MachineMetrics, a Boston, MA-based provider of digital tools for factories to increase productivity and win more business, raised $11.3m in Series A financing.
The round was led by Tola Capital with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures.
The company intends to use the funds to expand its data science and product development teams while accelerating global sales.
Led by William Bither, CEO and cofounder, MachineMetrics is advancing Industrial IoT (Internet of Things) technology to bring analytics to manufacturing. Once installed, manufacturers can collect, visualize and analyze data from any industrial machine. It automatically senses when there is a problem, predicting some problems hours or minutes before they occur, and recommends solutions that reduce unplanned outages.
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.
MachineMetrics serves customers including Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive and SECO Tools.