The digital transformation of manufacturing is about to break big, reckons US industrial IoT and AI startup MachineMetrics, after raising $11.3 million in Series A funding for its factory analytics solution.
“Now is the internet moment for manufacturing,” stated William Bither, the company’s chief executive and cofounder. His Massachusetts industrial analytics company gained major backing from Seattle venture capital firm Tola Capital in the Series A round.
There was also confirmed interest from Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures – all existing investors in MachineMetrics.
MachineMetrics provides advanced analytics tools to manufacturing organisations to increase their productivity. Its Series A round provides more evidence that investor confidence in the industrial IoT sector is up.
A slew of enterprise funds and venture capital has been staked on the sector’s growth in recent months, as vendors have got a better grasp of the technology and industrialists have got a better grip of digital transformation at last.
Notable deals include $10 million for Sigfox operator UnaBiz, $23 million for industrial IoT firm Seeq, and $4,6 million for California based Falkonry, also into industrial analytics.
MachineMetrics boss Bither explained its value to manufacturers, and investors by extension. “Because we’re pulling data from thousands of machines, we’re able to gain a unique understanding of their problems,” he said.
“These insights are delivered back to our customers so they can take action to gain a competitive edge.”
Its system, installed without the need for customisation, brings predictive and prescriptive maintenance and problem solving to the factory floor, it said. It also benchmarks machine performance against industry standards to guide future investments.
Its latest solution allows factory workers to share data with remote maintenance teams and makers of their equipment, and vice versa, to identify problems through remote diagnosis. Service visits can be reduced by 20 per cent, it said.
Aaron Fleishman, principal at Tola Capital, commented: “Manufacturers have to digitise if they want to remain globally competitive. Real-time shop floor visibility is the first step toward digital transformation… It’s no longer a question of if but when manufacturers will adopt this transformative technology.”
MachineMetrics serves Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive and SECO Tools, among others.
