Key facts
- CloudNC raised $20 million in a Series B extension round.
- The company's AI-powered CAM Assist software automates parts of CNC machining.
- The funding will be used to scale adoption, strengthen go-to-market operations, and develop new products.
- Quote Agent, a new product for manufacturers, will launch next month.
- Over 1,000 machine shops globally use CAM Assist.
UK-based manufacturing software startup CloudNC announced on Wednesday that it has raised $20 million in a Series B extension round, bringing its total lifetime funding to $128 million. The company, founded in 2015 by Theo Saville and Chris Emery, specializes in AI-powered Computer-Aided Manufacturing (CAM) software.
CloudNC's CAM Assist software integrates with existing CAM systems to automate strategic manufacturing decisions, such as tool selection, cutting feeds, and code generation for CNC machines. Saville emphasized that the software aims to enhance the efficiency and productivity of skilled machinists and programmers rather than replace them, acting as an expert assistant.
The company reports that over 1,000 machine shops worldwide utilize CAM Assist, with 80% of its customer base located in the U.S. The new capital will be used to scale adoption of CAM Assist, bolster go-to-market operations, and expand into new markets.
Additionally, CloudNC plans to launch Quote Agent next month, a product designed to help manufacturers quickly assess the cost and risk of new projects. This development is seen as particularly relevant given the current geopolitical landscape, which is driving reshoring efforts and highlighting a shortage of skilled labor in the manufacturing sector. Saville noted the complexity of CNC machining, stating there are more ways to machine a typical part than atoms in the universe, and highlighted the years of effort invested in developing their solutions.