MachineMetrics Announces $11.3 Million Funding Round
NORTHAMPTON — MachineMetrics, which equips factories with the digital tools needed to increase productivity and win more business, announced 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 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 its 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 on-site service visits by 10% to 20%, and receive predictive maintenance alerts, which could lead to new business.
“MachineMetrics Service is a game changer,” said Mike Mugno, vice president of Rem Sales/Tsugami. “We can now provide faster, better service because we’re collecting data that really didn’t exist before.”