July 15, 2024

Toviam secures £5 million in international venture capital investment

Toviam secures £5 million in international venture capital investment

Imperial startup TOffeeAM has secured £5 million in venture capital investment. The money will support further growth for the company, which uses artificial intelligence (AI) to develop cleaner, cleaner engines and other machines. The company already counts big names like Boeing and Rolls-Royce as well as several Formula 1 racing teams among its customers.

“We are delighted to receive this investment from our new and old financing partners,” said Professor Francesco Montomoli of the College of Aviation, co-founder and CEO of the company. “This funding will enable TOffeeAM to expand globally and continue to help companies across multiple industries create innovative products.”

“TOffeeAM’s understanding of the client and technology is a testament to the exciting innovations emerging from UK universities,” commented Daniel Carew, IQ Capital.

The Series A investment round was an international affair, led by Presidio Ventures, part of Japanese multinational Sumitomo Group, and London-based venture capital firm East Innovate. UK-based deep tech investor IQ Capital, which led TOffeeAM’s initial round, was also involved, along with Netherlands-based Exor Seed, US Type One Ventures fund, Italian investor Exilis and several veteran angel investors.

“From our first investment in 2019, we saw the potential of the Toviam team and technology,” said Daniel Caro, director of IQ Capital. “Their understanding of both the end user and technology is a testament to the exciting innovations emerging in UK universities.”

TOffeeAM was founded in 2019 by Professor Montomoli, Dr. Marco Petropaoli and Dr. Audrey Gaiman from the Department of Aeronautical Engineering. Together, they have developed an artificial intelligence system that mimics the work of highly skilled and highly creative human engineers, but is faster and cheaper.

Intricate 3D printed design

Combined with the latest advanced manufacturing technologies such as 3D printing, TOffeeAM’s lightweight, low-waste designs can help significantly reduce carbon emissions and pollution while increasing reliability and overall performance. The system could also enable broader use of sustainable fuels, the development of better batteries, the development of advanced nuclear technologies, and other innovations needed for a sustainable future.

Innovation and acceleration

With the completion of the venture capital round, a busy year ends for TOffeeAM. In early 2022, it was selected as one of 10 companies to participate in Aerospace Xelerated, Boeing’s 12-week acceleration program for startups using artificial intelligence and autonomous technologies to solve challenges in the aerospace and defense industries.

Dr. says. Petropauli.

This is not the company’s only collaboration with Boeing.

“Over the past year we have been fortunate to work with Boeing in some very interesting areas and it is exciting to work with such an international company.”

Meanwhile, the company is also working with Rolls-Royce on a project to improve cooling systems in the electrification of aircraft engines, the results of which were presented at a meeting of the American Society of Mechanical Engineers.

“This was a great opportunity for us,” says Professor Montomoli.

Dr. says. Audrey Gaiman, Towim.

In May, TOffeeAM was selected to receive up to £300,000 for the Innovate UK project to develop an AI-driven framework for the next generation of heat exchangers. The goal is to create a structured, open source data set for turbulence modeling in the development of heat exchangers and cooling systems for printed circuit boards. These are used in many industries that are currently embracing electrification and striving to achieve net zero carbon emissions.

Dr. says. A gay man. “This allows us to develop new features for use in our optimization system and produce data that is shared with the general public.”

The latest cash injection will allow TOffeeAM to continue these developments while expanding its business globally. While the focus will be on the US and East Asian markets, the company’s headquarters will remain in the UK.

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Find out more about TOffeeAM over here.

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