VC fundraising for industrial software companies
Industrial software has drawn renewed venture and growth interest as Industry 4.0, reshoring and asset-heavy digitisation pushed serious capital into the space. Vertical specialists and a handful of generalists with operating-platform expertise have led most recent rounds, with investors underwriting on real plant deployments rather than headline TAM.
Investors here are mostly industrial-specialist seed and growth funds, a small group of deep-tech and operating-platform generalists, and corporate venture arms attached to large industrial and automation groups. Flow has direct relationships with the industrial-specialist funds and the industrial and automation corporate venture arms that actively back the category.
Flow has experience running VC fundraising processes for industrial software companies across MES, asset performance management, plant historians and industrial IoT, simulation and digital twins, and quality and EHS. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Industrial software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Bookings
Site count / sites live
Net retention
Implementation backlog
Licence vs subscription mix
Time to deploy
Services margin
Customer concentration
Gross margin
Industrial software valuations in May 2026
Public industrial software comps trade at 3.7x EV/Revenue. Median revenue multiple across industrial software VC rounds was 8.8x in the last 12 months.
3.7x
Median EV/Revenue as of May 2026 for public industrial software companies
19x
Cadence Design Systems is the highest valued public industrial software company based on EV/Revenue (excluding outliers)
3.2x
Median EV/Revenue across industrial software M&A deals in the last 12 months
8.8x
Median EV/Revenue across industrial software VC rounds in the last 12 months
Key recent industrial software VC rounds
$450M Series A raised by Inertia was the largest industrial software VC round completed in the last six months.
See all industrial software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Inertia |  | Inertia is a San Diego-headquartered platform for construction management using location intelligence. The software integrates BIM drawings with real-time site data for project, quality, performance, and compliance oversight. Serving commercial, healthcare, education, and transportation sectors in the US, Inertia reduces delays and cost overruns through proactive issue detection. | Bessemer Venture PartnersGV+7 | $450M | - | Series A | |
Feb-26 | Temporal Technologies | | Temporal Technologies is a San Francisco-headquartered developer of an open-source platform for reliable workflow orchestration in microservices and cloud applications. Founded in 2020 by former Uber engineers, Temporal supports fault-tolerant execution for long-running processes used by companies like Stripe, Netflix, and DoorDash. Its SDKs in Go, Java, and TypeScript handle retries, state management, and sagas across distributed systems worldwide. | Amplify PartnersAndreessen Horowitz+7 | $300M | $5.0B | Series D | |
Feb-26 | Revel | | Revel is a US-based platform for hardware orchestration, featuring a runtime engine, domain-specific language for control logic, and web-based interfaces. Founded in 2018, the San Francisco-headquartered company targets robotics and industrial automation, enabling deployment on devices like NVIDIA Jetson and Raspberry Pi. Revel integrates with ROS2 for real-time execution, serving developers in warehouse logistics and drone swarms. | AbstractDylan Field+4 | $150M | $1.0B | Series B | |
Jan-26 | Claroty | | Claroty is a New York-headquartered industrial cybersecurity firm that deploys the Continuous Threat Detection platform to secure operational technology networks in manufacturing, energy, and utilities. The solution maps OT, IoT, and IIoT assets, detects anomalies, and manages vulnerabilities through integrations with SIEM systems from Splunk and ServiceNow. It serves clients including Fortune 500 industrials with passive monitoring and secure remote access controls. | Golub Growth | $150M | $3.0B | Series F | |
Apr-26 | Black Lake Technologies |  | Black Lake Technologies is a Shenzhen-based provider of manufacturing collaboration platforms using mobile, IoT, and web technologies. Its solutions capture real-time data from factory floors for visualization, monitoring, and analysis, enabling decisions from executives to line workers. Clients include Fortune 500 manufacturers in electronics and automotive sectors across China. | - | $146M | - | Series D | |
Apr-26 | Pengxi Semiconductor | | Pengxi Semiconductor develops CIM systems for semiconductor integrated circuit manufacturing, covering execution, automation, yield management, and data platforms. | China Fortune-Tech CapitalCowin Capital+4 | $146M | - | Series A | |
Dec-25 | Mujin |  | Mujin is a Tokyo-headquartered robotics company producing intelligent controllers as a universal platform for industrial robots in logistics and manufacturing. Founded in 2011, its AI-driven motion planning technology enables depalletizing, picking, and sorting in unstructured environments for clients including e-commerce fulfillment centers and automotive plants. Mujin has raised over $100 million in funding from investors like NTT Docomo and SoftBank. | Mitsubishi HC Capital RealtyNTT Group+2 | $133M | - | Series D | |
Jan-26 | Tulip Interfaces | | Tulip Interfaces is a Boston-headquartered no-code platform for frontline manufacturing operations in electronics, aerospace, and medical devices. The system deploys apps on edge devices with computer vision and sensors for assembly guidance and quality checks. Adopted by companies like Foxconn and Jabil, Tulip collects data from thousands of stations across global factories. | Mitsubishi Electric | $120M | $1.3B | Series D | |
