After two years of rapid growth and customer acquisitions, it doesn’t look like Tulip plans to slow down anytime soon. The Somerville-based company announced Tuesday it raised a $100 million Series C round led by Insight Partners.
Founded in 2014, Tulip is a no-code frontline operations platform that helps manufacturers keep track of what’s going on in their factories, ranging from the people to the tools, machines and processes. The platform — which is used in the pharmaceutical, biotechnology, warehouse and general manufacturing industries — is designed to allow frontline operators to improve the productivity of their teams.
“Frontline operations represent a $150 billion market opportunity, and Tulip is the clear next-generation leader,” Peter Sobiloff, managing director at Insight Partners, said in a statement. “Its powerful no-code and edge capabilities bridge the digital and physical aspects of these industries, and [Tulip] is uniquely suited for working in these types of environments.”
Prior to this round, Tulip raised a $39.5 million Series B in 2019. Since then, the company has grown its customer base by 500 percent and opened offices in Munich, Germany, and Budapest, Hungary. Now, with an influx of fresh capital, Tulip is planning another international expansion with the opening of a new Asia-Pacific headquarters early next year.
Funds from the Series C round will also be used to invest in new product features, including applying AI and data science to commonly used workflows. Tulip will also use the funding to double its more than 130-person team, according to a news release. Hiring is already underway, too, with dozens of jobs currently open. Open positions include a data scientist and various engineers.
Sobiloff will join Tulip’s board of directors. Pitango Growth, Marc Benioff’s TIME Ventures, DMG MORI, NEA and Vertex Ventures US also participated in the latest round.
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