NEWTWEN, a Padua, Italy-based company that develops advanced software solutions for the electrical drive and automation industry, announced that it raised €7 million in Series A funding.
The funding round was led by 360 Capital, with participation from Vertis SGR, CDP Venture Capital SGR, Plug and Play Tech Center, and JOIN CAPITAL.
With the newly secured funding, NEWTWEN plans to expand its sales network in the European market and accelerate technology and product development.
The company aims to establish itself as a leader in the development of software tools that automatically generate embeddable, real-time, and adaptive Digital Twins On Chip.
NEWTWEN's unified solution delivers essential data directly to the microchip, ensuring accurate real-time, multi-physics simulations while adhering to the computational limitations imposed by the existing electronics systems.
NEWTWEN's platform integrates these Digital Twins into existing systems, improving performance, durability, and reliability.
Company: Hexadrive Engineering Srl
Raised: €7.0M
Round: Series A
Funding Month: May 2023
Lead Investors: 360 Capital
Additional Investors: Vertis SGR, CDP Venture Capital SGR, Plug and Play Tech Center, and JOIN CAPITAL
Company Website: https://www.newtwen.com/
Software Category: Real-Time Monitoring Software Solutions
About the Company: Founded in 2020 by Francesco Toso, Riccardo Torchio, Milo De Soricellis, Silverio Bolognani, and Piergiorgio Alotto, NEWTWEN is a startup company, as a spin-off of the University of Padua under the name Hexadrive Engineering, specializes in developing advanced software solutions in the field of Digital Twins. The company's software enables the quick and automatic generation of Digital Twins that operate in real-time for the electrical drive and automation industry. Their Digital Twins on Chip (DTOC) technology provides benefits such as optimal cooling management, real-time monitoring, and model predictive control, resulting in lower production costs, increased efficiency, energy savings, and extended product lifetime. Its mission is to become a leader in the development of software tools that automatically generate embeddable, real-time, and adaptive Digital Twins On Chip.
Source: https://siliconcanals.com/news/startups/italian-startup-newtwen-bags-7m/