Envenio Inc. has raised $1.3 million from Celtic House Venture Partners, Green Century Investments (GCI) and New Brunswick Investment Foundation (NBIF).
Envenio intends to use new funding to grow and strengthen the sales and engineering teams, to implement its business plan to increase the use of its cloud-hosted, on-demand CFD platform, EXN/Aero.
The on-demand nature of EXN/Aero has already received widespread praise from large organizations and engineering consultancies alike.
“We share Envenio’s belief that the billion dollar global CFD industry is positioned for disruption from new cloud-based and GPU-based approaches that offer unparalleled performance coupled with new service delivery models derived from consumer internet technology,” said Tomas Valis of Celtic House Venture Partners.
“Since the company was founded, we have funded most of the product development through engineering consulting,” said Scott Walton, VP of Envenio. “Now that the product is on the market, we are looking to accelerate its adoption. It’s the world’s first HPC-optimized, cloud hosted, on-demand CFD tool. It is our honor to be funded by some of Canada’s leading technology investment firms who have a long history of success in Software-as-a-Service products.”
Fredericton, New Brunswick based Envenio was founded in 2010 by CEO Ian McLeod and UNB Professors of Mechanical Engineering, Dr. Andrew Gerber and Dr. A. Gordon L. Holloway