Padua, Italy-based NEWTWEN, a company that focuses on developing advanced software solutions in the Digital Twins area, announced on Friday that it has secured €7M in a Series A round of funding.
The round was led by 360 Capital with participation from Vertis SGR, CDP Venture Capital SGR, Plug and Play Tech Center, and JOIN CAPITAL.
In 2020, NEWTWEN secured its initial investments from Vertis.
Later in 2021, CDP Venture Capital and Plug and Play Tech Center, who co-invested through the Motor Valley Accelerator, also contributed to the funding of NEWTWEN.
The company will use the funds to expand its sales network in the European market and accelerate technology and product development.
NEWTWEN: Provides digital twin-based technology
Founded by Francesco Toso, Riccardo Torchio, Milo De Soricellis, Silverio Bolognani, and Piergiorgio Alotto, NEWTWEN was born in 2020 as a spin-off of the University of Padua under the name of Hexadrive Engineering.
NEWTWEN develops advanced software solutions for the electrical drive and automation industry that can quickly and automatically generate Digital Twins that operate in real-time.
The company’s Digital Twins on Chip (DTOC) provide optimal cooling management, real-time monitoring, and model predictive control allowing for lower production costs, higher efficiency, energy saving, and extended lifetime.
The platform integrates Digital Twins into existing systems, enhancing their performance, durability, and dependability.
According to the company, its USP is its ability to achieve these improvements without requiring additional electronic hardware components.
Essentially, it offers a unified solution that directly delivers essential data to the microchip, ensuring unparalleled accuracy for real-time, multi-physics simulations.
This is accomplished while adhering to the computational limitations imposed by the systems’ existing electronics.
NEWTWEN aims to become a leader in the development of software tools that automatically generate embeddable, real-time, and adaptive Digital Twins On Chip.