US-based manufacturing software developer Tempo Automation secured $45m on Tuesday in a series C round that included aerospace technology producer Lockheed Martin.
The round was led by venture capital firm Point72 Ventures and included Lux Capital, Uncork Capital, Cendana and Golden Seeds.
Founded in 2013, Tempo has developed automation software that reduces the time it takes for manufacturers to produce printed circuit board assemblies, helping electrical engineers develop, test and release their products more quickly.
Jeff McAlvay, Tempo’s chief executive, said: “Our customers have told us that they view our software-first approach to manufacturing as transformative for their ability to bring products to market faster.
“This investment will help us drive software development and accelerate the growth of our team to deliver greater benefits to our customers and advance the future of manufacturing.”
Matthew Granade, chief marketing intelligence officer and managing director for Point72 Ventures, will join Tempo’s board of directors in conjunction with the round.
Point72 Ventures led the company’s $20m series B round in April 2018, investing alongside Lux Capital, Uncork Capital, AME Cloud Ventures, Industry Ventures, Dolby Family Ventures and Cendana.
The company had previously received $8m in a 2016 series A round, which was led by Lux and backed by Uncork Capital (then known as SoftTech), Bolt and AME.
Draper Associates, OS Fund and Incite Ventures are also listed as investors in Tempo, though the company has not disclosed details of any earlier funding.