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Industrial data start-up paves the way for a new era of autonomous machining for manufacturers
BOSTON – (BUSINESS WIRE) –
Machine metrics, an industrial data startup that improves manufacturing performance through autonomous machining, today announced that it has raised $ 20 million in Series B funding. The company will use the funding to scale its platform to the next level. global scale and democratize access to information about the machines that power manufacturing operations.
“Manufacturing is on the brink of a digital renaissance. The intersection of software, big data and physical machines is the next frontier for manufacturing and a proven solution to overcome the current production and labor shortages, ”said Bill Bither, co-founder and CEO of MachineMetrics. “Today’s industrial machines are inefficient because they require significant human intervention to operate. MachineMetrics makes it easier to mine data from these machines and lays the foundation for the factory of the future where machines operate autonomously and predictably.
“MachineMetrics’ rapid growth reflects the value and demand for its data collection and analysis solutions. More and more, our customers want to monitor the performance of their production machines to improve their use and increase their output. MachineMetrics makes this easy with an innovative and simple solution that delivers a rapid return on investment, ”said Greg Smith, president of Teradyne’s industrial automation group. “The team’s vision aligns strongly with our broader industrial automation strategy, which aims to equip all manufacturers with accessible, reliable and easy-to-use automation solutions.
Today’s global capacity challenges underscore the urgency of improving manufacturing productivity. A 2020 benchmarking report from MachineMetrics found an average machine utilization rate of just 24%, an alarming rating that limits manufacturers’ ability to meet demand.
MachineMetrics’ industrial data platform solves this challenge by enabling manufacturers to improve machine utilization and increase production without adding more machines. The IoT-based solution, which can be installed in minutes, automates data collection from manufacturing equipment and delivers actionable, data-driven information from machines to factory workers, enabling organizations to reduce immediately waste and optimize workshop productivity.
MachineMetrics is currently used by hundreds of customers and connected to thousands of machines around the world. These manufacturers, which range from small subcontractors to some of the world’s largest OEMs, leverage MachineMetrics to enable remote visibility into real-time production, identify production bottlenecks, predict outages. machines, improve quality and create workflows that automate the operation of machines. .
“We are experiencing the greatest disruption to manufacturing operations and the supply chain of our time. Manufacturers simply don’t have the time or resources to rebuild from scratch. They need results now, ”said Eric Fogg, Co-Founder and Chief Customer Officer of MachineMetrics. “Our solution continues to be very effective in one of the most complex markets of all time. Last year our clients were able to pivot, react, adapt and grow. Their success was no fluke – they were equipped with the data, the tools and the mindset to win. ”
For more information visit www.machinemetrics.com
MachineMetrics’ intuitive and flexible machine data platform easily collects and analyzes data from any manufacturing equipment to deliver powerful, actionable information to plant workers in minutes, enabling decision-making anywhere in the world at any time. line from day one. Today, hundreds of manufacturers have connected thousands of machines to MachineMetrics at global factories, from mom and pop workshops to some of the world’s largest manufacturing companies, leveraging collection, monitoring, Plug and play machine data analysis and automation to increase production visibility, predict machine problems, and enable data-driven workflows to automate machine operation. For more information visit: www.machinemetrics.com
Teradyne brings high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensure products perform as intended. Its industrial automation offerings include collaborative and mobile robots that help manufacturers of all sizes improve productivity and reduce costs. Teradyne’s industrial automation business, comprised of Universal Robots, MiR and AutoGuide Mobile Robots, provides low-cost, easy-to-deploy and program robots that work side-by-side with production workers to improve quality and increase manufacturing efficiency.
For more information visit: www.teradyne.com
Photos from MachineMetrics and photo from Bither can be uploaded here
Corporate ink for MachineMetrics