California-based low-volume electronics manufacturer Tempo Automation has raised $45 million in Series C funding, bringing the total investment for the company to $74.6 million to date.
The round was led by existing investor, global venture capital firm Point72 Ventures. Lockheed Martin joined the funding round with other existing investors, Lux Capital and Uncork Capital.
The company said in a news release that the new investment will accelerate Tempo’s software development to increase further the speed and accuracy for manufacturing high complexity electronic designs.
The venture capital round follows a year of growth for the startup, including 2.5X year-on-year bookings growth driven by expansion in the world’s largest aerospace, medical device, and industrial technology companies.
In April 2018, Point72 Ventures also invested in Tempo’s Series B funding round, which allowed the company to build a 42,000-square feet smart factory in San Francisco.
“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. “We see a considerable market opportunity for Tempo, and we are pleased to support their continued growth.”
As part of this investment, Matthew Granade from Point72 Ventures will join the Tempo board of directors.
To date, Tempo Automation has forged an ambitious growth strategy focused on expanding its footprint with customers across the aerospace, medical technology, industrial systems, consumer electronics, and automotive industries.
Its smart factory in San Francisco’s Design District has also released a host of software automation updates that have enabled electrical engineers to design, test, and deploy their products in a fraction of the traditional build cycle time.
Tempo’s smart factory and proprietary software enable design engineers to ensure precision, speed, and transparency for PCBA.
“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,” said Jeff McAlvay, CEO of Tempo Automation.