Simularge Co-Founder and CEO Buryan Turan said, “Thanks to this investment, we will achieve our goals of perfecting customer satisfaction, opening up to new markets and supporting research and innovation.”
ITU Cekirdek startup Simularge received an investment of $350 thousand from the Innovative and Advanced Technologies Fund managed under the umbrella of the Investment Turkiye Development Fund, based on a valuation of $3 million 350 thousand.
According to the statement of ITU Cekirdek, Simularge is the startup of ITU Cekirdek, the entrepreneurship center of ITU ARI Teknokent, which has the title of “The Best University Incubation Center in the World”, which develops and offers expert software in the field of mechanical and aeronautical engineering. Simularge received investment from the Innovative and Advanced Technologies Fund, managed under the umbrella of the Turkiye Development Fund, which has the mission of contributing to the entrepreneurship ecosystem.
Simularge was established in 2018 to offer efficiency to the domestic industry with digital twin software where engineering expertise and artificial intelligence meet. Simularge announced that they will use the investment of $350 thousand to support the company’s goals of perfecting its current product portfolio, accelerating customer acquisition in target markets and facilitating industrialists’ access to effective solutions in digitalization & green transformation.
Simularge Co-Founder and Chief Executive Officer (CEO) Buryan Turan, whose views were included in the statement, stated that this is the first phase of the investment and the second phase will take place 1 year later.
Stating that they have improved the production processes of factories using digitalization, simulation, data analytics and machine learning technologies so far, Turan said, “We have reached an important milestone thanks to the investment provided by the Innovative and Advanced Technologies Fund (YITF) in order to realize our vision and support our rapid growth. This important development is a promising turning point for our company and Turkiye.
Our investors’ expertise and extensive business network have provided our company with valuable resources and strategic guidance to date. This new partnership will not only provide financial resources to our company, but also offer exciting opportunities for collaboration, market expansion and knowledge sharing. ‘Thanks to this investment, we will achieve our goals of perfecting customer satisfaction, opening up new markets and supporting research and innovation.’
Turkish Development Fund General Manager and Board Member Dr. Elif Emirli Altug noted that, as the Turkish Development Fund, they aim to grow local and innovative enterprises and increase their competitiveness in the global arena with the capital financing they offer.
Altug said, ‘The achievements of Simularge, a leading company in the field of Industry 4.0, will contribute to Turkiye’s technological development in the industrial sector and its competitiveness in the global market. We aim for our investment to strengthen the entrepreneurship ecosystem by increasing Turkiye’s interest in the technologies that shape its future.’
Source: AA / Prepared by Irem Yildiz