CloudNC, a London-based company that develops software for factories to autonomously create components, has raised £36.7m ($45m) in a Series B funding round. The funding was led by Autodesk and included additional investments from British Patient Capital, Lockheed Martin, and previous venture capital backers Atomico, Episode 1 Ventures and QVentures. The company plans to use the funding to expand its manufacturing capabilities in Essex and develop its software as a service offering. CloudNC’s software can produce precision parts without the need for manual programming and can be used across a range of industries, from aerospace to consumer electronics.
CloudNC has raised £36.7m ($45m) in a Series B funding round led by Autodesk, a US software company, with additional investments from British Patient Capital, a subsidiary of the government’s British Business Bank, and US aerospace giant Lockheed Martin. The funding will be used to expand the company’s manufacturing capabilities in Essex and develop its software as a service offering. Previous venture capital backers Atomico, Episode 1 Ventures and QVentures also participated in the funding round.
Sources indicate that the latest investment has valued CloudNC at up to £200m. The company, founded in 2015, had previously received more than £1m in grants from Innovate UK, the government’s innovation agency. British Patient Capital invested £5m via its Future Fund: Breakthrough. CloudNC’s software is designed to produce precision parts without the need for manual programming, and it can be utilized across a variety of industries, from aerospace to consumer electronics.
CloudNC’s CEO and co-founder, Theo Saville, stated that the vision of the company is to make manufacturing so simple that it is invisible. Their goal is to enable a single click to produce almost any product within days, not months or years, and with no concerns about quality or reliability. Saville added that the manufacturing industry is dominated by craft processes reliant on dwindling expert knowledge, making it complex to get things made, which ultimately stifles the pace of innovation.
CloudNC, a company that develops software for autonomous production of components, has secured £36.7m ($45m) in a Series B funding round led by Autodesk, along with other investors, including British Patient Capital and Lockheed Martin. The funding will be utilized to expand the company’s manufacturing capabilities and develop its software as a service offering. CloudNC’s software enables precision part production without the need for manual programming and can be used in various industries, including aerospace and consumer electronics. With this funding, the company aims to make manufacturing invisible, allowing products to be made with a single click, and without concerns about quality or reliability.
