Industrial conglomerate LS Group has led a $29.4m series C round for Sight Machine, the US-based developer of a manufacturing software platform.
The round included energy utility Eon and O’Reilly AlphaTech Ventures (OATV), the corporate venture capital vehicle for media company O’Reilly, as well as Mercury Fund and Jump Capital. The company is looking to close it at $35m according to a securities filing.
Founded in 2011, Sight Machine has created an analytics software platform that uses artificial intelligence and machine learning to enable manufacturers to process, analyse and collate their data across multiple sources.
Yumi Lee, chief strategy officer of LS Group’s holding company, LS Corp, has joined the company’s board of directors, as has Dan Fishback, the former chief executive of mechanising technology developer DemandTec.
Jump Capital led a $13.5m series B round for Sight Machine in 2016, investing alongside GE Ventures, the corporate venturing arm of industrial product maker General Electric, OATV, Two Roads Group, IA Ventures, Mercury Fund, Huron River Ventures, Orfin Ventures and Pritzker Group Venture Capital.
A securities filing indicated that the round had been increased to $19.5m a few months afterwards, and the company added $25.5m in August 2018 according to a separate filing.
OATV, Mercury Fund, Michigan eLab, Huron River Ventures, Orfin Ventures, Funders Club and IA Ventures had provided $5m for Sight Machine in a 2015 series A round that took its total funding to $11m according to the Wall Street Journal.