Bright Machines, a San Francisco, CA-based innovator in software-defined manufacturing, announced that it raised $132 million in debt and Series B equity funding, bringing Bright Machines to a total raised of $330 million since its founding.
The equity portion of the funding, worth $100M, was led by Eclipse Ventures. The debt portion of the funding, worth $32M, was led by Silicon Valley Bank and Hercules Capital, Inc.
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 service offerings to complement its existing portfolio of products.
The company also plans to use the funds to accelerate its Brightware software roadmap, expand its service offerings, strengthen its partner network, and grow its installed base of customers.
It will also unveil an Integration Hub in Guadalajara, Mexico, later this year and a U.S.-based Customer Experience Center in San Francisco in early 2023.
This latest funding round comes at an important inflection point for the company as it continues to reshape the $250B industrial automation market. Its innovative technology, strong customer traction, and global footprint are clear indications of the market’s appetite for its solutions and future vision.
With its legacy manufacturing roots, strong domain knowledge across high-growth industry verticals, and deep software and hardware engineering expertise, Bright Machines is strategically well-positioned to usher in this next generation of intelligent automation technology.
Company: Bright Machines, Inc.
Raised: $132.0M
Round: Debt and Series B equity
Funding Month: October 2022
Lead Investors: Eclipse Ventures
Additional Investors: Silicon Valley Bank and Hercules Capital, Inc
Company Website: https://www.brightmachines.com/
Software Category: Manufacturing Solution for industrial automation
About the Company: Founded in 2018, Bright Machines is a technology company pioneering an innovative approach to intelligent, software-defined manufacturing automation. It leverages computer vision, machine learning, 3D simulation, and adaptive robotics to fundamentally change the flexibility, scalability, and economics of production. With more than 500 employees worldwide, Bright Machines operates R&D and field operation centers in San Francisco, Tel Aviv, and Guadalajara, with additional support in North America, Asia, and Europe. Bright Machines is reimagining how products can be designed and produced to address the realities of today and the future ahead. Rethink everything you ever knew about manufacturing. In 2019, Bright Machines was named a “Technology Pioneer” by the World Economic Forum and one of “America’s Most Promising Artificial Intelligence Companies” by Forbes.
Source: https://www.brightmachines.com/news/bright-machines-raises-132m-in-new-funding-to-expand-intelligent-automation-in-manufacturing/