A $31 million Series B funding round will support Guidewheel’s efforts to scale the platform across factory floors.
SAN FRANCISCO—Software company Guidewheel is the developer of a platform that provides a way to bring artificial intelligence (AI) to the factory floor “at scale—every machine, in every factory,” the company said in a release.
Guidewheel’s AI-powered FactoryOps platform is designed to make the power of the cloud accessible to any factory. Inspired by the fact that every machine on a factory floor uses power, Guidewheel starts with non-invasive sensors that clip like a smartwatch onto the power draw of any machine. This brings the machine’s real-time “heartbeat” into a “connected, active learning system” that empowers teams to “reduce lost production time, increase efficiency, and enhance performance over time,” the company said.
Guidewheel said that customers using the FactoryOps platform reported an average of 41 percent more production from their existing assets, according to a third party survey by UserEvidence (uevi.co/5213IUNF). Within the same platform, Guidewheel said it builds in all the tools manufacturers need to track and manage energy and carbon towards sustainability goals.
“A new industrial revolution is taking place that will reshape not only manufacturing processes, but entire business models—and the importance of manufacturing has never been clearer,” said Lauren Dunford, co-founder and CEO of Guidewheel, in the release. “Equipment in factories often lasts for decades, and a significant number of machines are not yet even connected to the cloud. Historically, the only available solutions have been cost-prohibitive and require specialized skills.
“Guidewheel changes that by providing a fast, scalable solution that minimizes operational disruption to swiftly connect all machines—across all ages, makes, and models—at a fraction of the cost of competitive solutions.”
Guidewheel is rapidly releasing new features on top of its core platform, designed to be easy for customers and developers to build on. Its recent new releases include Scout, an AI-powered predictive maintenance tool that detects early warning signs of issues before they cause downtime, quality defects, or catastrophic failure.
Scout is reportedly already driving bottom-line impact for Guidewheel customers, including a Fortune 500 auto manufacturer that averted an issue that would have brought down a line for hours. Another customer, a manufacturer of consumer durables, was able to prevent failure of key auxiliary equipment before it caused a plant-wide shut down, according to Guidewheel.
“Guidewheel requires no programming and no advanced computer knowledge, but its reports and data are sophisticated and useful,” said Jim Campbell, CEO of Guidewheel Customer Automated Solutions (North Carolina), in the release. “I don’t think another tool like this exists where remote, centralized support provides all the technical expertise required.”
To support the scaling of its FactoryOps platform, Guidewheel recently raised an oversubscribed $31 million Series B funding round led by Decarbonization Partners, a partnership between BlackRock and Temasek. Also participating in the round were Ecolab, Rethink Impact, and GSBackers, alongside existing investors Greycroft and Breakthrough Energy Ventures (BEV), among others.
“We’re excited to support Guidewheel not just because their technology solves an important problem for manufacturers, but because they’ve found a way to build sustainability into the core of manufacturing operations,” said Global Head and Chief Investment Officer of Decarbonization Partners Meghan Sharp, Ph.D., in the release. “By using Guidewheel to help manage their factory operations, customers can not only improve efficiency and reduce costs, but also reduce energy consumption and emissions.”
“We’re thrilled to partner with Decarbonization Partners and all of our amazing investors to supercharge our growth,” added Dunford. “This financing allows us to further accelerate product development, scale our AI team, and invest even more in customer success to support our rapidly growing customer base. We’re one step closer to empowering the world’s 10 million factories to reach sustainable peak performance.”
Guidewheel’s recent momentum has enabled the company to engage some of the world’s leading manufacturers as customers, including General Motors, Igloo, Kimberly Clark, JELD-WEN, DRiV/Tenneco, CEMIX, TricorBraun, Reliance Steel & Aluminum, Madison Industries, BorgWarner, U.S. Steel, Berry Global, Myers Industries, and Johnson & Johnson, according to the release.
“Reaching net zero starts with how we build things,” said Carmichael Roberts, Breakthrough Energy Ventures, in the release. “We believe Guidewheel can play a critical role in global industrial decarbonization by enabling manufacturers to better track and manage energy use. Guidewheel is empowering factories globally to reach sustainable peak performance, and the company’s continued growth is a testament to the technology and the team behind it.”