Tempo Automation
 | |
| Company type | Public |
|---|---|
| Nasdaq: TMPO | |
| Industry | PCB assembly |
| Founded | 2013 |
| Founder | Jeff McAlvay Jesse Koenig Shashank Samala |
| Headquarters | , United States |
Key people | Joy Weiss (President & CEO) |
| Website | tempoautomation.com |
Tempo Automation was an American electronics development and manufacturing company based in San Francisco, California.[1]
History
[edit]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]
In July 2023, the company laid off 62 employees, leaving only 7.[14] Their stock was delisted from Nasdaq in October 2023 after falling below the $50M market cap requirement.[15]
References
[edit]- ^ a b Heater, Brian (29 June 2016). "Prototype manufacturer Tempo Automation gets $8M Series A to upgrade factory". TechCrunch. Retrieved 28 December 2020.
- ^ a b Chernova, Yuliya (29 June 2016). "Tempo Automation Aims to Speed Up Electronics Manufacturing With $8M". Wall Street Journal. Retrieved 28 December 2020.
- ^ Hoag, Tim (19 November 2018). "Christine Pearsall on Tempo Automation and PCB West". SMT. Retrieved 3 January 2021.
- ^ a b Shu, Catherine (14 May 2019). "Tempo Automation raises $45M Series C for its turnkey circuit board manufacturing solution". TechCrunch. Retrieved 28 December 2020.
- ^ Wiggers, Kyle (14 May 2019). "Tempo Automation raises $45 million to rapidly prototype printed circuit boards". Venture Beat. Retrieved 30 December 2020.
- ^ O'Brien, Chris (9 June 2019). "Startup Of The Week: Tempo Automation". Innovator. Retrieved 30 December 2020.
- ^ Paul, Frederic (26 March 2019). "An inside look at an IIoT-powered smart factory". Network World. Retrieved 30 December 2020.
- ^ Morra, James (18 April 2018). "Tempo Automation Takes Circuit Board Assembly Small-Scale". Source Today. Retrieved 30 December 2020.
- ^ 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.
- ^ 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.
- ^ "Tempo Automation names new president and CEO". Manufacturing Automation. 8 October 2019. Retrieved 30 December 2020.
- ^ Tempo Automation (2022-11-21). "Tempo Automation Secures Up To $100M in Committed Equity Financing with White Lion Capital". GlobeNewswire. Retrieved 2022-11-24.
- ^ "Newly public Tempo Automation shares rally as much as 36% following SPAC merger | Seeking Alpha". seekingalpha.com. Retrieved 2022-11-24.
- ^ "San Francisco tech firm gets rid of nearly all employees, cuts CEO salary by half". Retrieved 2024-04-03.
- ^ "Tempo Automation Holdings, Inc. Announces Commencement of Nasdaq Delisting Proceedings". Retrieved 2024-04-03.