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Smart Factory

Using data and automation to achieve 24/7 production.

Overview

Smart factories–the next transformation for manufacturing

Smart factories broadly refer to the fully connected and flexible production systems that leverage persistent data streams from connected manufacturing devices to learn and adapt to dynamic conditions. It represents a leap forward from traditional automation by allowing autonomous operation of entire production processes. The latest technology, including smart sensors and advanced robotics, allows next-generation interconnectivity between equipment, facilities, and processes across the value chain. IoT advances allow a new level of real-time data transmission and synthesis between smart devices and machines. The result: More efficient and agile manufacturing systems with less production downtime and better competitive advantages in the marketplace.

What's driving this industry?
Market Sizing

The US smart factory market is estimated to reach USD 16-29 billion by 2026

Conservative case

USD 16 Bn

Base case

USD 21 Bn

Expansion case

USD 29 Bn

USD billion0102030202120222023202420252026
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COVID-19 IMPACT

  • Canvass Analytics: reported an 85% increase of new leads by October 2020.

  • OTTO Motors: reported a boost in orders in June 2020 with more than 70% coming from Fortune 500 companies, including GE, Toyota, Nestlé, and Berry Global.

  • Fetch Robotics: saw a 64% increase in inbound inquiries during the first two months of the US Covid-19 crisis.

  • Bright Machines: is offering no-cost automation for up to a year as part of a three-year microfactory-as-a-service (MaaS) agreement with manufacturers producing equipment to help fight COVID-19.

  • Bright Machines: announced a Factory Resiliency Fund worth up to USD 50 million to support new customers with automation projects and future-proofing against future disruptions.

  • Uptake: is offering free predictive maintenance software to fleets of any size that transport essential items such as food, medical supplies, and personal wellness items.

  • Bright Machines: has developed a robotic COVID-19 test sample processing system to increase the number of tests per day while reducing risk of transmission.

View detail

Market Mapping


By leveraging their capital and innovation capabilities while taking advantage of long-standing relationships with manufacturers, incumbents in the smart factory industry have captured considerable market size in each of these segments.

Of these seven segments, the data analytics, predictive maintenance, and advanced robotics categories are the most highly populated with disruptors and watchlist companies. Startups have been capable of capturing market share in these segments by leveraging risk-taking cultures to produce highly digitized products in a high-stakes physical factory environment to go head-to-head with established firms.

Incumbents
Growth
Early
Seed
Pre-Seed
Data Analytics
?
Predictive Maintenance
?
Industrial IoT
?
Equipment and Assembly Line Inspection
?
Autonomous Mobile Robots
?
Advanced Robotics
?
Robotic Software
?
MachineMetrics
MachineMetrics
MachineMetrics
MachineMetrics
MachineMetrics
MachineMetrics
MachineMetrics
General Electric Company (GE)
ABB
SAP
SparkCognition
Sight Machine
FogHorn
Element Analytics
Oqton
Worximity
Canvass Analytics
UnifyTwin
Mapped
Kinta AI
Siemens
Sensirion
Hitachi
Augury
SparkCognition
Uptake Technologies
Arundo Analytics
Vanti Analytics
Tractian
Overview
Siemens
IBM
General Electric Company (GE)
ABB
PTC
SAP
Orange Business Services
Telit
Prolim
QuEST Global
Kyndryl
Hitachi
Tulip Interfaces
Happiest Minds
BISTel
Oqton
MachineMetrics
Oden Technologies
ioTium
Mapped
Siemens
IBM
General Electric Company (GE)
ABB
YASKAWA Motoman
3M
Hitachi
Everactive
Drishti
ThinkIQ
NanoNets
Lincode Labs
Zebra Technologies
YASKAWA Motoman
Locus Robotics
OTTO Motors
Vecna Robotics
Arculus
General Electric Company (GE)
ABB
YASKAWA Motoman
3M
Sarcos Technology and Robotics Corporation
Bright Machines
RightHand Robotics
Ready Robotics
XYZ Robotics
Soft Robotics
Automata
RIOS
Veo Robotics
Arculus
Pison Technology
GrayMatter Robotics
Collaborative Robotics
Siemens
ABB
YASKAWA Motoman
3M
Covariant
Wandelbots
OSARO
Ready Robotics
Elementary Robotics
SVT Robotics
Symbio Robotics
Freedom Robotics

The Disruptors


A number of startups are focused on data analytics, cloud networking, industrial robots, and factory automation hardware. Some disruptors have forged partnerships/collaborations with similar companies in Internet of Things (IoT), robotics, analytics, and other Industry 4.0 software providers to leverage their core competencies and capabilities, as well as with customers and integrators in strategic alliances.

Data Analytics

?

Disruptors

?
Funding in USD Millions
SparkCognition
287
Sight Machine
80
FogHorn
73
Element Analytics
40
Worximity
21
UnifyTwin
1
Watchlist
?
Oqton
Canvass Analytics
Mapped
Kinta AI

Predictive Maintenance

?

