Industrial data start-up MachineMetrics has raised US$20m (£14.4m) in Series B financing to further develop its autonomous machining solution.
MachineMetrics said its industrial data platform solves manufacturing productivity challenges by enabling manufacturers to improve machine utilisation and increase production without adding more machines.
The IoT-powered solution, which can be installed in minutes, automates the collection of data from manufacturing equipment and delivers actionable, machine data-driven insights for factory workers. The company added this empowers organisations to immediately reduce waste and optimise shop floor productivity.
“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 labour shortages we are experiencing right now,” said Bill Bither, CEO of MachineMetrics.
“Today’s industrial machines are inefficient because they require significant human intervention to operate. MachineMetrics makes it easy to harness data from these machines and lays the foundation for the factory of the future where machines operate autonomously and with predictability.”
Teradyne, industrial automation and robotics firm, led the funding round with participation from Ridgeline Ventures and existing investors Tola Capital and Hyperplane.
Greg Smith, president of Teradyne’s industrial automation group, said: “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 utilisation and increase output. MachineMetrics makes this easy with an innovative and simple solution that delivers a fast ROI.
“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.”
