In February this year, BostInno reported that manufacturing analytics startup Machine Metrics was looking to raise funds for a Series A round.
On Tuesday, the Northampton, Mass.-based company announced that it raised $11.3 million in a Series A round led by Tola Capital with participating investors like Hyperplane Venture Capital, Long River Ventures, Mass Ventures, Hub Angels and Firebolt Ventures.
The company identifies as an industrial internet of things startup and sells analytics software to small and medium manufacturing companies. In an attempt to reduce the number of on-site maintenance visits, Machine Metrics' software allows manufacturers to analyze data from any machine and share it with remote maintenance teams.
Additionally, it also opened a brand new office in Cambridge and will be hiring significantly across the board for positions in software development, data science, marketing and sales and product management. "Will double the size of the company in 2019," said CEO Bill Bither. "We are taking what we built, enhancing the product so we can bring this tech to more manufacturers and expand globally."
The company plans to use the proceeds towards quick product updates, custom features, and improved service and look at global expansion, reviewing opportunities in South America, Australia and Asia. Machine Metrics clientele includes Saint Gobain, industrial manufacturer SnapOn, knife manufacturer BenchMade and industrial suuplies company, Fastenal.
