Sight Machine doesn't have to look too far down the road to see some big things are on the horizon. The manufacturing software startup is poised to close on a big venture capital round in a few weeks, move into a new home in a few months, and exponentially grow the business this year.
The Ann Arbor-based startup is in the final stages of securing a seven-figure venture capital deal within the next couple of weeks. The deal is described as "less-than-$10-million" ...but not too much less than that.
"It's still a multi-million-dollar deal," says Patrick Fetterman, vice president of marketing for
Sight Machine.
The 4-year-old company has been developing a software platform for manufacturers. It started out as a inspection technology but now has expanded to analyze a factory's entire operations. It’s being branded as manufacturing analytics that take up an enormous amount of computing power to operate.
Sigh Machine launched its first product two years ago. Now it has two Fortune 1000 companies as customers and a number of medium-sized businesses. Fetterman expects that list to grow rapidly once the seed capital is confirmed and used to grow the business. It is already bursting at the seams in its current home in Ann Arbor's
Maker Works.
"We're looking for additional office space because we have outgrown it," Fetterman says. "We plan to double the size of the business."
Sight Machine has expanded its staff to 22 people after making nine hires last year. Those new jobs included sales, marketing, engineers and executive team members. More hires are expected this year.
"It's going to be a very exciting year for the company," Fetterman says.
Source: Patrick Fetterman, vice president of marketing for Sight Machine
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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