Tempo Automation

Tempo Automation is an American electronics development and manufacturing company based in San Francisco, California.[1]

Tempo Automation
TypePublic
Nasdaq: TMPO
IndustryPCB assembly
Founded2013
FounderJeff McAlvay
Jesse Koenig
Shashank Samala
Headquarters
San Francisco, CA
,
United States
Key people
Joy Weiss (President & CEO)
Websitetempoautomation.com

History

Tempo was founded in 2013 by Jeff McAlvay, Jesse Koenig, and Shashank Samala.[2] They started manufacturing customer orders through their platform in 2016.[3]

In 2015, the company raised $8 million in Series A venture funding, led by Lux Capital.[1][2] They raised $20 million in Series B funding in 2018, and an additional $45 million in Series C funding in 2019, with investors including Point72 Ventures, Lockheed Martin, and Uncork Capital,[4][5] bringing their total raised to $74.6 million.[6]

In 2018, the company opened a new factory in San Francisco to produce printed circuit boards[7][8] for low-volume manufacturers and prototyping.[4][9] In 2019, Joy Weiss was named president and chief executive officer, replacing founding CEO Jeff McAlvay, who became Tempo's chief process officer.[10][11]

In November 2022, the company went public through a SPAC merger with ACE Convergence Acquisition Corp., raising $100 million from White Lion Capital. The company was listed on the Nasdaq stock exchange with ticker TMPO on November 23.[12][13]

References
  1. Heater, Brian (29 June 2016). "Prototype manufacturer Tempo Automation gets $8M Series A to upgrade factory". TechCrunch. Retrieved 28 December 2020.
  2. Chernova, Yuliya (29 June 2016). "Tempo Automation Aims to Speed Up Electronics Manufacturing With $8M". Wall Street Journal. Retrieved 28 December 2020.
  3. Hoag, Tim (19 November 2018). "Christine Pearsall on Tempo Automation and PCB West". SMT. Retrieved 3 January 2021.
  4. Shu, Catherine (14 May 2019). "Tempo Automation raises $45M Series C for its turnkey circuit board manufacturing solution". TechCrunch. Retrieved 28 December 2020.
  5. Wiggers, Kyle (14 May 2019). "Tempo Automation raises $45 million to rapidly prototype printed circuit boards". Venture Beat. Retrieved 30 December 2020.
  6. O'Brien, Chris (9 June 2019). "Startup Of The Week: Tempo Automation". Innovator. Retrieved 30 December 2020.
  7. Paul, Frederic (26 March 2019). "An inside look at an IIoT-powered smart factory". Network World. Retrieved 30 December 2020.
  8. Morra, James (18 April 2018). "Tempo Automation Takes Circuit Board Assembly Small-Scale". Source Today. Retrieved 30 December 2020.
  9. Feldman, Amy (13 September 2019). "In A San Francisco Basement, An Ultrafast Electronics Factory Is Wowing Investors And The Likes Of NASA And GE". Forbes. Retrieved 28 December 2020.
  10. Feldman, Amy (8 October 2019). "Founding CEO of Venture-Funded Electronics Factory Whose Customers Include NASA and GE Steps Aside in Favor of Tech Exec". Forbes. Retrieved 30 December 2020.
  11. "Tempo Automation names new president and CEO". Manufacturing Automation. 8 October 2019. Retrieved 30 December 2020.
  12. Tempo Automation (2022-11-21). "Tempo Automation Secures Up To $100M in Committed Equity Financing with White Lion Capital". GlobeNewswire. Retrieved 2022-11-24.
  13. "Newly public Tempo Automation shares rally as much as 36% following SPAC merger | Seeking Alpha". seekingalpha.com. Retrieved 2022-11-24.
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