Tulip, the developer of a no-code app for the manufacturing industry, announced Tuesday it has raised $39.5 million in a Series B funding round.
DMG MORI, a leading German manufacturer of machine tools, and a Tulip customer led the round, along with investment firms Vertex Ventures, NEA, and Israel’s Pitango Venture Capital.
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The round brings the company’s total raised to over $70 million, following an $18.4 million series B round in February 2019 and a $13 million series A round in January 2017.
The partnership leverages DMG MORI’s market leading machine tools and software products and Tulip’s no-code manufacturing app platform, a statement from Tulip said. DMG MORI customers will be able to customize Tulip apps to orchestra the entire production process on their DMG MORI machine tools, to monitor and increase productivity and to optimize production outside the machine area.
“We are proud of our new alliance. After all, digitization is human-centered. With the no-code platform employees can autonomously create manufacturing apps. Tulip is the ideal entry into digitization mainly for our medium-sized customers,” says Christian Thönes, chairman of the executive board of DMG MORI digitization for Aktiengesellschaft.
Tulip will open an office in Munich, Germany to support its strategic alliance with DMG MORI and planned expansion in Europe.
“We could not have asked for a better partner,” says Tulip CEO Natan Linder. “While Tulip is already working with many of the largest global manufacturers, the machining SME (small and medium-sized enterprises) market has always been core for us. DMG MORI and Tulip will be able to together offer software that has never before been available for SMEs.”
Tulip was co-founded in 2014 by Israelis Linder and Rony Kubat, who previously worked at the MIT Media Lab as a research assistant, a research affiliate and postdoctoral associate respectively. The company is currently based in Massachusetts.