C-Labs raises $2.7 million to give greater insights into automated industrial equipment
Summary
But in 2014 the company brought on former Microsoft and Bsquare veteran John Traynor to help turn all the technology it had developed over the years into a prepackaged solution it could sell to a wider audience. More and more industrial equipment is becoming Internet-connected and capable of tracking everything from conveyor belt speed to the temperatures insides holding tanks. But, given strict cyber security protocols across the manufacturing industry, it’s not so easy to share that information outside the factory floor. With the $2.7 million cash infusion, Traynor said the five-person startup plans to keep developing its technology and ramp up sales and marketing efforts, especially around the U.S. As of now, the company does about 80 percent of its business in Europe, where more factories have adopted Internet-connected industrial equipment. Sheet metal manufacturing giant TRUMPF participated in the series A round, while also signing a licensing deal to begin using C-Labs’ technology.
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