New Funding for MachineMetrics
They secure $11.3 million of Series A financing to expand their data science and product development operations.
Posted: December 11, 2018
Manufacturing accounts for 16.6 percent of global GDP and is on the brink of a new digital age, often called the Fourth Industrial Revolution, that combines two advancements – predictive analytics and artificial intelligence – and applies them to physical objects to create the Internet of Things (IoT). Only with this ability to send and receive data can humans, and one day the objects themselves, figure out how to slash waste and increase output. A pioneer in Industrial IoT technology, MachineMetrics (Boston, MA), has raised $11.3 million in Series A financing to expand their data science and product development teams while accelerating global sales. Tola Capital (Seattle, WA) led the round with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures.
The MachineMetrics system is designed so that customers can install it themselves without the need for expensive and time-consuming customization. Once installed, manufacturers can collect, visualize and analyze data from any industrial machine. It automatically senses when there is a problem, even predicting some problems hours or minutes before they occur, and recommends solutions that reduce costly unplanned outages. The system also benchmarks a company’s machine performance against those of their peers to help guide future investments.
“Now is the Internet moment for manufacturing,” said William Bither, the chief executive officer and co-founder 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.” Integrated into factories globally, their system serves customers that include Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive and SECO Tools.
“Manufacturers have to digitize if they want to remain globally competitive,” said Aaron Fleishman, a principal at Tola Capital. “Real-time shop floor visibility is the first step toward digital transformation. Their 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 transformative technology.”
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