Capital will be used to accelerate the process of delivering enabling technologies to U.S. manufacturers.
AUSTIN, Texas, Aug. 25, 2022 /PRNewswire-PRWeb/ -- Sustainment, a software platform connecting the American manufacturing community, announced today that it has raised a $12M Series A financing led by Unless, an investment firm focused on catalyzing the new industrial revolution.
Sustainment CEO Bret Boyd pointed to the timing of the raise as an indicator of the underlying strength of Sustainment's business model and vision. "Headwinds in the economy are certainly giving investors pause," said Boyd, but we are seeing more and more evidence that a long-term trend towards localization is happening in the global manufacturing economy, and our vision of a hyperconnected, technology-enabled American manufacturing ecosystem is resonating with our customers, partners, and investors."
"We are grateful to work closely with investors like Unless, who share our conviction in the future of American manufacturing," Boyd added.
Sustainment's technology enables manufacturers and high-quality suppliers to find each other, be discovered by commercial and government procurement teams, and make new connections in America's critically important – but highly fragmented – domestic manufacturing sector. "We believe that the entire manufacturing ecosystem must grow together, as manufacturing never works well in silos," explained Boyd. "There must be vibrant interaction between all tiers of the supply chain, from the large OEM down to the family-owned machine shop down at the 4th and 5th tier.
"Our approach is to link this entire ecosystem on a single platform. We have a lot of work to do – there are over 280,000 manufacturers in the US, 99% of whom are categorized as small businesses. We're in the right place, with the right technology, at the right time."
Unless Co-Founder and Managing Partner Trevor Zimmerman underscored Boyd's embrace of the moment – and U.S. manufacturing. "We believe so strongly in Sustainment that we committed 90% of the capital for this round," said Zimmerman. "We view our investment in Sustainment as an investment in the future of American industry. We're excited to partner with Bret, Michael, and the rest of the Sustainment team to help companies of all sizes build resilient, efficient, secure, and sustainable domestic supply chains."
Boyd says this round of capital will accelerate the process of delivering enabling technologies to the market. "In the near term, we'll significantly increase our software development, data science and AI engineering teams, expand our channel partnerships with state and local stakeholders, and expand the already significant reach of CompanyWeek, Sustainment's independent media voice and manufacturing events platform, to showcase companies reimagining the sector."
Contact Katie Sihler or visit Sustainment.tech for more information.
Media Contact
Katie Sihler, Sustainment, 18444742600, info@sustainment.tech
SOURCE Sustainment
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