Matthews-based SaaS company Automation Intellect, a provider of machine performance analytics for manufacturing organization, has raised $2.25 million in an equity fundraise.
Syracuse, N.Y.-based early venture firm StartFast led the round.
"We are excited to see the investment community's strong validation of Automation Intellect and we are proud to lead their round," said StartFast's Chuck Stormon.
Round participants included Cofounders Capital out of the Triangle, which contributed around $750,000.
“It was well oversubscribed,” said Cofounders Capital partner Tim McLoughlin in a WRAL TechWire report on the move. “There was a lot of excitement from investors in this round.”
A Digital Journal report states that the round was specifically oversubscribed by 30 percent, thanks in part to Automation's closing of a Master Services Agreement with an unnamed global manufacturing leader of automotive filtration.
The 2016-born company, which was founded by Brad DeMarco, Kurt Lueck and Bruce Wilkinson, will use the funds to continue spurring its scale.
"With the support of our strategic investors, we'll be accelerating the development of our product and supporting our growing customer base," said DeMarco, CEO of Automation Intellect. "This is an amazing accomplishment for our team, and we really appreciate the support from all of the investors that made this happen."
This marks the second fundraising move for the company, which in 2018 raised $25,000 in pre-seed funding.
