June 16, 2021
BOSTON—MachineMetrics, developer of an industrial machine data platform, has raised $20 million in Series B financing. MachineMetrics will use the funding to scale its platform globally and democratize access to the machine insights that power manufacturing operations, the company said in a press release.
“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,” said Bill Bither, co-founder and CEO of MachineMetrics, in the release. “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 prominent developer of industrial automation and robotics, led the funding round with participation from Ridgeline Ventures and existing investors Tola Capital and Hyperplane.
“MachineMetrics’ rapid growth reflects the value and demand for its data collection and analytics solutions, said Greg Smith, president of Teradyne’s Industrial Automation Group, in the release. “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, according to MachineMetrics.
MachineMetrics’ Industrial Data Platform is said to solve this challenge by enabling manufacturers to improve machine utilization and increase production without adding more machines. The IoT-powered platform automates the collection of data from manufacturing equipment. By producing actionable, machine data-driven insights for factory workers, it empowers organizations to immediately reduce waste and optimize shop floor productivity. It can also be installed in minutes, the company said in the release.
MachineMetrics (www.machinemetrics.com) said that its platform is used by hundreds of customers and connected to thousands of machines globally. These manufacturers, ranging from small contract manufacturers to some of the world’s largest OEMs, are leveraging MachineMetrics to enable remote visibility into real-time production and identify production bottlenecks. They are also using it to predict machine failures, improve quality, and build workflows that automate the operation of machines, the company said.
“We are experiencing the single largest disruption to manufacturing and supply chain operations of our time,” said Eric Fogg, co-founder and chief customer officer of MachineMetrics, in the release. “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.”