MachineMetrics, an industrial data startup that helps improve manufacturing performance through autonomous machining, has raised $20 million in Series B financing.
The company will use the funding to scale its platform globally and democratize access to the machine insights that power manufacturing operations.
Bill Bither, co-founder and CEO of MachineMetrics, says: “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 labor shortages we are experiencing right now.
“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 – a market leader in industrial automation and robotics which also owns Universal Robots and Mobile Industrial Robots – 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, says: “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 utilization 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.”
Today’s global capacity challenges underscore the urgency to improve manufacturing productivity. A 2020 benchmarking report by MachineMetrics revealed an average machine utilization rate of only 24 percent, an alarmingly low mark that limits manufacturers’ ability to meet demand.
MachineMetrics’ Industrial Data Platform solves this challenge by enabling manufacturers to improve machine utilization 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, empowering organizations to immediately reduce waste and optimize shop floor productivity.
MachineMetrics is currently used by hundreds of customers and connected to thousands of machines globally.
These manufacturers, which range from small contract manufacturers to some of the world’s largest OEMs, are leveraging MachineMetrics to enable remote visibility into real-time production, identify production bottlenecks, predict machine failures, improve quality, and build workflows that automate the operation of machines.
Eric Fogg, co-founder and chief customer officer of MachineMetrics, says: “We are experiencing the single largest disruption to manufacturing and supply chain operations of our time. Manufacturers simply don’t have the time or resources to rebuild from scratch. They need results right now.
“Our solution continues to prove highly effective in one of the most complex markets ever. This past year our customers were able to pivot, respond, adapt and grow. Their success wasn’t luck – they were equipped with the data, tools and mindset needed to win.”