Tempo Automation Adds Lockheed Martin Investment


Reading time ( words)

Tempo Automation has raised $45 million in Series C funding, led by existing investor, Point72 Ventures. The round includes 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. 

“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.”

As technology companies compete to bring groundbreaking innovations to market quickly and gain first-mover advantage, they seek to reduce the time from concept to prototype to product launch. Tempo’s smart factory and proprietary software enable design engineers to ensure precision, speed, and transparency for PCBA.

“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."

To date, Tempo Automation has executed an ambitious growth strategy focused on expanding its footprint with customers across the aerospace, medical technology, industrial systems, consumer electronics, and automotive industries. In 2018, Tempo opened a 42,000-square-foot smart factory in San Francisco’s Design District and released a host of automation software updates that have enabled electrical engineers to design, test, and deploy their products in a fraction of the traditional development cycle time.

As part of this investment, Matthew Granade from Point72 Ventures will join the Tempo board of directors.

About Tempo Automation

Tempo Automation is the world’s fastest electronics manufacturer for prototyping and low-volume production of printed circuit board assemblies. By developing and deploying proprietary factory automation software in its San Francisco-based smart factory, Tempo is changing the way companies in aerospace, medical technology, industrial technology, automotive, and consumer electronics innovate and bring new products to market. Tempo’s industry-leading speed, precision, and start-to-finish transparency enables agile hardware development. Customers are able to plan and execute product development and launch with levels of confidence and certainty not previously possible.

Share

Print


Suggested Items

Communication and Information: Two Keys to Success

05/21/2019 | Nolan Johnson, I-Connect007
Nolan Johnson and Duane Benson, an I-Connect007 columnist and a representative from Milwaukee Electronics, discuss how assemblers can help their customers through submitting and maintaining accurate information, and engaging in open communication early and often about the highly important bill of materials.

Five Key Questions Your EMS Partner Should Be Asking in the Supplier Selection Process

05/09/2019 | Neil Sharp, JJS Manufacturing
As we've continued to observe the impact of the ongoing global electronics components shortage, any challenge to the supply chain has the potential to cause major disruption. Whether you currently manage your own end-to-end electronics manufacturing, or you have opted to outsource to an EMS provider, there are five essential issues (and potential risks) to bear in mind when assessing the value and reliability of any proposed new supplier.

Eileen Hibbler and Jason Emes on Improving the West Penn SMTA Chapter

04/22/2019 | Patty Goldman, I-Connect007
At the recent West Penn SMTA Expo, Eileen Hibbler, a chapter support specialist at SMTA, and Jason Emes, the current president of the West Penn SMTA Chapter, discuss ways to improve meeting attendance and develop a new slate of chapter officers.



Copyright © 2019 I-Connect007. All rights reserved.