Tempo Automation, a San Francisco-based startup that helps shorten the time from prototype to production for electronics manufacturers, announced today that it has raised a $45 million Series C led by returning investor Point72 Ventures. The round also includes new investor Lockheed Martin and existing investors Lux Capital and Uncork Capital.
The company’s turnkey solution allows manufacturers to upload a CAD and have it turned into a circuit board in as little as three days. Founded in 2013, Tempo Automation’s services are tailored for low-volume manufacturers and include customers in a broad range of industries, including aerospace, consumer electronics, automotive and medical tech.
Tempo’s last funding round was $20 million Series B in 2018. In its latest funding announcement, the company said its Series C will be used for hiring and to develop software that will make its manufacturing process quicker and more accurate.
“Tempo is reinventing electronics manufacturing by putting software automation at the center of what they do. 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,” said Point72 partner and Tempo Automation board member Sri Chandrasekar in a press statement.
Source: New feed