Software start-up MasterControl, which provides quality and manufacturing software for life sciences companies, raised $150mn in its Series A funding debut. The round was led by investment firm Sixth Street Growth and places a $1.3bn valuation on the company.

The Salt Lake City-based company intends to use the funds to continue to build and enhance its solutions while also placing more focus on technology that will predict and prevent quality events and enable AI-assisted manufacturing optimization.

Until now, the company had bootstrapped its way up to more than $100 million in annual revenue. It aimed to disrupt the $17bn manufacturing execution system (MES) market with the launch of Manufacturing Excellence in 2019. It has since attracted well over 100 new customers in the MES market and has seen more than 100% growth in sales every year.

MasterControl’s customers include giants such as Pfizer, Cochlear and Thermo Fisher Scientific. It says it has more than 1,100 customers worldwide, including 50 of the top pharma and medical device customers.

“Our goal is to add a strategic partner with resources and expertise to help us to meet the significant need for our solutions. We’re fortunate to have the experienced investment team at Sixth Street Growth to help make that a reality,” said Jon Beckstrand, CEO of MasterControl.