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Datanomix, a production intelligence software vendor, today announced it has raised $6 million in series A funding to expand the reach of its software. The round was co-led by Gutbrain Ventures and PBJ Capital, and Datanomix says it will put the funds toward growing its sales, marketing, customer success, and engineering departments.
Manufacturing is undergoing a resurgence as business owners look to modernize their factories and speed up operations. According to ABI Research, more than 4 million commercial robots will be installed in over 50,000 warehouses around the world by 2025, up from under 4,000 warehouses as of 2018. Oxford Economics anticipates 12.5 million manufacturing jobs will be automated in China, while McKinsey projects machines will take upwards of 30% of these jobs in the U.S.
Founded in 2016 and based in Nashua, New Hampshire, Datanomix offers an operations monitoring solution that requires no operator input and automatically benchmarks production using only manufacturing equipment data. Datanomix’s dashboards deliver statuses on factory KPIs and allow users to drill down into specific metrics, jobs, and clients at any time. The platform can connect to existing enterprise resource management systems for maintenance, tuning, and calibration workloads and supports alerts to notify customers when conditions — e.g., temperatures, pressures, and vibrations — require their attention.
“Fundamentally, there were three significant gaps in the real-time factory data market that we sought to address: (1) Is this data meaningful enough right now that it can change my day in progress? (2) Does the system deliver information in such a way that it naturally aligns with the chaotic workflow of manufacturing people? and (3) Is the data contextual enough that it can immediately improve my estimating/costing/profitability metrics?” a spokesperson told VentureBeat via email. “Customers see what benchmarks our software creates, with literally no input required from them at all. They are blown away that we basically know their jobs as well or better than they do.”
According to a 2020 PricewaterhouseCoopers survey, companies in manufacturing expect efficiency gains over the next five years attributable to digital transformations. McKinsey’s research with the World Economic Forum puts the value creation potential of manufacturers implementing “Industry 4.0” — the automation of traditional industrial practices — in their operations at $3.7 trillion in 2025.
With a customer’s Wi-Fi information, Datanomix draws on devices plugged into a factory’s CNC machines. The platform creates benchmarks for every job run around cycle time, parts per hour, and utilization. Performance is predicted in terms of how many parts a factory should be making when a job is running — Datanomix automatically takes into account scenarios like multiple jobs in a shift, rotating operations, jobs that end partway through a shift, and more.
Datanomix has 15 employees and says it has attracted “dozens” of new customers this year and is “consistently” doubling its business every quarter.
“Datanomix is well positioned, given the current landscape of manufacturers who have a clear mandate to digitize the information they use to manage production and growth of their companies, products, and profits,” CEO John Joseph told VentureBeat via email. “We purpose-built our software around the need for real-time intelligence frameworks that drive people to action, higher levels of productivity, and bigger outcomes.”
Beyond Gutbrain and PBJ, CEAA Investments and previous backers participated in Datanomix’s latest funding round — including Argon Ventures, York IE, Wasabi Ventures, Alumni Venture Group, and Millworks Fund. This brings the company’s total raised to date to $9 million.
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