MasterControl, a Utah-based quality and manufacturing software solutions provider, has secured its first-ever funding of $150 million in a Series A round led by Sixth Street Growth.
With this capital, the software as a service (SaaS) startup, which has been growing economically for almost 30 years, is valued at $1.3 billion. The startup assists businesses with digitizing, automating, and integrating their quality and production processes.
The startup plans to use the money to keep developing and improving its products while emphasizing technologies that will foresee and stop quality issues and enable AI-assisted production optimization.
Jon Beckstrand, CEO of MasterControl, said, “Our goal is to add a strategic partner with resources and expertise to help us to meet the significant need for our solutions. We’re fortunate to have the experienced investment team at Sixth Street Growth to help make that a reality.”
MasterControl solutions assist companies in streamlining operations
Innovative MasterControl tools have a history of enhancing product quality while lowering costs and speeding up time to market.
The startup will use the funding to keep developing and improving its products while emphasizing technologies that foresee and stop quality incidents and allow for complete AI-assisted factory optimization.
By investing in cutting-edge technologies like artificial intelligence (AI), machine learning, and natural language processing, businesses will achieve better results while spending less time and money on compliance and bureaucracy.
MasterControl products are used by more than 1,100 businesses worldwide to optimize operations, uphold compliance, analyze and decipher massive volumes of data, and display business insights in real-time.
MasterControl bootstrapped its way to more than $100 million in annual recurring revenue (ARR) with over 25 percent year-on-year growth before securing investment.
“MasterControl is the SaaS leader helping strengthen the manufacturing industry’s digital transition and ensuring that life sciences and other highly regulated organizations get the safest products to consumers as fast as possible,” said Nari Ansari, Managing Director at Sixth Street Growth.