Industrial IoT (Internet of Things)
MachineMetrics, an industrial IoT startup which equips factories with the digital tools needed to increase productivity, 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 says it will expand its data science and product development teams while accelerating global sales.
MachineMetrics provides Industrial IoT (Internet of Things) technology solution. Its system is designed so that customers can install it themselves without the need for 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.”
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.