Apr-26 | Sereact |  | Sereact is a Munich-based robotics firm developing vision-language-action models for autonomous warehouse operations. Its AI software enables robots to perform picking, sorting, and navigation tasks using natural language instructions and real-time environmental adaptation. Sereact integrates with AGVs from partners like Geek+, targeting e-commerce fulfillment centers in Germany and the United States. | Air Street CapitalBullhound Capital+5 | $110M | - | Series B | |
Mar-26 | Qcraft | | Qcraft is a Beijing-headquartered autonomous vehicle technology company developing simulation platforms and AI systems for self-driving cars. The firm provides AVPro, a simulation suite that generates millions of traffic scenarios for testing edge cases in virtual environments. Founded in 2017 by former Baidu Apollo leaders, Qcraft partners with automakers like SAIC and GAC for L4 autonomy integration. It operates test fleets in China and maintains R&D centers in Palo Alto, California. | Broad Vision FundsHuade Science and Technology+2 | $100M | - | Series D | |
Jan-26 | Vention |  | Vention is a Montreal-based digital platform for custom factory automation equipment design and assembly. Engineers access a library of over 1,000 modular components including frames, actuators, and sensors to build machine cells, conveyors, and robot workstations via MachineBuilder 3D software. The AI-driven tool enables ordering fully assembled systems delivered in days. Vention serves manufacturers in automotive, electronics, and logistics across North America and Europe. Launched in 2016, it partners with Rockwell Automation and has facilitated over 10,000 machines. | Desjardins Venture CapitalFidelity Canada+2 | $90M | $1.2B | Series D | |
Mar-26 | SFO Technologies |  | SFO Technologies is a provider of software development, manufacturing, software testing, consulting services, quality training, and hardware design. The firm delivers solutions to aerospace and defense, communications, energy, industrial, healthcare, and transportation industries. | Amicus Capital PartnersAnicut Capital+2 | $82M | - | Undisclosed stage | |
Jan-26 | Accelsius | | Accelsius is a developer of passive cooling technologies that eliminate thermal limits in high-performance computing. The company's solutions enable net-zero energy data centers by managing heat in servers and GPUs. Accelsius targets hyperscale providers and edge computing deployments worldwide. | Johnson Controls | $65M | $665M | Series B | |
Feb-26 | FYLD |  | - | Energy Impact PartnersOntario Teachers' Pension Plan+1 | $43M | - | Series B | |
Dec-25 | Sinsegye | | Sinsegye is a Chinese supplier of industrial control supercomputing infrastructure, providing high-performance computing systems for manufacturing automation and data processing applications. | BOC International ChinaBojiang Capital+5 | $43M | - | Series B |
VC investors active in industrial software
Y Combinator is the most active VC investor across industrial software, having invested in 46 startups in the last three years.
See all industrial software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ConduitValgoRemy AI+2 | 46 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | EnaxiomOTeeAvete AI+2 | 30 | Pre-seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | CERPROOverwatch AIOptiFab Technologies+2 | 28 | Pre-seed | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | IndustrialMindPillarDirac+2 | 13 | Seed | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | CoreStoryLumafieldLincode+2 | 11 | Seed | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | DryftPelicoSenra Systems+2 | 9 | Series A | |
HTGF (High-Tech Gruenderfonds) | | HTGF (High-Tech Gründerfonds) is a Bonn-headquartered seed investor managing EUR 576 million across two funds for technology startups in digital tech, industrial tech, life sciences, chemistry, and software. Established in 2005 as a public-private partnership with the German Federal Ministry of Economics, KfW, and 18 corporate investors, HTGF has backed over 600 companies including robotics, IoT, medtech, and biotech ventures across Germany. | lytraZentioAICA SA+2 | 9 | Seed | |
Right Side Capital Management | | Right Side Capital Management is a quantitative pre-VC investment firm targeting capital-efficient tech startups. Operating from the US, it focuses on seed rounds under $500K in sectors like SaaS and fintech. Since 2012, the firm has built diversified portfolios using data-driven processes. Managing directors, experienced founders from the 1990s tech era, provide operational support structured like a startup funding others. | ConstructAIFabriSightColor Robotics+2 | 9 | Pre-seed | |
Bessemer Venture Partners | | Bessemer Venture Partners is a global venture capital firm that invests in early-stage technology companies building enduring software and internet platforms. San Francisco-headquartered with offices in New York, London, Tel Aviv, and Bangalore, the firm manages investments in sectors like SaaS, fintech, and cybersecurity. Its portfolio features companies including Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast. Founded in 1911, Bessemer Venture Partners has supported over 140 IPOs and acquisitions, maintaining a presence across North America, Europe, and Asia. | InertiaUptoolAxion+2 | 8 | Series A | |
Innovation Endeavors | | Innovation Endeavors is a Menlo Park-headquartered early-stage venture capital firm investing in transformative technologies across health, climate, and computing. The fund backs companies like Afresh, Color, Formlabs, Planet, SoFi, and Uber, applying its Super Evolution thesis that merges data analytics, computational power, and engineering to reshape industries including intelligent software and the physical economy. | ConduitTrunk ToolsIntuigence AI+2 | 8 | Seed |
Founders and investors we've worked with
We've supported winning builders across industrial software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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