CHARLOTTE – Automation Intellect, a SaaS company that provides machine performance analytics to manufacturing companies, has raised over $2 million in new equity funding.
A large chunk of that change – around $750,000 – came from Triangle venture capital players, Cofounders Capital.
“It was well oversubscribed,” Cofounders Capital partner Tim McLoughlin told WRAL TechWire.
“There was a lot of excitement from investors in this round.”
Early-stage venture firm StartFast led the round, which got an extra boost after the Automation Intellect closed on a master service agreement with “a global manufacturing leader” in the field of automotive filtration.
Founded in 2016 by Brad DeMarco, Kurt Lueck and Bruce Wilkinson, the Charlotte-based firm collects and monitors machine data, providing companies with insights to improve machine performance.
“This is one of the first times we’ve followed on in a round of financing, but talking with the StartFast team made this an easier decision,” McLoughlin explained.
“Through their accelerator, they had worked with the team every day for several months and had nothing but great things to say. StartFast has a similar model to Cofounders, and it was very encouraging to hear their confidence in this group.
Each year, StartFast screens over 10,000 software and Internet of Things companies from across the globe before selecting five to invest in.
Those companies receive an initial investment and work with StartFast’s management team to identify product-market fit and develop scalable sales models.
DeMarco, the startup’s CEO, said the firm plans to use the funds towards developing the product and building out the sales and marketing teams.
“This is an amazing accomplishment for our team, and we really appreciate the support from all of the investors that made this happen,” he said in a statement.