• MMS Youtube
  • MMS Facebook
  • MMS Linkedin
  • MMS Twitter
12/18/2018 | 1 MINUTE READ

MachineMetrics Raises $11.3 Million in Series A Financing

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

MachineMetrics has raised $11.3 million in Series A financing and intends to expand its development teams and increase sales.

Share

Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

MachineMetrics has raised $11.3 million in Series A financing. With the new funds, the company intends to expand its data science and product development teams while accelerating global sales.

“Now is the internet moment for manufacturing,” says William Bither, CEO 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.”

Tola Capital led the round of financing with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures.

“Manufacturers have to digitize if they want to remain globally competitive,” says Aaron Fleishman, Principal at Tola Capital. “Real-time shopfloor 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 technology.”

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

Integrated into shops globally, MachineMetrics serves customers including Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive and Seco Tools.

RELATED CONTENT

  • Video: Machine Shop of the Future

    Siemens produced this attractive video to illustrate what it sees as a likely representation of the machining facility of the future.

  • Getting Started with Machine Monitoring

    This shop’s successful entry into machine monitoring reveals important points about what to do and what to expect.

  • MTConnect Is For Real

    Introduced at IMTS 2008, this communications protocol for CNC machines and other manufacturing equipment is already helping shops and plants implement effective machine monitoring systems. Although these "early adopters" are motivated by the long-term promise of enterprise-wide efficiency gains, their experience with pilot projects shows that benefits derived in the short term are substantial and worthwhile.

Related Topics

Resources