Disruptors

?
Funding in USD Millions
Augury
294
SparkCognition
287
Uptake Technologies
218
Arundo Analytics
33
Tractian
19
Overview
13
Watchlist
?
Vanti Analytics

Industrial IoT

?

Disruptors

?
Funding in USD Millions
Happiest Minds
Public - Market cap USD 1.6 bn
Tulip Interfaces
153
MachineMetrics
38
Oden Technologies
30
ioTium
22
BISTel
Unknown
Watchlist
?
Oqton
Mapped

Equipment and Assembly Line Inspection

?

Disruptors

?
Funding in USD Millions
Everactive
114
Drishti
37
ThinkIQ
18
Watchlist
?
NanoNets
Lincode Labs

Autonomous Mobile Robots

?

Disruptors

?
Funding in USD Millions
Locus Robotics
299
Vecna Robotics
128
OTTO Motors
70
Arculus
21

Advanced Robotics

?

Disruptors

?
Funding in USD Millions
Sarcos Technology and Robotics Corporation
316
Bright Machines
250
XYZ Robotics
103
RightHand Robotics
101
Soft Robotics
60
Automata
60
Ready Robotics
42
RIOS
39
Veo Robotics
28
Arculus
21
Watchlist
?
Pison Technology
GrayMatter Robotics
Collaborative Robotics

Robotic Software

?

Disruptors

?
Funding in USD Millions
Covariant
147
Wandelbots
122
OSARO
96
Elementary Robotics
48
Ready Robotics
42
Symbio Robotics
29
Watchlist
?
SVT Robotics
Freedom Robotics

SparkCognition

SparkCognition is an AI analytics startup offering four deep learning product solutions: Darwin (automated model-building software), DeepArmor (AI-powered cybersecurity), DeepNLP (NLP solution), and SparkPredict (analytics solution utilizing sensor data). These products deliver actionable insights, predict machine issues via historical maintenance data, and provide security from cyber threats. These products can be deployed across multiple industries, such as manufacturing, defense, utilities, oil and gas, and aviation.

SparkCognition’s clientele comprises large companies such as Boeing, Hitachi, and British Petroleum. It has also built partnerships with Google for cloud platform services, Hewlett-Packard Enterprise to offer AI predictive maintenance on HPE Edgeline Converged Edge Systems, and OSIsoft to integrate SparkCognition’s machine learning technology with OSIsoft’s PI system to improve data and process data analytics. The company’s most recent funding round was Series D funding worth USD 123 million in January 2022 from March Capital, Doha Venture Capital, B. Riley Venture Capital, AEI Horizon X, Temasek, and several others. The funds were intended to be used to invest in R&D, accelerate sales and marketing, facilitate organic and inorganic growth, and also for the working capital requirements of the company. In March 2022, the company acquired Indian visual AI startup Integration Wizards to expand its intellectual property (IP) portfolio to improve vision capabilities. The company has reported a 2x increase in revenue YoY in 2021.

Segment:
Data Analytics
Total funding:
USD 286.6 million
Competitors:
Uptake Technologies, FogHorn, Augury, Senseye, Arundo Analytics
Disruptor Funding History

Data Analytics:

SparkCognition
Sight Machine
FogHorn
Element Analytics
Worximity
UnifyTwin
Oqton
Canvass Analytics
Mapped
Kinta AI

Predictive Maintenance:

Augury
SparkCognition
Uptake Technologies
Arundo Analytics
Tractian
Overview
Vanti Analytics

Industrial IoT:

Happiest Minds
Tulip Interfaces
MachineMetrics
Oden Technologies
ioTium
Oqton
Mapped

Competitive Analysis


Filter by a segment or companies of your choice
Data Analytics

Incumbents


Most incumbents entered the smart factory market by introducing “Industry 4.0” Internet of Things (IoT) solutions. Some acquired smaller companies or formed partnerships to accelerate growth and synergize their competitive advantages. The result is that legacy players in the infrastructure management industry, such as Honeywell and Siemens, are gradually becoming software vendors as industrial IoT matures.

Following this trend, it is expected that larger incumbents will extend their dominant stance by merging smaller, innovative startups with their own development teams. Furthermore, incumbents are expected to diversify into multiple product offerings to provide vertical integration within the factory digitalization industry. Most of the incumbents identified below have acquired smaller companies and developed partnerships while developing in-house products.

However, many startups may be able to compete against the incumbents. Not only are they generally faster innovators and more agile, but possessing digital vision at the leadership level and a risk-taking culture of producing highly-digitized products for high-stakes physical spaces provide potential competitive advantages.

On the other hand, incumbents have more access to capital and can also leverage their longstanding relationships with manufacturers to develop stronger sales channels. This unique competitive landscape makes the smart factory industry a sector to watch closely.

Data Analytics
Predictive Maintenance
Industrial IoT
Equipment and Assembly Line Inspection
Autonomous Mobile Robots
Advanced Robotics
Robotic Software
In House Development
M&A
Partnership
Investment

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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