Luxembourg engineering software startup ASETS-LUX is opening a five-person office in New Brunswick with the help of an as-yet undisclosed equity investment from the New Brunswick Innovation Foundation.

Asets-Lux -- which graduated from the second 2022 cohort of the Energia Ventures accelerator -- sells a software-as-a-service “integrated design suite” that combines architectural, design and simulation systems into a single product. Founded in 2017, LinkedIn data says the company has four employees, in addition to CEO Ashwini Oke.

The publication Silicon Luxembourg reported the move recently, adding that the company received investment from NBIF. While ASETS-LUX has not released the value of the equity funding, NBIF publishes year-end reports detailing its investment activity, so the figure will eventually be revealed.

“We are reinventing the way we deliver engineering projects and that requires a completely innovative, open, entrepreneurial mindset of members using our products,” said Oke in a statement. “This is a strategic move to have our customer and technical support housed in New Brunswick.”

The company added that it is collaborating with the University of New Brunswick. While it did not specify the nature of the collaboration, ASETS-LUX did graduate from the Energia Ventures accelerator for energy, smart grids, cleantech and cybersecurity. 

In the first quarter of this year, the company was also chosen to participate in the gener8tor Luxembourg accelerator and raised a round of seed funding led by San Francisco’s Right Side Capital Management.

Energia Ventures, for its part, is currently accepting applications for its fall 2023 cohort. The deadline is July 15, and you can learn more and apply here.