Madison software company raises $1.9M

Madison-based SmartUQ has raised more than $1.9 million from a group of individual investors in a funding round that may increase to $3 million, according to Xconomy.com. Proceeds will be used to increase staff.

SmartUQ’s simulation analytics software allows users to conduct performance tests on physical products and the components they’re made of.

The company, founded in 2014 by Peter Qian, has raised over $4.4 million thus far and has had success in the aerospace sector, as well as the auto industry, oil and gas, and defense.