MachineMetrics Gears up with $11M Round
January 2, 2018
Industrial IoT Startup Leading Effort to Bring Analytics to
equips factories with the digital tools needed to increase productivity
and win more business 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
MachineMetrics is a pioneer in Industrial IoT (Internet of Things)
technology. Its system is designed so that customers can install it
themselves without the need for expensive and time-consuming
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.”
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 onsite service visits by 10 to
20 percent, and receive predictive maintenance alerts, which could lead
to new business.
According to Mike Mugno, vice president of Rem Sales/Tsugami,
“MachineMetrics Service is a game-changer. We can now provide faster,
better service because we’re collecting data that really didn’t exist
accounts for 16.6 percent of global GDP and is on the brink of a new
digital age, often called the Fourth Industrial Revolution. That
revolution combines two advancements — predictive analytics and
artificial intelligence — and applies them to physical objects (ie, your
Nest thermostat), creating the Internet of Things. Only with this
ability to send and receive data can humans, and one day the objects
themselves, figure out how to slash waste and increase output.
“Manufacturers have to digitize if they want to remain globally
competitive,” said 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.”