Tulip Interfaces raised $100m as Series C funding to provide cloud-based tools for factory workers
From Boston, MA, Tulip Interface raised $100 million from fundraisers focusing on employee workflow and productivity enhancement for the frontline. The company presented a Series C funding for the first time, and the round was led by Pitango Growth, DMG MORI, NEA, TIME Ventures and Vertex Ventures US. And as an update, the Managing Director of Insight Partners, Peter Sobiloff, will join Tulip Interface’s board of directors.
Co-founder of 3-D printing unicorn Formlabs, Nathan Linder, founded Tulip seven years back and gave access to the same level tools used by office workers to factor6y workers. That showed how the company cared for employees and how far technology became available. The same company under his name raised $153 million to give workers current technologies that are both hardware and software level. The investment in total made the company valued at $1 billion by today. Linder said, “you know my background, and you know we’re not chasing a unicorn.” He also added, “Getting a company overvalued is not a good thing to do.”
According to Forbes, banking, sales, manufacturing and marketing caps 15% of global GDP, and the transformation is always getting an upgraded technology-wise. Meanwhile, many workers struggle with old techniques and machinery, and some companies are taking steps further, adopting the most recent tech like cloud-based tools to perform similar actions. It is what differentiates between a struggling to a highly motivated worker-friendly environment.
Even startups introducing themselves in the game started with great motivation and updated technology adaptation. The pandemic indeed pushed the transformation wave a few years back, but the online technologies thrived, and it is helping fintech, business and other sectors to keep afloat.
The company admins idolise Salesforce and Atlassian for increased and efficient workflow as they try to follow their templates. Software designed by Tulip are engineering marvels with over 100 templates fully customisable for users according to their needs. Using the same software, customers created more than 20,000 apps till now, and it is only increasing.
Among Tulip’s customer base, they include Dentsply (maker of dental products), Terex (manufactures forklift), Nautique (motorboat company), and more companies from 35 countries. As those companies are working hard with their employees to produce products for customers end, it is necessary to use updated software and having reliability for the actions. An example given in the Forbes publication that is at Nautique increased visibility on production using Tulip’s software in the complex, giving them operational data of 400 workers constantly.
Tulip helped its customers track more than 140 million production processes that were previously untracked as their software is deployed in over 300 sites. Oracle, SAP, Amazon Cloud, Microsoft Azure are top-notch cloud platforms that helped transform countless businesses to the modern world, and each of them is benefitting from it. Similar happened with Tulip as they are on the verge of business transformation, software implementation, and automation. Automation tools are excellent for automated purchasing, customer primary problem registration, feedback legislation, and other tasks. It gives proper time to find out an optimal solution rather than sitting within a problem circle with the customer, which doesn’t benefit anyone in the first place. From Tulip, “selling software that doesn’t understand the machine ship is wrong.”
Tulip has updated brand recognition, which helped to fundraise efficiently and quickly as other companies struggle because of competition. The company plans to expand operation in other parts of the world by next year and invest in more products. Linder said he is not at the point where he’s “doing this for incremental money.” The company and owners seem to have a clear view of the goals to achieve.
