Featured Stories

Categories

MachineMetrics Announces $11.3 Million Series-A Funding Round!

Graham Immerman
December 11, 2018

series A images r1_fb_post_image copy

At MachineMetrics, our mission has always been to provide manufacturers with the data they need to increase productivity, win more business, and remain globally competitive. Of course, achieving a successful mission for any business requires an incredible dedication, perseverance, and unwavering belief in yourself, your team, and what you stand for.

Today, we're excited to share with you one of our greatest successes to date:

MachineMetrics has raised $11.3 million dollars in venture capital funding to continue leading the endeavor to bring analytics to manufacturing.

What does this mean for MachineMetrics and our customers? It means 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, it has provided us the opportunity to preserve the secret sauce that has made MachineMetrics who we are today: a love that every member of our team demonstrates for our product, our colleagues, and our customers. We are honored to share this devotion with you, and are proud to pursue our mission together, now and into the future of our industry.

     -The MachineMetrics Team   

              

Official Press Release Statement below:

MachineMetrics Announces $11.3 Million Series A Funding Round

Industrial IoT Startup Leading Effort to Bring Analytics to Manufacturing

BOSTON—MachineMetrics, which equips factories with the digital tools needed to increase productivity and win more business, announced Tuesday it has raised $11.3 million in Series A financing.

Tola Capital led the round with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures. With the new funds, the company will expand its data science and product development teams while accelerating global sales.

MachineMetrics is a pioneer in Industrial IoT (Internet of Things) technology. Its system is designed so that customers can install it themselves without the need for expensive and time-consuming customization.

Once installed, manufacturers can collect, visualize and analyze data from any industrial machine. It automatically senses when there is a problem, even predicting some problems hours or minutes before they occur, and recommends solutions that reduce costly unplanned outages.

In addition, MachineMetrics benchmarks a company’s machine performance against those of their peers to help guide future investments.

“Now is the internet moment for manufacturing,” said William Bither, CEO and cofounder of MachineMetrics. “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.

“With MachineMetrics, we boosted production by more than 100 hours each month in the first three months alone,” said Tim Borkowski, vice president of manufacturing at Fastenal, a global maker of industrial equipment. “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.

According to Mike Mugno, vice president of Rem Sales/Tsugami, “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.

“Manufacturers have to digitize if they want to remain globally competitive,” said Aaron Fleishman, Principal at Tola Capital. “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.”

Photos of MachineMetrics and Bither's headshot can be downloaded here.

About MachineMetrics

MachineMetrics is the industry's first AI-driven predictive analytics platform for discrete manufacturers and machine builders. The company is the winner of 2018’s Smart Manufacturing Solution of the Year (IoT Breakthrough Awards). Their Industry 4.0-ready solutions work out-of-the-box to increase equipment productivity and efficiency through edge connectivity, real-time visibility, deep manufacturing analytics and AI driven predictive and prescriptive alerts. By simplifying Industrial IoT, MachineMetrics is enabling customers to digitize and drive decisions with machine data. For more information, visit: www.machinemetrics.com

About Tola Capital

Tola Capital is a venture capital firm based in Seattle that focuses on investing in the next wave of enterprise software companies. The firm provides both capital and hands-on engagement to support the growth of its portfolio companies. Tola Capital targets software companies with essential products for enterprise companies, a solid existing customer base, a strong competitive position, and great talent and culture. Tola Capital invests globally and across multiple stages. For more information, visit: www.tolacapital.com.

Comments

Related posts

Machine Monitoring: The Strategy to Achieve Expotential Efficiency Gains
01Mar

Machine Monitoring: The Strategy to Achieve Expotential Efficiency Gains

  Since the industrial revolution, manufacturers have been churning out goods which have bettered the livelihoods of billions of people. Machines have been fed raw material and transformed them into f...

Guest Blog: Industry 4.0 — Reinventing the Factory Stack by Robin Dechant
20Feb

Guest Blog: Industry 4.0 — Reinventing the Factory Stack by Robin Dechant

If you went to bed last night as an industrial company, you’re going to wake up today as a software and analytics company. Jeffrey Immelt, former CEO of General Electric, nails it down. Industrial com...

Production Efficiency, Automation, and IoT
14Feb

Production Efficiency, Automation, and IoT

Every manufacturing company pursues optimized production efficiency as its primary goal.  It is one of the oldest and most common terms used. But what does production efficiency mean in the era of Ind...

MachineMetrics Service awarded 2019 Smart Manufacturing Innovation of the Year!
04Feb

MachineMetrics Service awarded 2019 Smart Manufacturing Innovation of the Year!

MachineMetrics Service Platform for Machine Builders Recognized for Smart Manufacturing Innovation with 2019 IoT Breakthrough Award

MachineMetrics: The Monitor, January Edition
04Feb

MachineMetrics: The Monitor, January Edition

  January, 2019: We've started the year with a BANG! What a year 2018 was for MachineMetrics! We released two all-new solutions: MachineMetrics Health, our predictive analytics app for maintenance tea...

Driving Measurable ROI with IoT Solutions
24Jan

Driving Measurable ROI with IoT Solutions

Return on Investment (ROI) means different things to different groups.  For consumers it is more a matter of satisfaction and perception. But for businesses, it comes down to how fast an investment ca...

OEE Software and the Case for a Multi-Metric Approach
15Jan

OEE Software and the Case for a Multi-Metric Approach

Modern manufacturing environments produce an enormous amount of data.  And as systems and platforms develop to monitor and manage this volume of information, many companies are left wondering what kin...

The True Business Value of IoT in Manufacturing
03Jan

The True Business Value of IoT in Manufacturing

There’s an old proverb that says the “proof is in the pudding”.  The original meaning was that you had to try a food before you could decide whether it was good.  These days, a lot of companies approa...

5 Ways Data Can Improve The Way We Make Things
19Dec

5 Ways Data Can Improve The Way We Make Things

Modern society has come a long way since the arrival of the Model T in 1908.  From the early days of hand-cranking, no heat, unreliable mechanical performance and loud dirty engines, there is no doubt...

Download our latest E-book for OEM's and Equipment Distributors
18Dec

Download our latest E-book for OEM's and Equipment Distributors

Finding new ways of operating and new revenue streams is essential for any OEM dealing with the manufacturing industry. Machines can last a long time and manufacturers don’t take kindly to the notion ...