ProSIM to raise $5-7 Mn in external funding
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Chennai: Bangalore-based ProSIM, an engineering and R&D services company with interests in product design, development and stress analysis using computer simulation software, plans to raise close to $5-7 million to help it secure a foothold in Europe and the U.S. The funding will help it establish direct sales presence in these geographies, either through partners or on its own, and expand its reach in India, reported Business Standard. The privately-held company is exploring various routes including private equity, venture funding, debt or divestment of stake to a bigger company, said S Shamasundar, founder and Managing Director of the company which employs close to 50 people. He said, although nothing has been finalized as of now, this might happen by the end of the present fiscal. ProSIM was founded in 1997 by Shamasundar, who worked in different capacities in Imperial College-London; Drexel University, Philadelphia; Materials Lab and Wright-Patterson Air Force Base. In 2005, the company started focusing on stress analysis and optimization for industries like power, automotive and aerospace. Over the years, the company has forged technology partnerships with seven companies that help it to offer a bouquet of offerings for engineering companies including monitoring of damage during maintenance, metallurgical evaluation and analysis of fatigue life of a machine or its components. Shamasundar said the company had been profitable during the first year, and is now growing at 100 percent year-on-year, with a strong demand in the domestic market for its solutions and services. The company has so far not gone for any external funding.

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