Tempo Automation
From Wikipedia, the free encyclopedia
Tempo Automation was an American electronics development and manufacturing company based in San Francisco, California.[1]
| |
| 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 |
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]
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]