SAN FRANCISCO, March 05, 2019 (GLOBE NEWSWIRE) -- Fictiv today announced that it closed a $33 million Series C funding round to accelerate its transformation of contract manufacturing into a global digital ecosystem that enables fast, flexible hardware product development and production. Led by G2VP, with new investor Mitsui & Co. joining return partners Accel, Bill Gates, Intel Capital, Sinovation and Tandon Group, the round brings Fictiv’s total investment to $58 million.
Fictiv will use the funds to accelerate its work to digitize and automate the manufacturing workflow. Its cloud-based contract manufacturing platform provides unprecedented transparency, reduces the resources required for supply chain management, and lowers the cost to access manufacturers around the world. Core initiatives for the company include: investment in its cloud infrastructure and software tools to streamline workflow, expansion of its global manufacturing network to increase access to manufacturing capabilities, materials, and capacity, and hiring top talent to scale its industry-leading service experience.
“Fictiv is developing the software infrastructure required to connect the manufacturing workforce and trillions of dollars of capital equipment,” said CEO and Co-Founder Dave Evans. “In doing so, both product developers and manufacturers will benefit from the efficiencies gained by eliminating unnecessary, repetitive tasks and unlocking employees to focus on creative problem solving.”
“With Fictiv, companies are no longer required to invest in large supply chain teams to bring a product to market,” explained Fictiv CXO and Co-Founder Nate Evans. “Instead, just as companies rely on services like AWS rather than building and managing their own server racks, anyone can leverage Fictiv’s platform and global network to streamline the product development and production process, providing the flexibility to win in today’s competitive global market.”
Driven by the power of data to build smart, responsive products, product developers are leveraging sensors to connect everything, creating a surge of disruptive hardware innovation. Competitive pressures have never been higher, and time to market for new products is paramount. Fictiv is the fastest and most flexible approach to developing and scaling supply chains at a time when product developers and manufacturers are hindered by outdated tools and processes.
“We are excited to be part of the digital transformation of the status quo in manufacturing,” said Daniel Oros, Partner at G2VP. “Fictiv’s innovative tools and services address the critical gap in contract manufacturing that will lead to a massive shift in how consumer and industrial products are manufactured.”
Fictiv has proven itself a trusted partner for disruptors in the automotive, medical, robotics, aerospace and consumer electronics industries. By not owning machines and focusing its investment in developing manufacturing technology, Fictiv helps product developers bring products to market faster and with greater flexibility. Key features and benefits of the Fictiv platform include:
Fictiv is democratizing access to manufacturing, transforming how hardware teams design, develop and deliver physical products. Its virtual manufacturing platform pairs intelligent workflow and collaboration software with Fictiv’s global network of highly vetted manufacturers. From prototype to production, Fictiv helps hardware teams work efficiently and bring products to market faster.
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