Sight Machine has raised USD13.5 million in Series B venture capital round led by Chicago-based Jump Capital with participation by GE Ventures, Two Roads Group and Pritzker Group Venture Capital.
"Sight Machine is developing the technology that will bring us closer to the realisation of the brilliant factory," says Karen Kerr, Senior Managing Director of Advanced Manufacturing at GE Ventures, a unit of General Electric Co. (NYSE:GE). "The ability to effectively manage and analyze manufacturing data will change so many industries, and we are proud to partner with Sight Machine to help grow and commercialise its business."
“Sight Machine is in the sweet spot, with a very robust solution to the central problem that manufacturers are experiencing today: how to make sense of all their data,” says Lou Rassey, founder and CEO of Two Roads Group. “They have hardened their technology over the last few years working with some very demanding customers. Now they are scaling up with proven technology and a proven business model.” Rassey is a former leader of McKinsey & Co.’s global manufacturing practice, and helped set the strategy for the Digital Manufacturing and Design Innovation Institute, the US national hub for digital industry innovation in Chicago.
“Manufacturing industries are at an inflection point,” says Saurabh Sharma, principal at Jump Capital. “In the past 12 to 18 months, manufacturing CEOs and CIOs have realised they are missing opportunities to drive significant benefit from digitisation of manufacturing and have launched strategic initiatives to catch up. Every innovative manufacturer should be looking to partner with a company like Sight Machine to remain competitive.”
Existing investors re-investing in this round include IA Ventures, O’Reilly AlphaTech Ventures, Mercury Fund, Huron River Ventures and Orfin Ventures.
Sight Machine is working with some of the world’s largest manufacturers in automotive, life sciences and consumer goods to turn data from the factory floor into actionable insight. Enterprise customers include auto OEMs and Tier One automotive suppliers, one of the world’s best-known consumer brands, and global leaders in pharmaceuticals, medical devices and industrial materials.
“Manufacturing is an USD11 trillion dollar sector that is quickly going digital,” says Jon Sobel, Sight Machine’s CEO. “Sight Machine is solving a big problem, with tremendous benefit for industry and real opportunity for the company that gets it right. This financing helps cement Sight Machine’s role as an essential company in this emerging ecosystem.”
Sight Machine will use the proceeds of the venture round to expand its sales and marketing efforts and continue technology development.
