MachineMetrics 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 aims to expand its data-science and product-development teams while accelerating global sales.
“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. “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 enables factory workers to share MachineMetrics’ data with remote-maintenance teams and makers of their equipment. 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 MachineMetrics.
Mike Mugno, vice president of Rem Sales/Tsugami, said “MachineMetrics Service is a game-changer. We can now provide faster, better service because we’re collecting data that really didn’t exist before.”
“Manufacturers have to digitize if they want to remain globally competitive,” added 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.”