Machine Discovery, a University of Oxford spin-out commercialising new machine learning technology, has secured investment funding from Foresight Group, a leading infrastructure and private equity investment manager listed on the London Stock Exchange, and Williams Advanced Engineering.
Spun out of the University of Oxford in 2019, Machine Discovery’s founders with strong academic pedigrees and are highly regarded in their respective fields. The initial algorithms developed by Machine Discovery garnered worldwide attention and received coverage in high-profile academic journals.
Machine Discovery’s Discovery Platform combines three key innovative technologies to dramatically speed up and reduce the cost of existing simulation workflows, enabling customers to make discoveries that were previously out of reach.
The company is now looking to pursue large commercial contracts, targeting the rapidly expanding EDA, Engineering and Clean Energy markets. Software sales in these sectors are estimated to be worth over $30bn per annum.
The investment will enable the senior management team to take Machine Discovery through its next stage of growth, assisted by Foresight Williams’ expertise in the sector.
During the process, Oxford Technology introduced Bijan Kiani to the business as CEO. Bijan was previously VP Product and Marketing at Synopsys, a NASDAQ listed Electronic Design Automation company focusing on advanced technologies for chip design, validation and application ($3.7bn revenue in 2020).
Matthew Burke, Head of Technology Ventures, Williams Advanced Engineering, said: “Machine Discovery’s technology promises a potential step change improvement in the speed of computer aided engineering simulation, analysis and optimisation. WAE’s engineers build and simulate complex physical models as part of their workflows and are therefore ideally placed to support the application of Machine Discovery’s technology in a commercially focussed engineering environment.”
Bill Yost, Investment Manager, Foresight, added: “It has been a pleasure working with the team at Machine Discovery as it continues to develop innovative machine learning technology. The technical and commercial experience in the management team, together with the opportunities in rapidly expanding markets such as engineering, suggest that Machine Discovery is poised for substantial future growth.”
Bijan Kiani, CEO, Machine Discovery, commented: “Machine Discovery is revolutionising the way that the power of machine learning is harnessed by companies in a variety of sectors. Our partnership with Foresight comes at a vital stage of the company’s development and will enable us to take advantage of the substantial market opportunities available, accelerate our growth, and drive efforts to commercialise our new Discovery Platform.”