Tempo Automation, an electronics manufacturer for prototyping and low-volume production of PCB assemblies announced has raised $45 million in Series C funding, led by existing investor, Point72 Ventures.

Tempo hopes that with this investment it will accelerate its software development to further increase speed and accuracy for manufacturing high complexity electronic designs.

“Tempo is reinventing electronics manufacturing by putting software automation at the centre of what they do,” said Sri Chandrasekar, partner at Point72 Ventures and board member at Tempo Automation. "It's interconnected smart factory is modernising the manufacturing process."

The round also includes new outside investors, including Lockheed Martin, in addition to existing investors, Lux Capital and Uncork Capital. It will also see Matthew Granade from Point72 Ventures join the Tempo board of directors.

As technology companies compete to bring groundbreaking inventions to market quickly and gain first-mover advantage, they seek to reduce the time from concept to prototype to product launch. Tempo says its smart factory and proprietary software will enable design engineers to ensure precision, speed, and transparency for PCB assembly.

Chandrasekar added, "We see considerable market opportunity for Tempo and are pleased to support their continued growth.”