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Tempo Automation lands USD 45 million Series C funding
Tempo Automation, which specializes in prototyping and low-volume production of PCBAs, has raised USD 45 million in Series C funding, led by existing investor Point 72 ventures.
Also in the Series C round are new outside investors, including Lockheed Martin, as well as existing investors, Lux Capital, Uncork Capital, Cendana and Golden Seeds. The investment will accelerate development of Tempo’s proprietary factory automation software to further increase speed and accuracy for manufacturing high-complexity PCB assembly, according to a press release. “Tempo is reinventing electronics manufacturing by putting software automation at the center of what they do,” said Sri Chandrasekar, partner at Point72 Ventures and board member at Tempo Automation. “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.” “We’re fortunate that, by helping our customers apply agile methods to electronics development, we have sparked great interest and demand,” said Jeff McAlvay, CEO of Tempo Automation. “Our customers have told us that they view our software-first approach to manufacturing as transformative for their ability to bring products to market faster. This investment will help us drive software development and accelerate the growth of our team to deliver greater benefits to our customers and advance the future of manufacturing." Since launching in 2013, Tempo has focused on an aggressive growth strategy across the aerospace, medical technology, industrial systems, consumer electronics, and automotive industries. In 2018, the company opened a 42,000-square-foot smart factory in San Francisco’s Design District. As part of this investment, Matthew Granade from Point72 Ventures will join the Tempo board of directors.