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To create the FMI standard, a large number of software companies and research centers have worked in a cooperation project established through a European consortium that has been conducted by [[Dassault Systèmes]] under the name of [[MODELISAR]]. The MODELISAR project started in 2008 to define the FMI specifications, deliver technology studies, prove the FMI concepts through use cases elaborated by the consortium partners and enable tool vendors to build advanced prototypes or in some cases even products. The development of the FMI specifications was coordinated by [[Daimler AG]]. After the end of the MODELISAR project in 2011, FMI is managed and developed as a [https://www.modelica.org/projects Modelica Association Project (MAP)].
The FMI Standard provides three interface types for difference aspects of models:
* FMI for model exchange,
* FMI for [[co-simulation]],
* FMI for
In practice, the FMI implementation by a software modelling tool enables the creation of a simulation model that can be interconnected or the creation of a software library called FMU (Functional Mock-up Unit).<ref name="modelica_Jan10">{{cite web| url=https://www.modelica.org/publications/newsletters/2010-1/index_html#item8| title=Functional Mockup Interface (FMI)| publisher=modelica.org| date=January 2010| quote=''On Jan. 26, version 1.0 of the open Functional Mockup Interface was released (FMI for model exchange 1.0). This interface was developed in the ITEA2 MODELISAR project to support the model exchange between modelling and simulation tools. The Modelisar project is coordinated by Dassault Systèmes. The FMI development has been organized by Daimler.''| accessdate=2011-12-22}}</ref>
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