Manufacturing Process Management Platform Factory Secures $4.69 Million in Series A Funding for Expansion in the U.S.
This funding round, spearheaded by Shearwater Capital, garnered additional support from U.S. investor Martin Tobias and previous investors, including Investible, Adrian DiMarco, and Beachhead Capital.
The Sydney-based software startup had previously secured $1.05 million in a Seed round in 2023, also led by Investible.
The factory specializes in providing fabrication and manufacturing enterprises with tools to oversee operations from quotation through to delivery and procurement.
The newly acquired funds will bolster product development and engineering capabilities, facilitate the expansion of the go-to-market team, and initiate U.S. operations, commencing in Texas.
Brothers Paul and Michael Lutkajtis established Factory in 2021, drawing inspiration from their family’s fabrication business.
“This sector has largely been overlooked by the technology industry, primarily due to numerous misconceptions,” stated Paul, the CEO. We discovered that approximately 93% of firms in manufacturing employ fewer than 20 individuals.
This means the domain is predominantly composed of small enterprises, yet the available tools are designed mainly for the 7% that represent larger, enterprise-scale businesses.
Global Customer Base
The Factory platform caters to small and medium-sized sheet metal fabrication shops, allowing users to customize the system to suit their specific needs. The CEO, who plans to relocate to Texas as part of the expansion, emphasized this adaptability.
Now five years old, the Sydney startup boasts over 200 customers across Australia, along with a growing user base in North America and the United Kingdom.
Paul Lutkajtis expressed confidence concerning the unpredictable policy shifts of the U.S. government as they venture into that market.
“We recently spent two weeks in Texas, traversing from Dallas to San Antonio, visiting various fabrication shops where we were consistently told that the current environment could not be more advantageous for our entry, especially here in Texas,” he remarked.
“Despite challenges such as tariffs, the prevailing sentiment indicates that the industry will be strengthened by the administration’s commitment to enhancing domestic production.”
Source link: Startupdaily.net.
