MachineMetrics Secures Series B Financing
Company raised $20 million, which it intends to use to scale its industrial data platform that provides automated data collection and analysis.
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MachineMetrics’ platform, showing condition monitoring.
MachineMetrics, an industrial data startup focused on autonomous machining, has raised $20 million in Series B financing. The company intends to use the funding to scale its platform globally and ensure wider access to manufacturing machine insights.
“Manufacturing is on the brink of a digital renaissance. The intersection of software, big data and physical machinery is the next frontier for manufacturing and a proven solution for overcoming the production and labor shortages we are experiencing right now,” said Bill Bither, cofounder and CEO of MachineMetrics.
Teradyne, a market leader in industrial automation and robotics, led the funding round, which also included participation from Ridgeline Ventures and existing investors Tola Capital and Hyperplane.
“MachineMetrics’ rapid growth reflects the value and demand for its data collection and analytics solutions. Our customers increasingly want to monitor the performance of their production machines to improve utilization and increase output,” said Greg Smith, president of Teradyne’s Industrial Automation Group. “The team’s vision aligns strongly with our larger industrial automation strategy, which focuses on equipping all manufacturers with accessible, reliable and easy-to-use automation solutions.”
MachineMetrics’ Industrial Data Platform is designed to improve machine utilization and increase production without adding more machines. The IoT-powered platform is said to install quickly, automate data collection from manufacturing equipment and deliver actionable, machine-data-driven insights for factory workers. According to the company, this leads to reduced waste and optimized shop floor productivity.
MachineMetrics is suitable for operations ranging from small contract manufacturers to large OEMs. The platform is said to enable remote visibility into real-time production, identify production bottlenecks, predict machine failures and build workflows that automate machining operations.
“We are experiencing the single largest disruption to manufacturing and supply chain operations of our time. Manufacturers simply don’t have the time or resources to rebuild from scratch. They need results right now,” said Eric Fogg, cofounder and chief customer officer of MachineMetrics.
