Startup company FactoryFour has raised $5 million for its manufacturing management software business.
The company says the Series A round will help it provide more manufacturers with software to manage production the way they want to, with “full customizability”.
The round, led by August Capital with Refactor reinvesting after leading the seed round, will help add headcount, improve and broaden the product suite, and establish a West Coast foothold in Los Angeles, California.
Param Shah, CEO and co-founder of FactoryFour, says: “Manufacturers construct the foundation of our society, stimulating our economy and giving us the tools to go about our daily lives – but most have to do it without the modern tools to manage production the way they want to, stopping them from unlocking the full potential of their expertise.
“We have a vision of our product serving as the foundation for companies transforming with Industry 4.0, helping to collect, integrate and make sense of the data gathered from sensors, IoT and other tech investments. This round helps us on that path.”
FactoryFour provides manufacturers with a real-time system of record for their work-in-process – the unfinished goods which still require further work, processing, assembly and/or inspection.
The cloud-based application lets customers completely customize workflows to their unique requirements, gather real-time data from the production floor, and integrate the various tools in their ecosystem to help enhance manufacturing efficiency.
Manufacturers small and large – across industries – use FactoryFour to gain visibility into production, minimize lead time, and to make strong, data-driven decisions for their businesses.