© Tempo Automation Electronics Production | April 18, 2018
Tempo builds new factory in San Francisco
EMS-provider Tempo has closed a USD 20 million Series B financing round to increase its manufacturing capacity and double its team in key roles in software engineering, sales, and manufacturing.
Driven by high demand, Tempo plans to increase manufacturing capacity with a new connected factory and company headquarters in the heart of San Francisco. Paired with its factory software, this increases its overall capacity by 10X over the next couple years, a press release states. “Whether they’re building products from rockets to medical devices to autonomous cars, today’s leading companies are racing to get their ideas and concepts to market faster. Yet, the tools to design and manufacture hardware have not improved in decades. When developing new software, it would be unimaginable to have to wait weeks and trade tens of phone calls and emails just to see if your code works or not. Yet, that’s the daily experience of electrical engineers today,” said Jeff McAlvay, CEO of Tempo Automation. “We are excited to have Sri from P72 join our board. Having experienced the frustrations of electronics development firsthand, he shares our mission to create a new electronics manufacturing paradigm by building an unbroken digital thread from design to delivery.” “People take for granted that engineers can rapidly iterate designs, but that’s never been the case in electronics design. By reducing prototyping time from weeks to days, Tempo empowers engineers to experiment and companies to completely rethink their design timelines and processes. Tempo is transforming the electronics industry and their new factory will finally keep up with the demand and enthusiasm from engineers across industry,” said Sri Chandrasekar, Partner at P72 Ventures. The successful funding is underscored by 2017 revenue growth of over 500 percent. The prototyping specialist plans to increase staff numbers from currently 60 to well above 100 over the next view months, specifically in key roles across engineering, sales and manufacturing. The new factory is based in SOMA and is currently in build-out, with an expected move-in summer 2018. At over 42'000 sq. ft., Tempo’s manufacturing capacity will expand to handle up to 5 full production lines. The new facility will also double as Tempo’s new headquarters, the press release continues.