Tempo Automation raises $45mn
San Francisco-based manufacturing technology startup, Tempo Automation announced today that it has raised US$45mn in a Series C funding round. The round was led by existing investor, Point72 Ventures, also including new investment from LOckheed Martin, and capital from existing investors Lux Capital, Uncork Capital, Cendana and Golden Seeds.
Founded in 2013, Tempo is the developer of turnkey solutions that reduce time between prototype and production for electronics manufacturers. Tailored for low-volume production, Tempo’s services allow manufacturers to upload a CAD and have it turned into a circuit board in as little as three days.
Tempo’s smart factory and proprietary software enable design engineers to ensure precision, speed, and transparency for 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.”
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.
“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.”