FactoryFour was created with a much simpler problem in mind: how do we efficiently collect data from patients to produce custom orthotic and prosthetic devices? The methods of producing these devices involved patient data being received by paper, fax, or phone, and these unique devices were often produced by hand. Lead times for producing a device ranged from weeks to months. So we set out to find a solution, and came upon a larger problem.
Variability in production is causing major problems for manufacturers across all industries. The rise of mass customization introduced more complex processes that are difficult to manage, resulting in longer lead times, more errors, and lower profitability. And the problem is only growing, with a 217% increase in custom production of industrial goods last year alone.
Manufacturers traditionally use legacy ERP software to manage production and their business. This software is rigid and outdated, unable to capture the nuances in a manufacturer’s production processes. Inevitably, they resort to spreadsheets and clipboards to make sense of what is happening on the floor.
Manufacturing is seeing a boom of innovation, with connected machines and sensors facilitating the Internet of Things, yet the system of record remains anchored in the past. Manufacturers need a new platform that will connect these data sources with the humans on the production floor in order to orchestrate and automate their business.
With this Series A funding, we take a giant step forward in our mission to fulfill that need, making FactoryFour the new foundational software for manufacturers. Our product is a real-time system of record that allows customers to configure workflows to their unique processes, gather data automatically from their production floor, and integrate with the various tools specific to their ecosystem to enhance efficiency. Manufacturers small and large—across industries—use FactoryFour to gain visibility into production, minimize lead time, and make strong, data-driven decisions for their businesses.
The funds raised from this round, led by August Capital, will help us accelerate development of our platform and expand our global footprint including our new offices in Los Angeles and London, while ramping our sales and marketing efforts to bring FactoryFour to every manufacturer. As part of the financing, we’re excited to announce that Villi Iltchev of August Capital and David Lee of Refactor Capital will be joining FactoryFour’s Board of Directors.
Manufacturing is rapidly approaching a digital future, yet manufacturers don’t have the tools to harness this change. At FactoryFour, we believe that every manufacturer should be empowered to improve their business and leverage new technologies to achieve that. We are incredibly proud of the product we’ve built, and are excited for our current customers and future ones to see what is coming next.
If you want to learn more about FactoryFour or are interested in joining our team, please visit our websitehere.
CEO of FactoryFour