Tractian, founded in 2019, has raised over $180 million to date. The company closed a $45 million growth capital round led by General Catalyst in August 2023. The recent funding round comes as more than half of last month's $28 billion in global venture funding went to AI companies, with the sector attracting over $14 billion.
Key takeaways:
- Manufacturing AI startup Tractian has secured a $120 million Series C funding round led by Sapphire Ventures, with participation from General Catalyst, Next47, and NGP Capital.
- Tractian's technology combines hardware, software, and AI to modernize manufacturing maintenance processes, addressing the issue of industrial maintenance which costs the world's 500 largest companies 11% of their annual revenue.
- More than half of last month's $28 billion in global venture funding went to companies in the AI sector, with AI companies in various sectors securing over $14 billion.
- Since its establishment in 2019, Tractian has raised over $180 million, including a $45 million growth capital round in August 2023 led by General Catalyst.