Elemental Machines, a Cambridge, MA-based developer of the LabOps Intelligence Platform for labs around the world, has raised $41 million in Series B funding.
The round was led by Sageview Capital and Omega Venture Partners, with participation from Gutbrain Ventures and Digitalis Ventures.
The funds will be used to accelerate commercial expansion in research, clinical, and quality control laboratory operations (LabOps), a $60 billion market.
"The support we have received from Sageview Capital, Omega Venture Partners, and our existing investors comes at the right time to drive our growth," said Sridhar Iyengar, Ph.D., founder and CEO of Elemental Machines. "We are excited to build on the tremendous success we've had in the R&D space. We believe that our technology platform is poised to transform operational environments by connecting nearly any physical asset to the cloud, and thereby freeing operators to focus on more strategic initiatives."
The company's one-of-a-kind portfolio of vertically integrated technologies, ranging from hardware and cloud applications to AI-driven analytics, enables operators in science-driven organizations to automate and extract meaning from operational data, enhancing overall productivity. Elemental Machines has served over 500 life sciences customers.
This investment will strengthen the company's ability to work with partners to develop complementary integrations to service joint customer bases.
Company: Elemental Machines Inc.
Raised: $41.0M
Round: Series B
Funding Month: November 2022
Lead Investors: Sageview Capital and Omega Venture Partners
Additional Investors: Gutbrain Ventures and Digitalis Ventures
Company Website: https://elementalmachines.com/
Software Category: AI-powered Connected Lab Platform
About the Company: Elemental Machines is a technology platform for optimizing laboratory operations servicing research, clinical, diagnostic, and quality control labs worldwide. The company equips labs with universal cloud-based dashboards and turnkey sensors that unite data from every asset, every metric, and every location, enabling the accurate collection, seamless sharing, and powerful reporting. Its connected operations platform delivers data-driven insights to lab directors and managers, allowing them to improve operational efficiency, facilities and asset management, and manufacturing outcomes. Elemental Machines empower labs with ubiquitous data-driven discovery, development, and diagnostics capabilities, seamlessly linking the physical and digital worlds.
Source: https://elementalmachines.com/blog/elemental-machines-raises-41-million-to-fuel-growth?hsLang=en