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Photo: Tempo Automation

Last year we told you about Tempo Automation, a startup doing high-tech contract manufacturing in San Francisco.

Flashback: It was formed with the idea that the ability to generate small runs and prototypes close to Silicon Valley can be worth the added cost of doing work in one of the priciest rents and highest labor costs around.

So far the bet appears to be paying off.

  • Last August, Tempo opened a 42,000-square-foot factory in San Francisco's Design District, doubling its manufacturing capacity.
  • It has doubled its employee base in the last 12 months and expects to do so again in the coming year.
  • Tempo says its customers include 4 of the top 10 largest medical device companies in the world, 2 leading aerospace/aviation/defense firms, and 2 of the top 10 satellite manufacturers.

The latest: Tempo has raised a fresh $45 million in a Series C round led by existing investor, Point72 Ventures.

  • The round includes Lockheed Martin as a strategic investor, along with existing investors, Lux Capital, Uncork Capital, Cendana and Golden Seeds.
  • It says it will use the new money to expand further and grow its software expertise.

Go deeper: A surprising factory in downtown San Francisco

Go deeper

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

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