Industrial AI startup: Now is ‘internet moment’ for manufacturing

Industrial AI startup: Now is ‘internet moment’ for manufacturing

Business news |
Industrial IoT startup MachineMetrics (Northampton, MA), which claims to be the industry's first AI-driven predictive analytics platform for discrete manufacturers and machine builders, has announced that it has raised $11.3 million in Series A financing.
By Rich Pell

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Leading the round was Tola Capital, with participation from existing investors Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels, and Firebolt Ventures. With the new funds, says the company, it plans to expand its data science and product development teams while accelerating global sales.

MachineMetrics’ system is designed so that customers can install it themselves without the need for customization. Once installed, manufacturers can then collect, visualize, and analyze data from any industrial machine.

The system automatically senses when there is a problem, even predicting some problems hours or minutes before they occur, and recommends solutions that reduce costly unplanned outages. In addition, the company also benchmarks a company’s machine performance against those of its peers to help guide future investments.

“Now is the internet moment for manufacturing,” says William Bither, CEO and cofounder of MachineMetrics. “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.”

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, says the company, enables service teams to identify problems through remote diagnosis, reduce onsite service visits by 10 to 20%, and receive predictive maintenance alerts.

Founded in 2014, the company previously raised a $2 million seed round in 2016. MachineMetrics currently serves customers including Fastenal, Snap-On Tools, National Oilwell Varco, Gardner Denver, Continental, Saint Gobain, Shiloh Automotive, and SECO Tools.

MachineMetrics

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