Manufacturing management startup from Baltimore secures $5 million funding
A $5 million funding round was given to Baltimore startup FactoryFour, per a Friday press release. The company specializes in manufacturing management, allowing producers to customize their production methods.
The Friday announcement confirmed that investor August Capital was the body that led the multi-million dollar funding round for FactoryFour.
The company is expected to reach 100 clients by early 2019 as it already works with dozens of clients throughout the U.S. and Europe that are in the manufacturing industry.
“We have a vision of our product serving as the foundation for companies transforming with Industry 4.0, helping to collect, integrate and make sense of the data gathered from sensors, IoT and other tech investments. This round helps us on that path,” said FactoryFour CEO Param Shah in the company press release.
This latest investment brings up the total amount raised by the company to $8 million after having already raised $3 million in seed funding.
With the money, the company said they will look to expand west to the Los Angeles, California market, improve product functionality and add employees.
“Manufacturers construct the foundation of our society, stimulating our economy and giving us the tools to go about our daily lives – but most have to do it without the modern tools to manage production the way they want to, stopping them from unlocking the full potential of their expertise,” Shah said.