Tractian, a provider of integrated hardware and software solutions for industrial asset monitoring, physical operations, and maintenance management, secured $120 million in Series C funding led by Sapphire Ventures, with participation from General Catalyst, Next47 and NGP Capital.
The company expects the funding to boost its mission to optimize machine performance.
Research from Siemens Research titled, “The Impact of Downtime on Industrial Productivity,” estimated that unplanned downtime costs the world’s 500 largest companies 11% of their annual revenues, equivalent to $1.4 trillion.
Recovery times have also increased from an average of 49 minutes five years ago to 81 minutes today. This surge is fueled by systemic challenges: COVID has left critical skills gaps, while shifting global supply chains, compounding delays. Additionally, modern equipment breakdowns have become harder to detect and repair.
Tractian closes the human-to-machine knowledge gap and delivers tailored insights, by combining proprietary models and LLM to cross-examine machine utilization, OEM specifications and user-specific operational demands. The company features a team of over 200 engineers dedicated to R&D across data, software and hardware.
The company filed 12 patents in 2024 and plans to expand its portfolio of patented solutions in 2025.