Tempo Automation Raises $45 Million Series C Round Led by Point72 Ventures; Adds Strategic Investment from Lockheed Martin
Venture capital round follows a year of growth for the startup,
including 2.5X YoY bookings growth driven by expansion in the world’s
largest aerospace, medical device, and industrial technology companies,
in addition to the opening of a 42,000-square-foot smart factory in San
Francisco
SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/PCBmanufacturing?src=hash” target=”_blank”gt;#PCBmanufacturinglt;/agt;–Tempo Automation, the world’s fastest manufacturer for prototyping and
low-volume production of printed circuit board assemblies (PCBA),
announced today that it has raised $45 million in Series C funding, led
by existing investor, Point72 Ventures. The round includes new outside
investors, including Lockheed Martin, as well as existing investors, Lux
Capital, Uncork Capital, Cendana and Golden Seeds. The investment will
accelerate development of Tempo’s proprietary factory automation
software to further increase speed and accuracy for manufacturing high
complexity PCB assembly.
“Tempo is reinventing electronics manufacturing by putting software
automation at the center of what they do,” said Sri Chandrasekar,
partner at Point72 Ventures and board member at Tempo Automation.
“Tempo’s interconnected smart factory is modernizing the manufacturing
process, which allows them to deliver a far superior customer
experience. We see considerable market opportunity for Tempo, and we are
pleased to support their continued growth.”
As technology companies compete to bring groundbreaking innovations to
market quickly and gain first-mover advantage, they seek to reduce the
time from concept to prototype to product launch. Tempo’s smart factory
and proprietary software enable design engineers to ensure precision,
speed, and transparency for PCBA.
“We’re fortunate that, by helping our customers apply agile methods to
electronics development, we have sparked great interest and demand,”
said Jeff McAlvay, CEO of Tempo Automation. “Our customers have told us
that they view our software-first approach to manufacturing as
transformative for their ability to bring products to market faster.
This investment will help us drive software development and accelerate
the growth of our team to deliver greater benefits to our customers and
advance the future of manufacturing.”
To date, Tempo Automation has executed an ambitious growth strategy
focused on expanding its footprint with customers across the aerospace,
medical technology, industrial systems, consumer electronics, and
automotive industries. In 2018, Tempo opened a 42,000-square-foot smart
factory in San Francisco’s Design District and released a host of
automation software updates that have enabled electrical engineers to
design, test, and deploy their products in a fraction of the traditional
development cycle time.
As part of this investment, Matthew Granade from Point72 Ventures will
join the Tempo board of directors.
To learn more, please visit www.tempoautomation.com.
About Tempo Automation
Tempo Automation is the world’s
fastest electronics manufacturer for prototyping and low-volume
production of printed circuit board assemblies. By developing and
deploying proprietary factory automation software in its San
Francisco-based smart factory, Tempo is changing the way companies in
aerospace, medical technology, industrial technology, automotive, and
consumer electronics innovate and bring new products to market. Tempo’s
industry-leading speed, precision, and start-to-finish transparency
enables agile hardware development. Customers are able to plan and
execute product development and launch with levels of confidence and
certainty not previously possible.
Tempo’s investors include Point72 Ventures, Dolby Family Ventures,
Lockheed Martin, Lux Capital, Uncork Capital, Bolt, Industry Ventures,
Golden Seeds, Draper Associates, Cendana, OS Fund, AME, and Incite
Ventures. The company was founded in 2013.
For more information, please visit: http://www.tempoautomation.com and
follow @tempoautomation.
Contacts
Caster Communications, Inc., 401-792-7080
Alex Crabb, alex@castercomm.com
401-318-2229 (cell)
Alex Gil, agil@castercomm.com
