SAN FRANCISCO – Tempo Automation has closed a $20 million Series B round to increase its manufacturing capacity and double its team in software engineering, sales, and manufacturing.
Tempo is planning a new connected factory and headquarters here. The firm says it will increase overall capacity 10x over the next couple years. Tempo plans to increase staff from 60 to over 100 by the end of the year.
"Whether they're building products from rockets to medical devices to autonomous cars, today's leading companies are racing to get their ideas and concepts to market faster,” said Jeff McAlvay, CEO of Tempo. “Yet, the tools to design and manufacture hardware have not improved in decades. When developing new software, it would be unimaginable to have to wait weeks and trade tens of phone calls and emails just to see if your code works or not. Yet, that's the daily experience of electrical engineers today. We are excited to have Sri (Chandrasekar) from P72 join our board. Having experienced the frustrations of electronics development firsthand, he shares our mission to create a new electronics manufacturing paradigm by building an unbroken digital thread from design to delivery."
Tempo reported 2017 revenue growth of more than 500%.
Read CIRCUITS ASSEMBLY's recent profile of Tempo Automation.