Plex Systems raises $50 million in funding
Plex Systems has raised $50 million in a new round of funding to accelerate its sales and marketing of its cloud-based manufacturing platform. This round of funding was led by T. Rowe Price. Plex Systems previously raised $36.5 million from Accel Partners and private equity firm Francisco Partners Management LLC.
Plex will be launching a software product that integrates Google Glass on the shop floor. This will let plant employees see live data and shop floor transactions while keeping their hands free for different tasks.
“Manufacturing is moving to the cloud, and the caliber of our investors reflects both Plex’s established leadership and the market opportunity in front of us,” stated Plex Systems CEO Jason Blessing. “This financing allows Plex to continue to invest in our go-to-market capacity and to further expand our market-leading product portfolio. I’m thrilled to have T. Rowe Price join the roster of Plex investors, and to have Accel continue to expand their investment in us.”
Plex eventually plans to go public or sell the company as part of a long-term strategy. There are currently 400 companies and 1,100 operations in 20 countries that use Plex’s software.