MachineMetrics raises $11.3m to help assist manufacturers with analytics initiatives

Industrial IoT analytics and machine monitoring platform MachineMetrics has raised $11.3 million in a recently held series A financing round that was led by Tola Capital. MachineMetrics’ system is designed in such a manner that its customers can install it by themselves without requiring costly and time-consuming customisation. Once the installation is done, manufacturers can collect, visualise and analyse data from any industrial machine. The system automatically detects technical issues, also predicts problems hours or minutes before in advance so that they can be rectified. Companies such as Fastenal, Gardner Denver, Saint Gobain, Snap-On Tools, National Oilwell Varco, Continental, Shiloh Automotive and SECO Tools have installed MachineMetrics’ system in their factories. William Bither, CEO and cofounder of MachineMetrics, said: “Now is the internet moment for manufacturing. 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.”