Sight Machine Inc., a San Francisco, California-based leader for manufacturing analytics, as per recent reports this week, has just closed a Series C venture capital funding round, raising a sum total of $29.4 million in investment funding. The recent Series C Funding round was led by LS Group, a conglomerate group from South Korea, and was participated by Sight Machine’s existing investors Mercury Fund, Jump Capital, O’Reilly AlphaTech Ventures and E.ON.
As part of this investment, Yumi Lee, the Chief Strategy Officer of LS Corp., a holding company of LS Group, and Dan Fishback, the former CEO of DemandTec and a seasoned leader of pioneering data and analytics companies, will be joining Sight Machine, as a board member.
“Manual data wrangling is consuming the majority of digital transformation project budgets,” stated Jon Sobel, Sight Machine’s CEO. “By enabling the industry to shift to automated data transformation—using a product instead of services—Sight Machine offers manufacturers unique insight, concrete and significant ROI, and the only way to scale.”
Earlier, from 2017 to 2018, the company reported a 400 percent growth in customer contract value. Last year, in 2018, Sight Machine’s multiple clients reported revenue growth of 10 percent or more in throughput and Overall Equipment Effectiveness (OEE), metrics that directly pave way for new opportunities, growth in revenue, and profitability.
In addition to reporting strong organic growth, Sight Machine has also successfully established an industry-leading ecosystem comprising of global partners including cloud platform providers Microsoft, Google, and Amazon; system integrators such as Fujitsu; leading consultancies; and E.ON, a European holding company that runs the world’s largest investor-owned electric utility service.