We are pleased to announce that MassVentures has invested in MachineMetrics, a company that develops production monitoring software for the manufacturing industry. MachineMetrics, based in Northhampton, MA, addresses the need for manufacturing companies to have greater visibility into their production processes.
Long River Ventures, a firm managing more than $70 million in capital, led the round along with MassVentures. Since receiving the funding the team has doubled in size and plans are to remain in Northampton, MA. In addition, the funding will help MachineMetrics further accelerate its rapid development and growth trajectory.
“Massachusetts is committed to growing our statewide advanced manufacturing cluster,” said Jay Ash, Secretary of Housing and Economic Development for the Commonwealth of Massachusetts. “Massachusetts manufacturing companies will continue to grow by having the capital available to invest in leading edge technology, equipment and their teams to ensure continued success.”
This is a testament to the MassVentures’ commitment to fueling innovative technology companies that are outside the perimeter of typical venture capital investments,” said Jennifer Jordan, Vice President of MassVentures. “By partnering with Long River Ventures and understanding the needs of entrepreneurs in the Pioneer Valley we are able to provide them the capital, connections and mentoring they need to prosper and excel here in Massachusetts.”
“Partnering with both local investors and the State of Massachusetts through MassVentures will provide us the capital and guidance to accelerate our momentum and help us support our growing customer base of small to mid-sized manufacturers,” concludes MachineMetrics CEO Bill Bither. “It is our goal to penetrate the local manufacturing community with MachineMetrics technology to provide them a competitive advantage and therefore help the entire Massachusetts manufacturing industry succeed.”
About MachineMetrics, Inc.
MachineMetrics, Inc. develops real-time production monitoring software for manufacturing companies. Headquartered in Northampton, Massachusetts, the company was founded by William Bither, Eric Fogg, and Jacob Lauzier in 2014. More information can be found on the company’s website, http://www.machinemetrics.com.