Industrial IoT analytics and machine monitoring platform MachineMetrics has raised $11.3 million in a recently held series A financing round that was led by Tola Capital.
MachineMetrics’ system is designed in such a manner that its customers can install it by themselves without requiring costly and time-consuming customisation. Once the installation is done, manufacturers can collect, visualise and analyse data from any industrial machine. The system automatically detects technical issues, also predicts problems hours or minutes before in advance so that they can be rectified.
Companies such as Fastenal, Gardner Denver, Saint Gobain, Snap-On Tools, National Oilwell Varco, Continental, Shiloh Automotive and SECO Tools have installed MachineMetrics’ system in their factories. William Bither, CEO and cofounder of MachineMetrics, said: “Now is the internet moment for manufacturing. 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.”
Existing investors, such as Long River Ventures, Hyperplane Venture Capital, Firebolt Ventures, Mass Ventures, and Hub Angels, also participated in the funding round.
This is by no means the only funding raised for promising IoT startups over the past months. Venture-backed oil and gas IoT and AI platform Validere raised $7 million in seed funding last month to transform oil and gas trading and logistics through reliable data and AI insights. Validere helps oil and gas companies to improve confidence in product quality and AI predictive insights to guide optimal blending, logistics, and trading decisions. IoTium also raised 13.6 million in series B funding back in September to help fuel market expansion in the US and overseas.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.