This round brings Tulip's total funding to $153M. Here are the top-line bullets you need to know.
Tulip, a manufacturing app platform and factory productivity software company, has raised $100M in a Series C funding round. The round drew participation from Insight Partners, New Enterprise Associates, and Pitango Venture Capital, among others.
How’s the company performing?
- Massachusetts-based Tulip’s cloud-based, no-code platform connects machines, devices, and workers in frontline industries.
- The company has customers across 35 countries — including Outset Medical, Nautique, Dentsply, Delta Faucet, and Terex, among others.
- Tulip has helped its clients track more than 140M untracked production processes and deployed its platform software to over 300 worksites.
- The company’s annual recurring revenue (ARR) has grown at 270% CAGR over the past 3 years, and its customer base has grown by 500% over the past 2 years.
- The company has 130 employees.
Why does the market matter?
- The Industrial IoT Market is expected to grow at a CAGR of 6.7% and reach a value of $106.1B by 2026, according to Markets and Markets.
- Fluctuating demands due to the pandemic, supply chain and workforce volatility, increased competition, and the growing desire for visibility, transparency, and cost reduction have all contributed to industry growth.