Industrial Tech Startups In The SF Bay Area
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The San Francisco Bay Area and Silicon Valley are considered the worldwide center of software and technology innovation. The SF Bay Area was a hot bed of industrial production up until the end of the cold war. However, one Tesla plant does not make up for the little that is left of that industrial base. A new generation of disruptive industrial tech and manufacturing startups has been funded since 2012, the top ten alone to the tune of more than 2.7B US Dollars.
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Industrial Tech Startups In The SF Bay Area
- 1. Confidential WUNDERVC Industrial Tech Startups In The SF Bay Area Christian Dahlen, September 2023
- 2. Confidential WUNDERVC 2 Preamble • The San Francisco Bay Area and Silicon Valley are considered the worldwide center of software and technology innovation. • The SF Bay Area was a hot bed of industrial production up until the end of the cold war. However, one Tesla plant does not make up for the little that is left of that industrial base. • A new generation of disruptive industrial tech and manufacturing startups has been funded since 2012, the top ten alone to the tune of more than 2.7B US Dollars.
- 3. Confidential WUNDERVC 3 The top 10 SF Bay Area industrial tech startups have raised >$2.7 B • Carbon has raised $683M in 8 years. • 6 companies raised in 2022 and 2023 • The last round was announced in May 2023 (Arris Composites). $133 $153 $187 $193 $196 $222 $275 $311 $350 $683 Everactive Arris Composites Mycoworks Fictiv Flexiv Covariant Velo3D Bright Machines Diamond Foundry Carbon
- 4. Confidential WUNDERVC 4 Manufacturing startups dominate the top 10 funded companies 6 2 1 1 Manufacturing • Carbon • Diamond Foundry • Bright Machines • Velo3D • Mycoworks • Arris Composites Software • Fictiv IIoT • Everactive Robotics • Covariant • Flexiv
- 5. Confidential WUNDERVC 5 6 of the top 10 are led by their founders
- 6. Confidential WUNDERVC 6 Diamond Foundry and Everactive were founded in 2012 2012 Diamond Foundry, Everactive 2013 Carbon, Fictiv, Mycoworks 2014 Velo3D 2015 2016 Flexiv 2017 Covariant, Arris Composites 2018 Bright Machines 2019 2020 2021 2022
- 7. Confidential WUNDERVC 7 The top 10 industrial tech startups are spread across the SF Bay Area Carbon $683M Bright Machines $311M Covariant $222M Fictiv $193M Diamond Foundry $350M Velo3D $275M Everactive $133M Mycoworks $187M Flexiv $196M Arris Composites $153M
- 8. Confidential WUNDERVC 1. Carbon 8 WUNDERVC • $683 Million raised • Carbon provides high-tech, waste reducing 3D printing services • Founded in 2013 • CEO: Craig Carlson
- 9. Confidential WUNDERVC 2. Diamond Foundry 9 WUNDERVC • $350 Million raised • Diamond Foundry produces diamonds at mining scale using a proprietary reactor technology • Founded in 2012 • CEO and founder: Martin Roscheisen
- 10. Confidential WUNDERVC 3. Bright Machines 10 WUNDERVC • $311 Million raised • Bright Machines brings together flexible factory robots with intelligent software, production data and machine learning • Founded in 2018 • CEO: Gayle Sheppard
- 11. Confidential WUNDERVC 4. Velo3D 11 WUNDERVC • $275 Million raised before IPO Now trading on NYSE: VLD • Velo3D is a digital manufacturing company that uses 3D production printers and flow print preparation software to print 3D metal • Founded in 2014 • CEO and founder: Benny Buller
- 12. Confidential WUNDERVC 5. Covariant 12 WUNDERVC • $222 Million raised • Covariant creates the Covariant Brain and the first AI Robotic solutions to automate pick-and- place processes at warehouses and fulfillment centers • Founded in 2017 • CEO and co-founder: Peter Chen
- 13. Confidential WUNDERVC 6. Flexiv 13 WUNDERVC • $196 Million raised • Flexiv Ltd. is a global leading general-purpose robotics company, focusing on developing and manufacturing adaptive robots • Founded in 2016 • CEO and co-founder: Shiquan Wang
- 14. Confidential WUNDERVC 7. Fictiv 14 WUNDERVC • $193 Million raised • Digital Manufacturing Ecosystem that delivers precision parts on- demand through its digital platform and global partner network • Founded in 2013 • CEO and co-founder: Dave Evans
- 15. Confidential WUNDERVC 8. Mycoworks 15 WUNDERVC • $187 Million raised • MycoWorks is a biotechnology company that offers non-plastic and non-animal materials to the market • Founded in 2013 • CEO: Matthew Scullin
- 16. Confidential WUNDERVC 9. Arris Composites 16 WUNDERVC • $153 Million raised • Arris designs and manufactures the highest performance products at scale • Founded in 2017 • CEO and founder: Riley Reese
- 17. Confidential WUNDERVC 10. Everactive 17 WUNDERVC • $133 Million raised • Everactive provides a hardware toolkit and managed network purpose-built for self-powered devices • Founded in 2012 • CEO: Bob Nunn
- 18. Confidential WUNDERVC 18 The top 10 - 20 • Only 3 have raised in 2022 and 2023 • The latest financing round was in February 2023 (Third Wave Automation) • Fetch Robotics was sold Zebra Technologies in 2019 $40 $54 $70 $70 $80 $80 $87 $94 $106 $133 Element Analytics Rapid Robotics Third Wave Automation Arevo Instrumental Sight Machine Tempo Automation Fetch Robotics Particle Parsable
- 19. Confidential WUNDERVC A new generation of industrial tech startups in the SF Bay Area has already raised billions of dollars in funding in the past 10 years The top 10 startups alone have raised in excess of $2.7B to date Vertically integrated manufacturing startups dominate the top 10 funded 19
- 20. Confidential WUNDERVC Notes 20 • Included: Manufacturing, robotics, IIoT, software (vertical data analytics, workflow and project mgmt., workforce mgmt., simulation, procurement, after sales support, marketplaces, AR/VR), engineering tools, additive manufacturing • Excluded: logistics, construction, drones, cybersecurity, energy, food