Industrial IoT startup MachineMetrics has raised $11.3 million in Series A funding. The company says the funding will enable it to “continue leading the endeavor to bring analytics to manufacturing”.
In a circular, the company says: “We intend to use every penny to give our customers a world-class experience through faster growth, focused innovation, quick product updates, custom features, improved service – and that’s just the start.”
Most importantly, adds the company, the funding has provided it with the opportunity to “preserve the secret sauce that has made MachineMetrics who we are today”.
MachineMetrics claims to be “the industry’s first artificial intelligence-driven predictive analytics platform for discrete manufacturers and machine builders”.
Central to its service is the supply of “an inexpensive edge device”, which enables connection between machines and computing devices.
Users can then log in through a web interface which provides “real-time visibility, deep analytics, and AI driven predictive notifications”.
William Bither, CEO and co-founder of MachineMetrics, says: “Now is the internet moment for manufacturing.
“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, MachineMetrics serves customers including Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive and SECO Tools.
Tim Borkowski, vice president of manufacturing at Fastenal, a global maker of industrial equipment, says: “With MachineMetrics, we boosted production by more than 100 hours each month in the first three months alone.
“There’s no more educated guessing or finger-pointing; there’s a solid reason behind everything and every decision we make. I can’t imagine what life would be like if you took it away. It’s that ingrained in our day-to-day operations.”
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. This enables service teams to identify problems through remote diagnosis, reduce onsite service visits by 10 to 20 percent, and receive predictive maintenance alerts, which could lead to new business.
Mike Mugno, vice president of Rem Sales/Tsugami, says: “MachineMetrics Service is a game-changer. We can now provide faster, better service because we’re collecting data that really didn’t exist before.”
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 revolution combines two advancements — predictive analytics and artificial intelligence — and applies them to physical objects (ie, your Nest thermostat), creating the Internet of Things.
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.
Aaron Fleishman, Principal at Tola Capital, says: “Manufacturers have to digitize if they want to remain globally competitive.
“Real-time shop floor 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 transformative technology.”