Tractian, an Atlanta, Georgia-based industrial IoT and enterprise asset management software provider, secured $45 million in Series B funding.
General Catalyst led the round, with participation from existing investor Next47 and notable strategic angels, including Ronan de Hooge (VP of Cloud Platform at AVEVA), Ron Gill (former SAP and Netsuite CFO), and Andy McCall (former Samsara CRO).
This infusion of capital is aimed at revolutionizing the lives of maintenance professionals through Tractian's hardware-software solution.
The new funding comes as Tractian’s asset monitoring system reaches over 1,000 industrial plants and positions the company to rapidly scale customer enablement while investing in new technology innovation for its maintenance operators.
Tractian's core offering includes an industrial operations platform and sensors that monitor the health of critical machinery, thereby preventing unplanned downtime. This comprehensive solution provides maintenance technicians and industrial decision-makers with a comprehensive overview of their operations.
In a significant development for the industry, Tractian introduced the concept of AI-Assisted Maintenance in the industrial sector earlier this year. The goal of Assisted Maintenance is to enhance the capabilities of maintenance professionals by providing more accurate diagnoses, augmented by human-in-the-loop feedback.
"I have a personal mission to elevate this category of workers in a highly impactful way. The Assisted Maintenance category will provide unimaginable support for maintenance professionals. By combining shop floor expertise with our technology, maintainers will be able to anticipate and address issues with unprecedented accuracy and speed," says CEO and founder of Tractian, Igor Marinelli.
Company: Tractian Technologies, Inc.
Raised: $45.0M
Round: Series B
Funding Month: August 2023
Lead Investors: General Catalyst
Additional Investors: Next47, Ronan de Hooge, Ron Gill, and Andy McCall
Company Website: https://tractian.com/
Software Category: Industrial IoT and Enterprise Asset Management Software
About the Company: Founded in 2019, Tractian is an industrial management company that provides industrial IoT and enterprise asset management software. Tractian IoT sensors and Artificial Intelligence software empower machine operators to think like Maintainers and prevent costly breakdowns. The company serves a diverse range of verticals, including food and beverage, automotive, consumer goods, mining, oil and gas, and commodities manufacturing. Tractian’s customer base includes well-known brands such as John Deere, Procter & Gamble, Caterpillar, Goodyear, Carrier, Johnson Controls, and Bimbo (owner of brands like Little Bites and Thomas Bagels).
Source: https://www.businesswire.com/news/home/20230807237831/en/Tractians-New-45M-Series-B-Funding-Boosts-AI-Driven-Maintenance-Operations