UK-based startup PhysicsX completes $300 million financing

UK-based startup PhysicsX has raised $300 million in a new funding round, valuing the company at approximately $2.4 billion. The round was led by Singapore's Temasek, with continued participation from existing early investors including NVIDIA and Applied Materials. The company provides an AI model that can predict the behavior of physical objects, making aerospace and automotive enterprises more efficient in their design, testing and assembly processes. The company stated that with a backlog of approximately six months of customer demand, PhysicsX needs to expand its team, which requires additional capital. It projects its revenue this year will be "close to $50 million". (Sina Finance)