Tulip Raises $150 Million To Democratize Manufacturing
Tulip Interfaces has announced that it has raised $100 million in Series C funding led by New York-based global private equity and venture capital firm, Insight Partners. Existing investors DMG MORI, NEA, and Vertex Ventures US also joined the funding round.
Tulip’s Frontline Operations platform provides a cloud-based, no-code platform with native edge capabilities that connects the people, machines, devices, and systems used in the operations of a variety of frontline industries including general manufacturing.
With Series C funding, Tulip plans to expand its international operations to better support its hundreds of global enterprise customers like Terex, Delta Faucet, and Outset Medical; spanning more than 35 countries. Tulip intends to double its headcount, expanding operations in Boston, Munich, and Budapest; and establish a new APAC HQ in early 2022. The company plans to invest in new product features, and further apply AI and data science features to commonly used customer workflows. Tulip will dedicate additional resources towards its growing user community and Frontline Operations Marketplace.
Tulip Vision extends Tulip’s approach to augmenting end-users with real-time feedback, accelerated workflows, and effortless data collection. Manufacturing engineers can leverage change detection and jig detection capabilities in apps via the Tulip no-code platform and create production-ready vision systems with off-the-shelf cameras.
These new, intuitive, no-code Vision capabilities allow manufacturers to benefit from fault-reduction, real-time feedback, data collection, production visibility, and quality assurance use cases. Manufacturers can set up this functionality within a fraction of the time and without the capital associated with traditional computer vision solutions.
According to Natan Linder, Co-founder and CEO of Tulip, “About 1 in 5 global workers are frontline operators who are fundamentally deskless. Their work environments are highly complex with work cells, sensors, benches, conveyor belts, and back-end systems in what constitutes a physical and digital environment, and they need a platform that is just as dynamic to support all the moving pieces. Just like knowledge workers, frontline workers need access to the right tools to get the data they need to stay competitive and to future-proof their operations.”
Peter Sobiloff, Managing Director at Insight Partners, will be joining Tulip’s board of directors. On the partnership with Tulip, he notes: “Frontline operations represent a $150 billion market opportunity, and Tulip is the clear next generation leader. Its powerful no-code and edge capabilities bridge the digital and physical aspects of these industries, and is uniquely suited for working in these types of environments. We’re looking forward to partnering with Tulip in the next stage of the company’s growth.”
Throughout the COVID-19 pandemic, manufacturers and other companies in these industries have had to adapt to a variety of challenges: fluctuating demand, volatile supply chains, and workforce changes, among others. Unlike on-premise legacy solutions, Tulip’s flexible cloud-based platform provides the agility and extensibility necessary to navigate these conditions.
For more information: www.tulip.co