MachineMetrics Raises $11.3 Million in Series A Financing
MachineMetrics has raised $11.3 million in Series A financing and intends to expand its development teams and increase sales.
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MachineMetrics has raised $11.3 million in Series A financing. With the new funds, the company intends to expand its data science and product development teams while accelerating global sales.
“Now is the internet moment for manufacturing,” says William Bither, CEO of MachineMetrics. “Because we’re pulling data from thousands of machines, we’re able to gain a unique understanding of their problems. These insights are delivered back to our customers so they can take action to gain a competitive edge.”
Tola Capital led the round of financing with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures.
“Manufacturers have to digitize if they want to remain globally competitive,” says Aaron Fleishman, Principal at Tola Capital. “Real-time shopfloor visibility is the first step toward digital transformation. MachineMetrics’ platform provides this and goes a step further by providing AI-driven predictive analytics for manufacturers to make more informed real-time decisions. It’s no longer a question of if but when manufacturers will adopt this technology.”
MachineMetrics’ Internet of Things (IoT) system is designed so that customers can install it themselves without the need for expensive and time-consuming customization. The company’s latest solution allows factory workers to share MachineMetrics’ data with their remote maintenance teams and makers of their equipment and vice versa.
Integrated into shops globally, MachineMetrics serves customers including Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive and Seco Tools.
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