MachineMetrics, a company that provides factories with digital tools necessary for increasing productivity and win more business, has raised $11.3 million in Series A funding led by Tola Capital. Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels, and Firebolt Ventures also participated in this round.
With this round of funding, MachineMetrics will expand its data science and product development teams. And the company will be accelerating its global sales.
MachineMetrics is a pioneer behind Industrial IoT technology and it brings analytics to manufacturing. After it is installed, manufacturers are able to collect, visualize, and analyze data from any industrial machine.
“Now is the internet moment for manufacturing,” said MachineMetrics CEO and co-founder William Bither. “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.”
Customers are able to install the systems themselves without the need for expensive and time-consuming customization. And the system automatically senses when there is a problem even predicting problems hours or minutes before occurring. And it recommends solutions that reduce costly unplanned outages.
Some of MachineMetrics’ customers include Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive, and SECO Tools. Fastenal’s VP of manufacturing Tim Borkowski said that MachineMetrics helped boost production by more than 100 hours every month in the first three months alone.
“Manufacturers have to digitize if they want to remain globally competitive,” added Tola Capital principal Aaron Fleishman. “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.”