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QVentures Invests in CloudNC’s $45m Series B to deliver autonomous manufacturing

Investors in this round: Led by Autodesk, with Lockheed Martin and British Patient Capital participating alongside returning investors Atomico, Episode 1 Ventures, and QVentures

  • The Series B fundraise is led by Autodesk, with Lockheed Martin and British Patient Capital participating alongside returning investors Atomico, Episode 1 Ventures, and QVentures. 
  • The additional capital will be used to further develop CloudNC’s AI manufacturing technology. The first-of-its-kind SaaS product will enable large corporations, SMEs and individuals to tell CNC machines how to make precision parts with one click.
  • By making precision manufacturing autonomous, CloudNC will dramatically improve its ease, speed and reliability, and will enable customers to make products anywhere in the world at competitive cost – allowing them to more easily onshore supply chains and keep engineering jobs local.

CloudNC, the company developing advanced software that enables factories to autonomously manufacture precision parts, today announced it has raised $45 million in a Series B round led by Autodesk, with Lockheed Martin and British Patient Capital participating alongside returning investors Atomico, Episode 1 Ventures, and QVentures. The company will use the additional capital to further develop its SaaS offering and roll out at-scale through integrations with CAD/CAM packages such as Autodesk’s platforms, and to expand its unique full-stack manufacturing capability in Essex, United Kingdom.

Precision manufacturing, an industrial process required to make parts needed for virtually every industry, from automotive and aerospace to consumer electronics and defence, is currently error prone, time-consuming and expensive. Despite increased automation, precision manufacturing’s dependency on expert manual programming makes it less efficient than other industrial processes and means it is heavily exposed to an ageing workforce. 

CloudNC’s technology already provides a significant degree of autonomy. A user can upload a 3D model of any part and, with one click, the software autonomously determines the tools needed, how they will be used and drafts the code to tell a CNC machine how to make it. This software assistance allows factories to be more efficient while upskilling the workforce, since more junior employees are able to operate the machines. 

Ultimately, by reducing reliance on manual machine programming, CloudNC’s advanced software will enable factories to autonomously manufacture more parts, more reliably, faster and with less waste than current processes. It will help level manufacturing costs from region to region, enabling producers to build increasingly local and resilient supply chains. 

“When people think of manufacturing, they tend to think of robotic car factories, and don’t realise that the industry is dominated by craft processes reliant on dwindling expert knowledge. This makes it incredibly complex to get things made, stifling the pace of innovation,” said Theo Saville, CEO and co-founder of CloudNC. “Our solution radically simplifies and democratises precision manufacturing. The upcoming software release is a massive step in our journey to full manufacturing autonomy and solving a $200 billion problem. Our vision is for manufacturing to become so simple, it’s invisible – a single click to make nearly any product in days, not months or years, and with no worries about reliability or quality.” 

“Our customers are facing constant challenges: disrupted supply chains, skills and labour shortages and having to control costs in a high inflation environment. CloudNC’s bold vision is impressive and their solution will soon allow anyone, from hobbyists to high-tech aerospace companies, to order and have parts delivered to them anywhere in the world with the click of a button,” said Stephen Hooper, vice president of Design & Manufacturing, Cloud Solutions at Autodesk. “In a similar way to how the internet opened the door to new businesses, autonomous precision manufacturing will open the door to increased productivity and more innovation.”

“CloudNC’s vision of end-to-end autonomous manufacturing creates great value to large-scale manufacturing businesses like ours,” said Chris Moran, executive director and general manager of Lockheed Martin Ventures. “We look forward to working with CloudNC as their vision for a fully autonomous supply chain develops and offers improved capabilities for Lockheed Martin.”

 


Media contacts

Milltown Partners

cloudnc@milltownpartners.com

About CloudNC

CloudNC develops advanced software, developed and tested in its own aerospace-accredited facility (AS9100D), that massively simplifies and improves the process of precision machining, delivering greater speed and reliability with less waste than current processes. The company is seeking to democratise production through its unique, full-stack factory in Essex, United Kingdom, where the software is continuously iterated towards full manufacturing autonomy. The company, founded in 2015, consists of a world-class team combining expertise in computer science and physical manufacturing, alongside Autodesk and Lockheed Martin as strategic partners helping to make CloudNC’s solutions available to factories around the world as a software product.

About QVentures

QVentures is a Venture Capital firm providing direct investment opportunities and fund management. QVentures sources, screens, and invests in top-tier start-ups from Seed to Series B for their investor base consisting of Family Offices, Institutional Investors, UHNWIs, and Cashed-out Entrepreneurs. QVentures has participated in rounds with an aggregate combined size of over £351m in 115 companies. 

If you are looking to invest in early-stage companies, please Self Certify as an Investor at www.qventures.co/register 

If you are seeking funding, please apply on www.qventures.co/fundraising  

About Autodesk

Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerising blockbusters, Autodesk software helps our customers to design and make a better world for all.

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global security and aerospace company that employs approximately 114,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

DISCLAIMER 

Investing in early-stage businesses involves risks, including illiquidity (the inability to sell assets quickly or without substantial loss in value), lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. 

QVentures is a trading name of Quintessentially Ventures Limited, which is an Appointed Representative of Brooklands Fund Management Limited which is authorised and regulated by the Financial Conduct Authority (FRN 757575).

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QVentures Invests in CloudNC’s $45m Series B to deliver autonomous manufacturing

QVentures Invests in CloudNC’s $45m Series B to deliver autonomous manufacturing

By QVentures22 Jun 2022