IoT Startup Announces $11.3 Million Series A Funding Round
MachineMetrics, which equips factories with the digital tools needed to increase productivity and win more business, 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.
MachineMetrics’ system is designed to collect, visualize, and analyze data from any industrial machine. The technology automatically senses problems (even predicting some problems hours or minutes before they occur) and recommends solutions to reduce unplanned outages. Customers can install the system themselves without the need for customization.
The company plans to use the funding to expand its data science and product development teams while accelerating global sales.