BOSTON, Aug. 10, 2021 /PRNewswire/ — Tulip Interfaces announced today that it has raised $100 million in Series C funding led by New York-based global private equity and venture capital firm, Insight Partners. New investors Pitango Growth and Marc Benioff's TIME Ventures joined the round, as well as existing investors DMG MORI, NEA, and Vertex Ventures US.
Tulip's Frontline Operations platform provides a cloud-based, no-code platform with native edge capabilities that connects the people, machines, devices, and systems used in the operations of a variety of frontline industries including general manufacturing, pharmaceutical and biotechnology, labs, and warehousing.
With Series C funding, Tulip plans to expand its international operations to better support its hundreds of global enterprise customers like Terex, Delta Faucet, and Outset Medical; spanning more than 35 countries. Tulip intends to double its headcount, expanding operations in Boston, Munich, and Budapest; and establish a new APAC HQ in early 2022. The company plans to invest in new product features, and further apply AI and data science features to commonly used customer workflows. Tulip will dedicate additional resources towards its growing user community and Frontline Operations Marketplace.
According to Natan Linder, Co-founder and CEO of Tulip, "About 1 in 5 global workers are frontline operators who are fundamentally deskless. Their work environments are highly complex with work cells, sensors, benches, conveyor belts, and back-end systems in what constitutes a physical and digital environment, and they need a platform that is just as dynamic to support all the moving pieces. Just like knowledge workers, frontline workers need access to the right tools to get the data they need to stay competitive and to future-proof their operations."
Peter Sobiloff, Managing Director at Insight Partners, will be joining Tulip's board of directors. On the partnership with Tulip, he notes: "Frontline operations represent a $150 billion market opportunity, and Tulip is the clear next generation leader. Its powerful no-code and edge capabilities bridge the digital and physical aspects of these industries, and is uniquely suited for working in these types of environments. We're looking forward to partnering with Tulip in the next stage of the company's growth."
On Tulip's partnership with Insight Partners, Linder shares, "Insight has a great track record working with B2B growth stage companies like Tulip. I've been impressed with everyone I've collaborated with on their team and firmly believe that they will be a great partner for our scale-up phase." Tulip also expects additional strategic partners to join the funding round in the near future.
Throughout the COVID-19 pandemic, manufacturers and other companies in these industries have had to adapt to a variety of challenges: fluctuating demand, volatile supply chains, and workforce changes, among others. Unlike on-premise legacy solutions, Tulip's flexible cloud-based platform provides the agility and extensibility necessary to navigate these conditions, earning recognition for the company as a Challenger positioned with the highest ability to execute in the 2021 Gartner Magic Quadrant for Manufacturing Execution Systems (MES), and driving significant new customer and expansion growth over the past 18 months.
By the numbers:
- Since launch, Tulip has helped its customers track over 140M previously untracked production processes
- In the past three years Tulip has grown ARR at a CAGR of 270%
- In the past two years, the customer base grew by over 500%, with Tulip deployed in more than 300 sites
- Tulip's users have built over 20K apps over the past year, and the user base grew 300% year-over-year
- Over the past 12 months, Tulip grew headcount 81% to 130+ employees in Boston, Munich, and Budapest
Tulip, the leader in frontline operations, is empowering the world's frontline workforce to improve the productivity of their teams, the quality of their output, and the efficiency of their operations. With Tulip's no-code platform, companies can empower those closest to operations to digitally transform their operations and gain real-time visibility into the people, tools, machines, and processes involved–all in a matter of days. Companies of all sizes, across industries have implemented Tulip's intuitive platform to solve some of the most pressing challenges in operations. A spinoff out of MIT, the company is headquartered in Somerville, MA, with operations in Hungary and Germany. It has been recognized as a Challenger on the 2021 Gartner Magic Quadrant for Manufacturing Execution Systems (MES), Frost and Sullivan Entrepreneurial Company of the year and a World Economic Forum Technology Pioneer.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.