Tempo Automation

Type| Public

Traded as

| NASDAQ: TMPO
Industry| PCB assembly
Founded| 2013
Founder| Jeff McAlvay
Jesse Koenig
Shashank Samala
Headquarters|

San Francisco, CA

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

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

1. ↑ 1.0 1.1 Heater, Brian (29 June 2016). "Prototype manufacturer Tempo Automation gets $8M Series A to upgrade factory". TechCrunch. https://techcrunch.com/2016/06/29/tempo-automation/.
2. ↑ 2.0 2.1 Chernova, Yuliya (29 June 2016). "Tempo Automation Aims to Speed Up Electronics Manufacturing With $8M". Wall Street Journal. https://www.wsj.com/articles/with-8m-in-series-a-tempo-automation-aims-to-speed-up-electronics-manufacturing-1467199803.
3. ↑ Hoag, Tim (19 November 2018). "Christine Pearsall on Tempo Automation and PCB West". SMT. http://smt.iconnect007.com/index.php/article/113890/christine-pearsall-on-tempo-automation-and-pcb-west/113893/?skin=smt.
4. ↑ 4.0 4.1 Shu, Catherine (14 May 2019). "Tempo Automation raises $45M Series C for its turnkey circuit board manufacturing solution". TechCrunch. https://techcrunch.com/2019/05/14/tempo-automation-raises-45m-series-c-for-its-turnkey-circuit-board-manufacturing-solution/.
5. ↑ Wiggers, Kyle (14 May 2019). "Tempo Automation raises $45 million to rapidly prototype printed circuit boards". Venture Beat. https://venturebeat.com/2019/05/14/tempo-automation-raises-45-million-to-rapidly-prototype-printed-circuit-boards/.
6. ↑ O'Brien, Chris (9 June 2019). "Startup Of The Week: Tempo Automation". Innovator. https://innovator.news/startup-of-the-week-tempo-automation-2e65dbca4e2e.
7. ↑ Paul, Frederic (26 March 2019). "An inside look at an IIoT-powered smart factory". Network World. https://www.networkworld.com/article/3384378/an-inside-look-at-tempo-automations-iiot-powered-smart-factory.html.
8. ↑ Morra, James (18 April 2018). "Tempo Automation Takes Circuit Board Assembly Small-Scale". Source Today. https://www.sourcetoday.com/news/manufacturer-news/article/21867041/tempo-automation-takes-circuit-board-assembly-smallscale.
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. https://www.forbes.com/sites/amyfeldman/2019/09/13/in-a-san-francisco-basement-an-ultra-fast-electronics-factory-is-wowing-investors-and-the-likes-of-nasa-and-ge/?sh=334588ac23e3.
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. https://www.forbes.com/sites/amyfeldman/2019/10/08/founding-ceo-of-venture-funded-san-francisco-electronics-factory-whose-customers-include-nasa-and-ge-steps-aside-in-favor-of-former-exec-at-analog-devices/?sh=1e92d3cf7fde.
11. ↑ "Tempo Automation names new president and CEO". Manufacturing Automation. 8 October 2019. https://www.automationmag.com/tempo-automation-names-new-president-and-ceo/.
12. ↑ Tempo Automation (2022-11-21). "Tempo Automation Secures Up To $100M in Committed Equity Financing with White Lion Capital" (in en). https://www.globenewswire.com/news-release/2022/11/21/2560301/0/en/Tempo-Automation-Secures-Up-To-100M-in-Committed-Equity-Financing-with-White-Lion-Capital.html.
13. ↑ "Newly public Tempo Automation shares rally as much as 36% following SPAC merger | Seeking Alpha" (in en). https://seekingalpha.com/news/3911145-newly-public-tempo-automation-shares-rally-following-spac-merger.
14. ↑ "San Francisco tech firm gets rid of nearly all employees, cuts CEO salary by half". https://www.sfgate.com/tech/article/sf-tempo-automation-lays-off-most-employees-18207042.php.
15. ↑ "Tempo Automation Holdings, Inc. Announces Commencement of Nasdaq Delisting Proceedings". https://www.nasdaq.com/press-release/tempo-automation-holdings-inc.-announces-commencement-of-nasdaq-delisting-proceedings.

## External links

* Official website

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