Tempo
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Tempo Automation (Nasdaq: TMPO) was a San Francisco electronics manufacturer founded in 2013 by Jeff McAlvay, Jesse Koenig and Shashank Samala. Its software-driven factory produced printed circuit board assemblies for low-volume manufacturers and prototyping, serving space, semiconductor, aviation and defense, medical device and industrial customers. It raised $74.6 million in venture funding ($8M Series A 2015 led by Lux Capital, $20M Series B 2018, $45M Series C 2019) and went public via a SPAC merger with ACE Convergence Acquisition Corp. in November 2022.
02 / Tempo FAILURE REASONS
Failure reasons
Tempo never scaled after going public: it reported gross revenue of just $10.9 million against a net loss of $144.9 million. In July 2023 it laid off 62 of its 69 employees, leaving only 7. Its stock was delisted from Nasdaq in October 2023 after falling below the $50 million market-cap requirement and failing to file its 10-Q. On December 8, 2023, Tempo Automation Holdings and an affiliate filed voluntary petitions for liquidation under Chapter 7 in Delaware.
03 / EVENT HISTORY
Events in the structured record
- Founded
Jeff McAlvay, Jesse Koenig and Shashank Samala found Tempo Automation in San Francisco.
- Series A
Tempo raises $8 million in Series A funding led by Lux Capital.
- SPAC listing
Tempo goes public via a SPAC merger, listing on Nasdaq as TMPO on November 23, 2022.
- Bankruptcy
After mass layoffs and Nasdaq delisting, Tempo files for Chapter 7 liquidation in December 2023.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Tempo cut its workforce from 69 to 7 employees in July 2023.
- 02
Its stock moved to the OTC market (TMPOQ) after Nasdaq delisting in October 2023.
- 03
In December 2023, the company and an affiliate filed voluntary Chapter 7 liquidation petitions in the US Bankruptcy Court for the District of Delaware.
- 04
In January 2024, the court approved joint administration of the Chapter 7 cases.