Gener8tor Selects Lux Platform Shaking Up Engineering In Energy Market

Ashwini Oke, Founder of Asets (Photo © Stephanie Jabardo / Silicon Luxembourg)

Asets-Lux is one of two Luxembourg tech startups selected for the first Gener8tor programme in Luxembourg. Silicon Luxembourg caught up with founder Ashwini Oke.

Throughout her 22-year career designing steel structures for the energy market, structural engineer Ashwini Oke was faced with a recurring challenge: fragmented software.

“If you are a mechanical engineer, you will have a mechanical design software. If you’re a process engineer, you will have a process software. If you’re a structural engineer, you will have a structural software. And if you are a piping engineer, you will have a separate piping software,” she explains.

In a bid to optimise these different approaches, in 2018 Oke began developing an Integrated Design Suite or as she calls it a “Rubik’s cube, which is nicely interconnected, so that one engineer can talk to another virtually in the cloud. And there’s only one single model out there”. 

Asets-Lux launched the platform in 2021 and a year later, it was selected by the newly created Luxembourg Gener8tor accelerator programme.

“I think one of the keys why I really like Gener8tor, is that we have to understand that there are different kinds of startups  […] What happens with the journey of the technology startups is that they have taken time to create the solution. And that itself takes in longevity depending on the complexity of the solution,” Oke said said, adding: “I think that Gener8tor is really creditable in how it recognizes these aspects, which could be better recognised in the ecosystem.”

“Asets-Lux is looking to gain key strategic partners to join its fundamental base in Luxembourg.”

Ashwini Oke, Founder of Asets-Lux

As part of the programme, Asets-Lux receives €100,000 in exchange for a 7% stake in the business. Oke and her team will also undergo a 12-week course, including mentoring and rapid-fire meetings with investors. 

The firm has already secured a few contractors and engineering consultants as customers, from the US and India. It is currently working closely on projects of 20,000+ man hours to demonstrate the time and money savings of the platform and of working on cloud, considered a new concept for this domain, specially when it comes to holistic engineering models.

Oke says: “That awareness itself will convert those customers into subscription model customers,” a conversion which she expects to happen in 2023. 

Oke points out that the disruptive nature of Asets-Lux’s solution makes growth challenging. On the one hand, the firm is competing with around 5 well-established, global software manufacturers. On the other, her optimised solution threatens the cost plus industries by disrupting the hourly billing models of consultancy firms.

Oke says: “We need to invite this broad base of customers to visualise the importance of accelerating engineering not just for their own firms but for meeting the Global energy targets too, which will allow all to meet #2050.”

Gener8tor’s support is helping the firm raise its next big funding round, between seed and series. Oke and her four-strong team want to raise €1m, starting with €450,000 so that it can then secure innovation funding from the Luxembourg economy ministry.

“That is where Asets-Lux is looking to gain key strategic partners to join its fundamental base in Luxembourg.”

The firm is currently seeking people with awareness of the energy and sustainability market as strategic partners, strategic team players in the company.

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