Tempo Automation Explained
| Tempo Automation |
| Type: | Public |
| Traded As: | NASDAQ: |
| Foundation: | 2013 |
| Founder: | Jeff McAlvay
Jesse Koenig
Shashank Samala |
| Location City: | San Francisco, CA |
| Location Country: | United States |
| Key People: | Joy Weiss (President & CEO) |
| Industry: | PCB assembly |
| Homepage: | tempoautomation.com |
Tempo Automation was an American electronics development and manufacturing company based in San Francisco, California.[1]
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] bringing their total raised to $74.6 million.[5]
In 2018, the company opened a new factory in San Francisco to produce printed circuit boards[6] [7] for low-volume manufacturers and prototyping.[8] [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]
External links
Notes and References
- News: Heater . Brian . Prototype manufacturer Tempo Automation gets $8M Series A to upgrade factory . 28 December 2020 . TechCrunch . 29 June 2016.
- News: Chernova . Yuliya . Tempo Automation Aims to Speed Up Electronics Manufacturing With $8M . 28 December 2020 . Wall Street Journal . 29 June 2016.
- News: Hoag . Tim . Christine Pearsall on Tempo Automation and PCB West . 3 January 2021 . SMT . 19 November 2018.
- News: Wiggers . Kyle . Tempo Automation raises $45 million to rapidly prototype printed circuit boards . 30 December 2020 . Venture Beat . 14 May 2019.
- News: O'Brien . Chris . Startup Of The Week: Tempo Automation . 30 December 2020 . Innovator . 9 June 2019.
- News: Paul . Frederic . An inside look at an IIoT-powered smart factory . 30 December 2020 . Network World . 26 March 2019.
- News: Morra . James . Tempo Automation Takes Circuit Board Assembly Small-Scale . 30 December 2020 . Source Today . 18 April 2018.
- News: Shu . Catherine . Tempo Automation raises $45M Series C for its turnkey circuit board manufacturing solution . 28 December 2020 . TechCrunch . 14 May 2019.
- News: Feldman . Amy . In A San Francisco Basement, An Ultrafast Electronics Factory Is Wowing Investors And The Likes Of NASA And GE . 28 December 2020 . Forbes . 13 September 2019.
- News: Feldman . Amy . Founding CEO of Venture-Funded Electronics Factory Whose Customers Include NASA and GE Steps Aside in Favor of Tech Exec . 30 December 2020 . Forbes . 8 October 2019.
- News: Tempo Automation names new president and CEO . 30 December 2020 . Manufacturing Automation . 8 October 2019.
- Web site: Tempo Automation . 2022-11-21 . Tempo Automation Secures Up To $100M in Committed Equity Financing with White Lion Capital . 2022-11-24 . GlobeNewswire . en.
- Web site: Newly public Tempo Automation shares rally as much as 36% following SPAC merger Seeking Alpha . 2022-11-24 . seekingalpha.com . en.
- Web site: 2024-04-03 . San Francisco tech firm gets rid of nearly all employees, cuts CEO salary by half .
- Web site: 2024-04-03 . Tempo Automation Holdings, Inc. Announces Commencement of Nasdaq Delisting Proceedings .
