Datanomix Lands $12M in Growth Capital for its Leading Production Intelligence Platform
Datanomix the leading production intelligence platform for precision manufacturers, announced it has raised $12M in new growth capital. The round was led by MK Capital and Joint Effects, with investment participation from Hub Angels, multiple Datanomix customers, and previous investors Gutbrain Ventures, PBJ Capital, and CEAS Investments. Mark Koulogeorge of MK Capital will be joining the company’s Board of Directors.
“Over the last two years, Datanomix has taken the market by storm with significant customer growth and product leadership,” said John Joseph, CEO and Co-founder of Datanomix. “Our No Operator Input™ approach to production monitoring, which does not burden operators with any data entry, frankly awoke a sleeping market that has been waiting for innovation. We are proud that our brand has been recognized by leading customers, partners and investors for the differentiation and impact we are providing to industrial manufacturers.”
Production monitoring as a category has been largely focused on asset utilization and downtime reason code collection. Datanomix pioneered a new methodology, the aforementioned No Operator Input approach, which takes downtime reason codes, the overburdening of operators, and complex data integration requirements completely off the table.
“When Datanomix arrived on the scene, production insight had stagnated,” said Kylan Hastreiter, Vice President at Hastreiter Industries. “ERP systems had not evolved, and still only gave high level job stats after the fact, when it was too late to make improvements. Some monitoring systems had their user interfaces slightly updated, but the methodology was unchanged from the last decade where raw data is collected, operators are tasked with tedious data entry and tagging, and interpretation is left to manufacturing personnel who are already overloaded. Real-time, zero-burden insights were the gap that needed to be closed, and Datanomix has delivered that.”
Greg McHale, Co-Founder and CTO at Datanomix, added, “We spent hours with manufacturers who were using prior-generation monitoring systems, and saw exactly why operator input, complex integrations, and asset utilization alone were not transforming how they ran their businesses. While the category is called production monitoring, this is really about production management. Monitoring is a passive word, and people get into monitoring not to be passive, but to actively manage their operations better. What the market was missing was a vendor who believed it was their responsibility to provide context, insight, and impact that causes people to get out of their chair and respond because of what has been uncovered in their production data.”
Datanomix counts customers large and small in its success stories. From a handful of machines to hundreds in the same or multiple facilities, Datanomix serves operations ranging from household OEM’s to major tier 2 suppliers to job shops. Datanomix has had particular success displacing legacy vendors, as showcased on its dedicated site where customers share their tales of making the switch to Datanomix after giving up on other monitoring solutions.
Datanomix has similarly caught the attention and trust of several major partners such as Hexagon, Vallen, Caron Engineering, ProShop ERP, and Flexxbotics. These partnerships span from deep technical integrations to resale, and broaden the reach and ability to serve customers and geographies who need access to critical production insights to drive their company forward.
“Onshoring is a major investment theme of ours,” said Mark Koulogeorge, Founder and Managing Partner of MK Capital, “and we have an obligation, even beyond the capital, to contribute to American competitiveness, especially in manufacturing. Datanomix is clearly the transformational technology in this rapidly emerging category, with a product foundation that puts them in position not only to lead today, but to continue to acquire, analyze, and provide insight into additional digital and operational assets on the manufacturing floor. John and Greg are experienced veterans to start-ups and new markets, and I am honored to be joining the Board to help implement the vision of Datanomix and be part of this massive opportunity to transform manufacturing.”
The growth capital will fuel deeper product development and data source integrations in key production areas such as tooling and quality, and further investment in the industry-leading customer success and training programs Datanomix has built.
15/05/2023Enquire about this StoryReturn to News Overviews