Company’s IIoT platform will be used to interconnect and orchestrate people, workflows, data and things in real-time
ThoughtWire, developer of the Ambiant Industrial Internet of Things (IIoT) platform, has closed a combined $20m debt and series A financing round.
ThoughtWire will use the financing to further the company’s geographic growth. The investment round was led by Yaletown Partners and includes a syndicate of new and current investors including BDC Capital, Round13 Capital, Epic Capital and Comerica.
“We are proud to have new partners who are invested in our vision and mission to orchestrate a healthier, safer and cleaner world, and the enormous market opportunity that lies ahead for ThoughtWire,” said Michael Monteith, CEO of ThoughtWire.
“We’re excited to have the opportunity to apply this latest investment to grow our team and expand the impact of our forward-thinking technology on smart cities and buildings, better healthcare and advanced manufacturing.”
According to ThoughtWire, its Ambiant IIoT platform is now being applied across diverse industries to deliver intelligent automation and provide real-time guidance to machines and staff to predict and resolve issues, ensure safety, and achieve energy efficiency.
Originally utilised in smart healthcare, Ambiant applies real-time machine intelligence to improve operations, care delivery and the patient experience. For smarter buildings and cities, Ambiant is used to guide proactive maintenance, improve cost and energy efficiency, and deliver a more personalised tenant experience.
In manufacturing, Ambiant is being applied to develop self-optimising production lines to reduce downtime and prevent component failures, for advanced efficiency and clean operations.
“With capital-efficient initial growth, ThoughtWire has demonstrated the market appeal of a technology platform that equips businesses to enhance resource productivity,” said Tony Van Bommel, senior managing partner, industrial, clean and energy (ICE) technology venture fund, BDC.
“We see great potential for the Ambiant platform to lead in the high-growth IIoT global market.”
“Round13’s focus is on investing in technology businesses that are already on a path to becoming a breakout success, giving them the capital to scale,” added Bruce Croxon, founder, Round13 Capital.
“The growth achieved by the ThoughtWire team so far, shows their ability to execute and that they see the vast growth potential of bringing their IIoT platform to multiple industries.”
Founded in 2009, and based in Toronto, Canada, ThoughtWire earned a Frost & Sullivan best practices award in 2017 and was ranked a Gartner cool vendor 2016
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