FMI stands for Functional Mockup Interface. It is a standard for model exchange and co-simulation.
Functional Mock-up Interface (FMI) is a tool independent standard to support both model exchange and co-simulation of dynamic models using a combination of xml-files and compiled C-code (see overview in PDF or PPT format). The first version, FMI 1.0, was published in 2010. The FMI development was initiated by Daimler AG with the goal to improve the exchange of simulation models between suppliers and OEMs. As of today, development of the standard continues through the participation of 16 companies and research institutes. FMI is supported by over 50 tools and is used by automotive and non-automotive organizations throughout Europe, Asia and North America.
Additional information can be found at the FMI website.