Southwest Manufacturing News • March 19 • MachineMetrics Announces $11.3M Series A Funding Round

MachineMetrics, which 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 global sales.

“MachineMetrics is a pioneer in Industrial IoT (Internet of Things) and artificial intelligence technology,” said a company spokesperson. Its system is designed so that 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, and even learns to predict 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,” said the spokesperson.

“Now is the internet moment for manufacturing,” said William Bither, CEO and co-founder of MachineMetrics. “Because we are pulling data from thousands of machines, we are 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 is no more educated guessing or fingerpointing; there is a solid reason behind everything and every decision we make. I can not imagine what life would be like if you took it away. It is 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%, 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 are collecting data that really did not exist before.”

Manufacturing accounts for 16.6% 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 (i.e. a Nest thermostat), creating the IoT. 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 is no longer a question of if, but when, manufacturers will adopt this transformative technology.”