Monumo shares in windfall as it targets £623bn global EV market
Monumo’s 3D Generative-AI Technology (3D-GAIT), will automate design generation, simulation, and evaluation. Working in collaboration with electric motor research specialists, University of Nottingham's Power Electronics, Machines and Control (PEMC) Research Group and global drive train specialist hofer powertrain, this technology is designed to meet a crucial market need for motor design optimisation.
Monumo says it will use the grant to accelerate progress in the industry, building on its proprietary technology that already creates motor designs 200 times faster than the industry standard.
With tightly integrated and constantly updating AI algorithms influencing the motor system simulation pipeline, this continuous co-design will inform the requirements of both components of the AI tool and the simulator.
3D-GAIT is designed to enable better balance between simulation speed and accuracy and provide designers with optimal electric drive concepts within days rather than the usual months.
This technology is said to have the potential to radically improve productivity for OEMs, Tier 1 suppliers, and their design teams, by unlocking design freedoms within the electric drive previously untapped by traditional development methods.
Monumo, which won the Tech Scale-Up category of last year’s Business Weekly Awards, recently emerged from stealth and closed a £10.5m seed funding round from angel investors.
The company benefits from the skills and knowledge of both a DeepTech and a traditional engineering hub, respectively through its facilities in Cambridge and Coventry.
The team of 28 across a range of disciplines such as automotive engineers, data scientists, physicists, deeptech experts, and entrepreneurs, are currently focused on the electric vehicle (EV) market.
Dominic Vergine, CEO and founder of Monumo said: “To be recognised by a national innovation agency is a testament to the team’s hard work and dedication to applying the latest DeepTech methods to the redesign of electric drives.
“Driven by a desire to move the needle on decarbonisation our technology has numerous applications but we are focused on the EV market initially, seeking to drive wider adoption through optimisation. We are intent on helping build a more sustainable future and this funding from Innovate UK will help us get there faster.”
Reviewing Monumo’s proposal, an assessor at Innovate UK said: “This innovative project, spearheaded by Monumo, may revolutionise electric motor design with 3D-GAIT, promising transformative industry impact.
“It addresses crucial market needs, boosts productivity, and aligns with the UK’s green agenda. The well-structured plan, robust team, and clear value proposition, combined with Innovate UK's support, position it for substantial success, contributing to economic growth, job creation, and technological advancement.”
The global EV market, which is projected to reach $623 billion this year alone.
Monumo's technology ensures new motor designs are cost-effective, efficient, and optimised sustainably e.g. removing the rare earth magnets found in 80 per cent of EV motors.