Charlotte-based SaaS startup Automation Intellect, a provider of machine performance analytics for manufacturing companies, has raised nearly $1 million in its latest funding round.
Brad DeMarco, co-founder and CEO of the company, said the purpose of Automation Intellect's software is to help its customers better utilize their equipment for production. The software monitors manufacturing equipment and provides solutions to improve the machinery's output, he added.
"In order for American manufacturers to be competitive in a global marketplace, we really have to run our equipment as effectively as possible." DeMarco said. "... If we don't have automation, and we don't have that automation running effectively, then we're not competitive."
Cary-based Cofounders Capital, a venture capital firm that invests in software companies, led the funding round. The firm was among nine investors that participated in the round, which capped at $997,000 of a $1 million goal.
DeMarco said the funding comes while Automation Intellect is in a significant growth phase. The majority of the new funding will help scale the company's sales and marketing efforts. He said the startup is also working on minor product and software enhancements.
"So it's about really growing our footprint and bringing on new customers," he said.
Automation Intellect partners with its customers to continue to provide improvements to their equipment, install the software and demonstrate how to use it. DeMarco said he believes that offering is a key facet that differentiates the startup from its competitors.
"Our goal this year is to accelerate that and help our customers get even more value from our services," he added.
The 2016-born company — which was founded by DeMarco, Kurt Lueck and Bruce Wilkinson — plans to raise a series A funding round by the end of 2023 or early in 2024. The latest round will help the company reach that goal, DeMarco said.
