelancers like. We offer free trials of the product, starting with a walkthrough with one of our engineers. Click here to register.