Elemental Machines raises $41 million to fuel growth

The developer of the AI-powered connected lab platform will use the funding to expand its operations in the life science technology market.

CAMBRIDGE, Mass., November 10, 2022 /PRNewswire/ — Elemental machinesa developer of the LabOps intelligence platform for labs around the world, raised $41 million in a Series B funding round led by Sageview Capital and co-led by Omega Venture Partners, with continued participation from Gutbrain Ventures and Digitalis Ventures.

“The support we have received from Sageview Capital, Omega Venture Partners and our existing investors comes at the right time to drive our growth,” said Sridhar Iyengar, PhD, Founder and CEO of Elemental Machines. “We are excited to build on the tremendous success we have had in R&D. We believe our technology platform is poised to transform operational environments by connecting nearly all physical assets to the cloud, and thus freeing up operators to focus on more strategic initiatives.”

To date, Elemental Machines has supported more than 500 life science customers and plans to use the new funds to fuel business growth in research, clinical and quality control (LabOps) laboratory operations, serving a growing number $60 billion market. The company’s unique suite of vertically integrated products, from hardware and cloud applications to AI-based analytics, enables operators in science-driven enterprises to automate and extract meaning from operational data, increasing the overall efficiency.

Having proven the value of life science R&D applications, the company will also use the additional capital to leverage its connected operations platform and broadly support related fields such as manufacturing, materials science, food technology, agricultural technology and other data-driven industries.

“Elemental Machines has established a leadership position in the LabOps market with its family of value-added solutions and its successful expand and expand sales movement,” said Jeff Klemens, partner at Sageview Capital. “Sageview’s track record of helping technology companies scale is a perfect fit for Elemental Machines at this point in the business lifecycle. Working with the business and management team, we will amplify their voice in the marketplace and help ensure continued effective growth.

“Elemental Machines’ class-leading platform is accelerating and enabling the digital transformation of life sciences by harnessing the power of AI to power the physical and operational economy,” said Gaurav Tewari, managing partner of Omega Venture Partners. “Our team’s expertise and Omega’s compelling resources will enable us to provide the company with strong advantages as it grows.”

The company’s connected operations platform provides data-driven insights to lab directors and managers, enabling them to improve operational efficiency, facility and asset management, and laboratory results. manufacturing. Direct industry input into pain points and needs is critical to the successful development of useful tools, and Elemental Machines is committed to incorporating this input from industry leaders and changemakers. This investment will strengthen the company’s ability to work with partners to develop complementary integrations to serve common customer bases.

If you want to learn more about the company and partnership opportunities, visit www.elementalmachines.com.

About Elemental Machines

Elemental Machines is the trusted provider of data collection and reporting technologies for labs around the world. The CambridgeThe New York-based company equips labs with universal, cloud-based dashboards and turnkey sensors that unite data from every asset, every metric, and every location, enabling accurate collection, seamless sharing, and insights. powerful reports.

About Sageview Capital

Sageview Capital is a private investment firm that aims to partner with industry-defining innovators to build sustainable software and technology companies. With over $2 billion in assets under management, they work with entrepreneurs on a personalized approach, leveraging decades of experience, operational expertise and network to scale many successful businesses. They invest for the long term, having guided many portfolio companies through an IPO or acquisition, and beyond. Their investments include 360insights, Aceable, Anitian, Atmosphere, CallRail, Carewell, Clerk Retail, Demandbase, DISQO, Drivewyze, Elastic Path, Ezoic, MetricStream, Pantheon, Pax8, NAM, Specright, Theatro, and XSELL Technologies, among others.

About Omega Venture Partners

Omega Venture Partners is a leading technology investment firm headquartered in Silicon Valley. Omega invests in fast-growing software companies that leverage artificial intelligence, machine learning, data and automation to deliver transformative solutions. The firm uses a thematic investment strategy to identify broad market opportunities and invest in the next generation of category-defining companies.

SOURCE Elementary machines

James G. Williams