Bright Machines Raises $132M in New Funding to Expand Intelligent Automation in Manufacturing
SAN FRANCISCO, CA – October 31, 2022 – Bright Machines, an innovator in software-defined manufacturing, announced today $132M in debt and Series B equity funding. The equity portion of the funding, worth $100M, was led by Eclipse Ventures. The debt portion of the funding, worth $32M, was led by Silicon Valley Bank (NASDAQ: SIVB) and Hercules Capital, Inc. (NYSE: HTGC). Bright Machines intends to use the funds to accelerate the company’s growth, which includes continued expansion into high-demand industry verticals, and the development of new software and service offerings to complement its existing portfolio of products. This round of funding brings the total raised by Bright Machines to $330M since the company’s founding in 2018.
“We founded Bright Machines with a singular mission to enable our customers to transform the way they have historically approached product assembly. We are excited to partner with the industry in creating a more streamlined ‘design-to-make’ process in which every product can be manufactured closer to the end consumer. In today’s unpredictable, global environment, this mission is more important than ever,” said Lior Susan, CEO and Co-Founder of Bright Machines. “We believe our solutions provide an essential pathway for the industry’s transition to more local, resilient, and sustainable operations. I am proud of the positive impact we’ve made to date and excited for this next phase in our journey.”
In addition to refining and extending the capabilities of its flagship product, the Bright Machines Microfactory, the company plans to use the funds to accelerate its Brightware software roadmap, expand its service offerings, strengthen its partner network, and grow its installed base of customers. It will also unveil an Integration Hub in Guadalajara, Mexico, later this year and a U.S. based Customer Experience Center in San Francisco in early 2023.
“By offering an intelligent automation platform that is fast, flexible, and cost-effective enough to scale with their customers’ businesses, Bright Machines is uniquely positioned to address a critical gap that has persisted in manufacturing for several decades,” said Greg Reichow, Partner at Eclipse Ventures. “Its software-driven microfactories are key to moving production operations into a future that does not rely on highly repetitive and labor-intensive processes.”
Strong company performance supports investor confidence
Since the company’s founding in 2018, Bright Machines has made significant advancements to its technology and impact on the industry, including:
- Launching the Bright Machines Microfactory to intelligently automate the final assembly of electronic products.
- Introducing the Brightware Platform to power Bright Machines Microfactories and give operators the ability to run, monitor and control assembly lines.
- Serving more than 40 global manufacturing companies through both direct OEM customer relationships as well as EMS and ODM partners.
- Deploying over 100 microfactories in 13 countries for projects across high-growth industry verticals, and doubling bookings year-over-year (2021-22).
- Helping customers achieve key success metrics, including up to 75% more units per hour and 65% fewer defects per production run.
- Being recognized as a leading manufacturing company whose technology has the potential to reduce carbon intensity by 51% per unit or 5.5 MMtCO2 per year, the equivalent of planting 6.5M trees annually.
- Receiving multiple industry awards, including Inc. Best in Business: Manufacturing; Forbes America’s Most Promising AI Companies; and American Business Awards Tech Startup of the Year: Software; as well as being recognized as a BloombergNEF Partner and World Economic Forum Technology Pioneer.
This latest funding round comes at an important inflection point for the company as it continues to reshape the $250B industrial automation market. Its innovative technology, strong customer traction, and global footprint are clear indications of the market’s appetite for its solutions and future vision. With its legacy manufacturing roots, coupled with strong domain knowledge across high-growth industry verticals, and deep expertise in software and hardware engineering, Bright Machines is strategically well-positioned to usher in this next generation of intelligent automation technology.
About Bright Machines
Bright Machines is a manufacturing technology company pioneering intelligent, software-defined automation for electronics assembly. It leverages a full-stack approach to fundamentally change the flexibility, scalability, and economics of production. Bright Machines operates R&D and Field Operation centers in San Francisco, Tel Aviv and Guadalajara, with additional support in North America, Asia and Europe. Bright Machines is reimagining how products can be designed and produced to address the realities of today and the future ahead. Rethink everything you ever knew about manufacturing. Visit www.brightmachines.com
Bright Machines® and the LOGO and Brightware® are registered trademarks of Bright Machines, Inc.
About Eclipse Ventures
With over $2.7 billion in assets under management, 70-plus portfolio companies, and a team of investors with deep operating expertise in technology, manufacturing, supply chain, logistics, healthcare and consumer products, Eclipse Ventures is a leading U.S. venture capital firm. Its leadership team has the experience necessary to create and scale complex operations. Eclipse Ventures partners with exceptional companies that make physical industries more efficient, resilient, and profitable. For more information, visit www.eclipse.vc.
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