Funding will enable software developer to bring new product to market
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Simulation software developers Simul Software has received a £150,000 investment from NPIF-Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund.
The fund is delivered by MSIF, working with Maven in the Liverpool City Region.
Founded in October 2007, Liverpool-based Simul is a simulation software company that specialises in real-time rendering.
TrueSKY, one of the company’s best-selling products, offers real-time rendered weather and sky for use in games and simulation markets, with customers including Sony, Microsoft Game Studios, Ubisoft and Boeing.
With trueSKY, Simul pioneered the use of raytracing in real-time applications, which has since been adopted widely in the industry.
Following this, Simul Software has secured the NPIF funding to invest in the development of a new VR streaming technology, ‘SimulCaster’.
SimulCaster enables cloud experiences – entertainment, industrial engineering, medicine and education – for VR/AR.
In SimulCaster, a patent-pending algorithm is used to distribute the application between client and server devices.
The NPIF funding will allow Simul to build the product to a fully working and demonstrable prototype stage, with a view to taking the software to market in 2020.
Andy Critchley, MSIF investment manager, who delivered the investment on behalf of Maven Capital Partners, said: “It has been a pleasure to work with Roderick and the team at Simul.
“They have extensive knowledge and expertise, which they have used to create yet another impressive product. I look forward to the developments 2019 will bring and I anticipate the success of the market launch.”
Roderick Kennedy, founder and director of Simul Software, said: “The investment from NPIF has allowed Simul Software to pursue a technological breakthrough for VR and AR.
“Working with Andy, we felt supported every step of the way. He took the time to fully understand our business needs and growth goals.”
Sue Barnard, senior manager at British Business Bank, said: “NPIF continues to provide vital funding to Northern businesses across the region.
“We are pleased to continue this support and are proud to work in partnership with Maven and our other appointed fund managers to make a real impact on business communities, creating jobs and strengthening regional economies to unlock the North’s potential.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.