Series B funding led by Decarbonization
Partners will support Guidewheel in scaling its AI-powered
FactoryOps platform to empower the world’s factories to
cost-effectively drive both financial and sustainability goals
Guidewheel, the leader in AI-powered FactoryOps, raised an
oversubscribed $31 million Series B funding round led by
Decarbonization Partners, a partnership between BlackRock and
Temasek. Ecolab, Rethink Impact, and GSBackers also participated in
this round, alongside existing investors Greycroft and Breakthrough
Energy Ventures (BEV), among others.
Guidewheel provides the first way to bring AI to the factory
floor at scale—every machine, in every factory. Inspired by the
universal truth that every machine on the factory floor uses power,
Guidewheel starts with non-invasive sensors that simply clip like a
smartwatch on the power draw of any machine to bring its real-time
“heartbeat” into a connected, AI-powered FactoryOps platform.
Guidewheel empowers teams to reduce lost production time, increase
efficiency, and enhance performance over time, delivering fast,
concrete ROI through its technology, with customers reporting an
average of 41% more production from their existing assets.1 Within
the same FactoryOps platform, Guidewheel builds in all the tools
manufacturers need to track and manage energy and carbon towards
sustainability goals.
“A new industrial revolution is taking place that will reshape
not only manufacturing processes, but entire business models—and
the importance of manufacturing has never been clearer,” said
Lauren Dunford, Co-founder and CEO of Guidewheel. “Equipment in
factories often lasts for decades, and a significant number of
machines are not yet even connected to the cloud. Historically, the
only available solutions have been cost-prohibitive and require
specialized skills. Guidewheel changes that by providing a fast,
scalable solution that minimizes operational disruption to swiftly
connect all machines—across all ages, makes, and models—at a
fraction of the cost of competitive solutions.”
“We’re excited to support Guidewheel not just because their
technology solves an important problem for manufacturers, but
because they’ve found a way to build sustainability into the core
of manufacturing operations,” said Dr. Meghan Sharp, Global Head
and Chief Investment Officer of Decarbonization Partners. “By using
Guidewheel to help manage their factory operations, customers can
not only improve efficiency and reduce costs, but also reduce
energy consumption and emissions.”
“We’re thrilled to partner with Decarbonization Partners and all
of our amazing investors to supercharge our growth,” added Dunford.
“This financing allows us to further accelerate product
development, scale our AI team, and invest even more in Customer
Success to support our rapidly growing customer base. We’re one
step closer to empowering the world’s ten million factories to
reach sustainable peak performance.”
Guidewheel is rapidly releasing new features on top of its core
platform, designed to be easy for customers and developers to build
on. Recent new releases include Scout, an AI-powered predictive
maintenance solution that detects early warning signs of issues
before they cause downtime, quality defects, or catastrophic
failure. Already, Scout is driving bottom-line impact for
Guidewheel customers, including a Fortune 500 auto manufacturer who
averted an issue that would have brought down a line for hours, and
a manufacturer of consumer durables who was able to prevent failure
of key auxiliary equipment before it caused a plant-wide shut
down.
Guidewheel’s recent momentum has been marked by acquiring some
of the world’s leading manufacturers as customers, including
General Motors, Igloo, Kimberly Clark, JELD-WEN, DRiV/Tenneco,
CEMIX, TricorBraun, Reliance Steel & Aluminum, Madison
Industries, BorgWarner, U.S. Steel, Berry Global, Myers Industries,
and Johnson & Johnson.
“Guidewheel requires no programming and no advanced computer
knowledge, but its reports and data are sophisticated and useful,”
shared Jim Campbell, CEO of Guidewheel customer Automated Solutions
in North Carolina, “I don’t think another tool like this exists
where remote, centralized support provides all the technical
expertise required.”
“Reaching net zero starts with how we build things. We believe
Guidewheel can play a critical role in global industrial
decarbonization by enabling manufacturers to better track and
manage energy use,” said Carmichael Roberts, Breakthrough Energy
Ventures. “Guidewheel is empowering factories globally to reach
sustainable peak performance, and the company’s continued growth is
a testament to the technology and the team behind it.”
To learn more about Guidewheel, visit www.guidewheel.com.
About Guidewheel Guidewheel is on a mission to empower
all the world's factories to reach sustainable peak performance.
Its AI-powered FactoryOps platform makes the power of the cloud
accessible to any factory. Guidewheel clips onto any machine to
turn its real-time “heartbeat” into a connected, active learning
system that empowers teams to reduce lost production time, increase
efficiency, and perform better and better over time. A global
software company founded out of Stanford, Guidewheel is backed by
top investors including Greycroft, Breakthrough Energy Ventures,
and Decarbonization Partners, was named a Tech Pioneer by the World
Economic Forum, and works with hundreds of manufacturers across the
globe.
About Decarbonization Partners Decarbonization Partners
is a joint venture between Temasek and BlackRock focused on
late-stage venture capital and early growth private equity
investing in next-generation companies that provide solutions and
technologies to help accelerate global efforts to achieve a net
zero global economy by 2050. Decarbonization Partners combines
Temasek and BlackRock's complementary platforms and expertise in
sourcing and underwriting private investments, portfolio and risk
management, and sustainable technology and analytics.
Decarbonization Partners invests in a wide range of companies that
have proven technology and need capital to scale. The partnership
attracted $1.40bn in capital from a diverse set of over 30
institutional investors across North America, Europe and Asia
Pacific.
1 Third party survey by UserEvidence. Link:
uevi.co/5213IUNF.
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version on businesswire.com: https://www.businesswire.com/news/home/20240813639025/en/
Media
Guidewheel Lucas Goldman +1 781-697-4644
lucasg@guidewheel.com
Decarbonization Partners Christopher Beattie +1 646
231-8518 christopher.beattie@blackrock.com
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