Fulcrum, based out of the US, is a cloud software for manufacturers. In a recent development, the company closed an $18 million Series A2 funding round led by Bessemer Venture Partners known for backing Foraged and DriveNets.
This round also saw participation from existing institutional investors Battery Ventures, Motivate Venture Capital, Schematic Ventures, and a new investor, Waybury Capital. Individual investors who participated include Daren Cotter, Founder of InboxDollars; Craig “Tooey” Courtemanche, CEO and Founder of Procore; and Vahe Kuzoyan and Ara Mahdessian of ServiceTitan.
With this, the total funding raised by Fulcrum to date accounts for $39.9 million. The new capital will be used to expand the depth of the existing feature set and work toward a lofty goal of connecting manufacturers up and down the supply chain to unlock the power of their collective craft.
“The landscape of manufacturing has changed quickly over the last decade with significant technological advancements in machinery. Now that machinery is no longer the bottleneck, software is holding the industry back,” said Sunny Han, Fulcrum Founder and CEO. “By rethinking the systems they rely on daily, we have the opportunity to help manufacturers thrive. Our traction to date shows the market is ready for a new solution.”
“Fulcrum is the only team reinventing what’s possible in manufacturing software. We’re excited to continue our commitment to fundamentally change manufacturing,” said Brian Feinstein, Partner at Bessemer Venture Partners.
Cloud platform for small manufacturers
Fulcrum is a SaaS manufacturing platform designed and built from scratch to bring modern and futuristic concepts to small and mid-sized production shops. The product is a strong vote in favour of decentralised manufacturing that brings in connectivity and automation. Its long term mission is to create a connected manufacturingsupply chain, reducing tedious data entry, and increasing the speed and efficiency of the entire network supported by the most kickass system available.
Founded in 2020, the company brings crucial live data and insights to manufacturing shops around the world. Fulcrum’s small and mid-sized customers annually produce $1.6 billion worth of precision parts, sheet metal structures, custom signage, wooden furniture, and much more. These businesses have higher throughput, lower scrap rates, and better margins by switching to Fulcrum.
The company delivers value through a fully digital, paperless workflow leveraging machine learning, automation, predictive analytics, and advanced heuristics to drive throughput and profitability. This includes order management, algorithmic production scheduling, real-time analytics, and more. Its mission is to accelerate innovation in the manufacturing industry by connecting manufacturers through a digital network.