Bright Machines Raises $132M in New Funding to Expand Intelligent Automation in Manufacturing | So Good News
San Francisco–(Business Wire)–Bright Machines, an innovator in software-defined manufacturing, today announced $132 million in debt and Series B equity funding. The equity portion of the $100 million fund was led by Eclipse Ventures. The debt portion of the $32 million fund was led by Silicon Valley Bank (NASDAQ: SIVB ) and Hercules Capital, Inc. (NYSE: HTGC) led by Bright Machines intends to use the funds to accelerate the company’s growth, which includes continued expansion into high-demand industry verticals and the development of new software and services to complement its existing product portfolio. This funding round brings Bright Machines to a total of $330 million since the company was founded in 2018.
“We founded Bright Machines with a singular mission to help customers change the way they historically approach product assembly. We are excited to partner with the industry in creating an easier ‘design-to-make’ process where every product can be manufactured closer to the end consumer. In today’s unpredictable global environment, this mission is more important than ever,” said Lior Susan, co-founder and CEO of Bright Machines. “We believe our solutions provide an essential path towards further transformation of enterprise local, resilient and sustainable enterprises. We are proud of the positive impact we have made to date and excited for this next step in our journey.”
In addition to refining and expanding the capabilities of its flagship products, Bright Machines Microfactory is also accelerating its Brightware software roadmap. to expand its services; It plans to use the funds to strengthen its partner network and grow its installed base of customers. It will be in Mexico later this year. An Integration Hub in Guadalajara and a US-based Customer Experience Center in San Francisco will be unveiled in early 2023.
“By offering an intelligent automation platform that is fast, flexible and cost-effective enough to scale their customers’ businesses, Bright Machines is uniquely positioned to address a critical gap that has remained open for decades,” said Greg Reichow. Partner at Eclipse Ventures. “Its software-driven mini-factories are key to moving manufacturing operations into the future without relying on highly repetitive and labor-intensive processes.”
Strong company performance supports investor confidence.
Since the company’s inception in 2018, Bright Machines has been developing its technology and business impact, including;
Launch of Bright Machines Microfactory to Intelligently Automate Final Assembly of Electronic Products
Introducing the Brightware Platform empowers Bright Machines Microfactories and empowers operators to run assembly lines; Enables monitoring and control.
We serve more than 40 global manufacturing companies through direct OEM customer relationships as well as EMS and ODM partners.
Over 100 micro-facilities spread across 13 countries for projects across high-growth industry verticals, doubling bookings year-on-year.
Helping customers achieve key success metrics including up to 75% fewer units per hour and 65% fewer defects per production run.
Recognized as a leading manufacturing company with technology that can reduce carbon intensity by 51% or 5.5 MMtCO2 per year, equivalent to planting 6.5 million trees annually.
Inc. Best in Business: Manufacturing; Forbes America’s Most Promising AI Companies; and American Business Awards Tech Startup of the Year: Software; Additionally, it is recognized as a BloombergNEF Partner and World Economic Forum Technology Pioneer.
This latest funding round marks an important shift for the company as it continues to shape the $250B industrial automation market. Its innovative technology; Strong customer traction and global footprint clearly indicate the market’s appetite for its solutions and future prospects. its legacy manufacturing resources; With strong domain knowledge across high-growth industry verticals and deep expertise in software and hardware engineering, Bright Machines is strategically well-positioned for this next generation of intelligent automation technologies.
About Bright Machines
Headquartered in San Francisco, Bright Machines is an intelligent, A technology company pioneering an innovative approach to software-defined manufacturing automation. It is the flexibility of production; Leverages a holistic approach to scalability and fundamentally changing business. Bright Machines, San Francisco; R&D and Field Operation Centers in Tel Aviv and Guadalajara, North America; It works with additional support in Asia and Europe. Bright Machines is reimagining how products can be designed and manufactured to address the realities of today and the future. Think back to everything you know about manufacturing. Visit www.brightmachines.com.
Bright Machines® and LOGO and Brightware® are registered trademarks of Bright Machines, Inc.
About Eclipse Ventures
Over $2.7 billion in assets under management; 70-plus portfolio companies and technology; Production supply chain; logistics, Eclipse Ventures is a leading US venture capital firm with a team of investors with deep operational expertise in healthcare and consumer products. Its leadership team has the experience needed to create and scale complex operations. Eclipse Ventures makes physical industries more efficient, We work with exceptional companies that are resilient and profitable. For more information, Visit www.eclipse.vc