ATLANTA–(BUSINESS WIRE)–Tractian, a machine intelligence company offering one of the most advanced industrial monitoring systems on the market, announced $15 million in Series A funding led by Next47, a global venture capital firm specializing in building category-defining B2B technology businesses. YCombinator and other previous investors also participated in the round. The new capital will allow the company to consolidate its position in the global market by extending operations from Brazil to Mexico and the U.S. and continuing rapid development of industry-leading products.
Tractian has developed streamlined hardware-software solutions designed to give maintenance technicians and decision-makers comprehensive oversight of their operations. With ease of installation and quick value generation at the heart of its customer approach, Tractian is democratizing access to sophisticated monitoring and analytics. The Tractian hardware suite includes two novel sensors: SmartTrac, which measures high-frequency vibration and temperature signals to track machine health; and EnergyTrac, used on control panels and electrical infrastructure to measure energy consumption and monitor faults.
The company extended the breadth of its suite by recently launching TracOS, a mobile-first software solution that acts as “mission control” for industrial maintenance. TracOS incorporates data from its sensor family with intuitive dashboarding of alerts and machine learning-based diagnostics and recommendations. More importantly, it functions as an end-to-end CMMS platform for asset-centric operations: managing work orders and scheduling, checklists, procedures, inventory, and more.
“This is a critical space, the heartbeat of our economy. Our goal is to offer the best machine operations platform, bringing essential digital tools to factory floors, combined with our robust IoT for asset monitoring and anomaly prediction,” said Igor Marinelli, Tractian Founder and Co-CEO. “With this new investment, we’ll continue to grow at a rapid pace, challenging old-fashioned industrial suppliers who insist on selling rudimentary solutions at exorbitant prices that do not justify the value added.”
Tractian has experienced accelerated momentum in the past year, generating over 400% revenue growth on the strength of its product suite and ease of adoption. It has more than tripled its customer base to 200 industrial logos including large multinational brands such as Bosch, Embraer, Hyundai, John Deere, and Karcher. Net revenue retention stands at 150%, a result of the immediate, powerful ROI realized by customers. Tractian has also hit impressive scale, deploying thousands of sensors in a variety of industrial sectors such as aerospace, automotive, food and beverage, pulp and paper, and metals among others.
Danone S.A., the global food corporation and owner of the Dannon brand, is benefiting from its Tractian deployments. According to Luis Migot, Plant Manager: “Real-time monitoring of our critical assets is a competitive advantage for us. Today, we can no longer imagine maintenance processes without Tractian’s solutions.”
“Next47 is thrilled to join Tractian on its mission to transform the maintenance experience for enterprises globally,” said Debjit Mukerji, Partner at Next47, who will join the company’s board. “Having followed this space for years, we concluded that frictionless deployment, plug-and-play hardware and a mobile-first approach are essential ingredients of success, particularly in the underserved medium enterprise segment. Tractian combines these in its extraordinary product vision and consistently delights its customers.”
The company has lofty goals for the next 18 months. Founder Gabriel Lameirinhas points out that in that time, it plans to serve 600 customers and have 20,000 sensors in the field, in addition to reaching 200 employees. “We know the industries that empower their frontline workers with best-in-class productivity tools have superpowers compared to others, and Tractian appears as the right arm of maintenance managers to manage their routines around the world,” said Lameirinhas.
In January, Tractian announced its expansion to North America, opening a new office in Mexico with a team dedicated to developing the company’s business there. The company plans to follow up with a market entry in the United States later this year.