- Manchester-based VSim is raising funding from EQT Ventures.
- VSim, founded by former Nvidia engineers, focuses on simulation infrastructure for computing.
- The startup aims to target robotics and VFX markets, planning to hire 15-20 new employees.
VSim, a Manchester, UK-based startup, is raising funding from EQT Ventures, Business Insider has learned.
Founded in 2023 by former software engineers at the $3 trillion chip company Nvidia, VSim is a simulation infrastructure startup that wants to accelerate discoveries in computing, physics, and materials sciences.
VSim's funding round, which is listed as its first round per PitchBook, is led by Stockholm-based EQT Ventures, four sources familiar with the company told Business Insider. The sources, some of whom looked at the deal, spoke to BI on condition of anonymity as details of the deal are still private.
VSim is bringing in $22 million in funding, two London-based sources told BI. It's unclear how much capital EQT is committing to the round. The round is set to value VSIM at around $100 million, three London-based sources familiar with the deal said. A copy of the company's pitch deck, shared with BI, indicated the startup was looking to raise a minimum of $15 million.
Details could change as the round is not yet finalized.
London-based pre-seed fund Concept Ventures is listed as a current investor in the startup, per PitchBook. The firm did not respond to a request for comment.
EQT Ventures and VSim declined to comment.
According to its pitch deck, VSim targets markets like robotics and VFX through high-quality physics simulations.
The company's cofounders, Michelle Lu, and Kier Storey, worked at Nvidia for over a decade, during which time they worked on the company's PhysX and IsaacGym products, per the company's pitch deck. PhysX is an open-source physics engine used by Nvidia for software and gaming projects, which VSim's cofounders helped to build before they both left the company in August 2022, per LinkedIn.
VSim has around four employees per its LinkedIn. The startup is looking to bring in 15 to 20 hires with the funding as it looks to hit $20 million in annual recurring revenue in the next two years, per its pitch deck.
