GRENOBLE, March 24, 2016 — Argosim, the first company to provide simulation software for the validation of embedded system requirements, has raised 1 M€ from Rhône-Alpes-Création, Alpes-Capital-Innovation and IT-Translation to fuel the expansion to markets across the world.
A major engineering challenge
Today’s system validation process checks that a design properly fulfills system specifications, but it does not check that the specifications are correct. Current validation methods often involve manual reviews that are error-prone and check more the form than the content. In a typical software project, 40 to 60 percent of design bugs are caused by faulty requirements that lead to additional testing and debugging.
Because no practical tool exists for debugging the requirements, many software and test engineers use industry design tools by default, not realizing that these very tools force them to form detailed design choices too early. With the trend toward test-driven and requirements-driven development, industry is seeking a way to make systems requirements right the first time.
Founded in 2013, Argosim provides STIMULUS, an innovative simulation tool that enables system architects to debug and test embedded systems requirements in all safety-critical domains such as avionics, automotive, railway, energy and medical. Detecting ambiguous, erroneous, missing or conflicting requirements before the design begins reduces the costly iterations needed to re-specify, re-design and re-test, dramatically saving time and cost.
“We are proud to improve the company’s economic growth capacity thanks to the entry into the capital of Rhône-Alpes-Création and Alpes-Capital-Innovation, as well as the renewed trust of IT-Translation in Argosim. This second round of financing is a key part of making our international business strategy a success” said Fabien Gaucher, Argosim’s co-founder and CEO.
Global market, strong objectives
In the growing market of software development tools estimated at $500 million in the safety-critical embedded domain, Argosim is targetting to achieve a revenue of $5 million by the year 2020. “Although young, Argosim has a strong foundation: great team with experienced and complementary people, innovative product to address a major industrial issue, ambitious and realistic business plan. We have all the arguments to make Argosim successful” said Gwenaël Hamon, Director of Participations at Rhône Alpes Création. “Argosim is at the heart of our investment strategy: based in Grenoble with global ambitions. Its talented team brings a breaktrhough technology fully aligned with its market needs” said Yvan Noble, Director of Participations at Alpes Capital Innovation.
As a co-founder, IT-Translation supported the company during the commecial launch in the second half of 2015, after two years of intensive R&D phase. “The first sales successes during the last months strengthen the will of IT-Translation to support Argosim by participating to this second round of financing” said Daniel Pilaud, Member of the Executive Board.
About Rhône Alpes Création
Since more than 25 years, Rhône-Alpes Création is the financing partner for early stage start-ups, investing in equity to help financing the initial phases of their development. Incepted by Région Rhône-Alpes with support of local banks and managing 69 m€, Rhône-Alpes Création is a privately held company playing a key role in the early stage financing ecosystem, at seed and venture capital levels, with more than 250 companies supported to date. With a team of 8 investment professionals, Rhône-Alpes Création currently manages a portfolio of 60 promising companies.
Contact: Gwenaël Hamon, Director of Participations
About Alpes Capital Innovation
Alpes Capital Innovation (ACI), is, with Expansinvest, one of the two proximity venture capital subsidiaries of the Banque Populaire des Alpes. ACI invests in Rhone Alpes area in Start up in early, and first development stage, with a technological innovation process or use. To date, the two structures have over seventy investments in portfolio and have 25 million euros of assets under management.
Contact : Yvan Noble, Director of Participations
IT-Translation is an investor and co-founder of digital technology start-ups spun off from both public and private research. What makes our business model so unique? We seed start-ups from ideas: we jointly set up the business and provide – at a very early stage – an investment of up to 300,000 euros through the IT-Translation fund. IT-Translation was created 5 years ago by CDC Entreprises (Bpifrance) & Inria and was joined by the European Investment Fund (EIF) in 2013.
Contact: Daniel Pilaud, Member of the Executive Board