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
Tempo Automation, the world’s fastest electronics 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 (PCBA).
“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.