MachineMetrics, Inc. closes investment round to accelerate growth
Long River Ventures leads the round
NORTHAMPTON, Mass., June 29, 2015-- MachineMetrics, Inc. announced today it has secured capital in an early investment round. This initial round was led by Long River Ventures, a Massachusetts early stage venture capital fund, and includes additional funding from local, private investors.
The company, led by successful software entrepreneur William Bither, develops production monitoring software for the manufacturing industry. MachineMetrics sought funding after their first year of operation, fueled by participation in the Valley Venture Mentors Accelerator program.
MachineMetrics was developed to address the need for manufacturing companies to improve on-time delivery and gain greater visibility into their production processes. The funding will help MachineMetrics further accelerate its rapid development and growth trajectory. Manufacturing customers are facing increasing pressure to be more productive. Until MachineMetrics, there has not been an effective and easy to use system to make sense of the data available from many modern machine tools and manufacturing systems. MachineMetrics expects to deliver tremendous value not only to manufacturers in Massachusetts and across the United States, but globally.
Initial customers include VSS, Inc. in Greenfield, Massachusetts, a precision machine shop with over 40 years in business. VSS owner Steve Capshaw says that utilizing MachineMetrics will save his company over $1 million in capital expenditures during the next 3 years and allow a production increase of 20% based on increased efficiency.
MachineMetrics CEO Bill Bither said, “This funding will accelerate our momentum and help us support our growing customer base of small to mid-sized manufacturers, helping them deliver on-time products with better efficiency.”
The team has doubled in size since the funding and plans to remain in Northampton, Massachusetts. Terms of the investment have not been disclosed.
Tripp Peake, General Partner of Long River Ventures, said, “As a firm we are particularly focused on enterprise software. We have admired the MachineMetrics team for a while and have been impressed with the urgency of the problem they’re solving. We’re excited to participate in a software company addressing the world’s largest installed base of connected devices—manufacturing equipment.”
About MachineMetrics, Inc.
MachineMetrics, Inc. develops real-time production monitoring software for manufacturing companies. Headquartered in Northampton, Massachusetts, the company was founded by William Bither, Eric Fogg, and Jacob Lauzier in 2014. More information can be found on the company’s website, http://www.machinemetrics.com.
About Long River Ventures
Long River Ventures invests in early growth stage IT and healthcare companies throughout the northeast United States. Formed by a group of experienced entrepreneurs and venture capitalists, Long River is designed and structured to invest smaller amounts of capital with typical initial investments of $500,000 to $1 million. Long River Ventures has offices in Boston and Amherst, Massachusetts and is currently investing from its third fund. For more information, visit the Long River website http://www.longriverventures.com
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