Thingtrax, a London, UK-based IoT SaaS manufacturing performance platform, raised £4.3 million in pre-Series A funding.
The round was co-led by Concentric, Superseed, and Puma Private Equity, with Haatch, Portfolio Ventures, Vinci Venture Capital, and several angel investors, including Charlie Songhurst, participating.
The new capital will be used to develop new strategic partnerships, scale the team, and expand the company’s customer base across Europe and the US.
Combining cloud computing, robotics, industrial Internet of things (IIoT), artificial intelligence (AI), and computer vision technologies, ThingTrax helps manufacturers identify inefficiencies and reduce costs.
Thingtrax counts organizations including Berry, Carlco, RGE Group, and Southern Champion among its client base, which is located across the UK, Europe, Asia, Africa, and North America within various industries, including plastics, food & beverage, consumer packaged goods, and automotive.
"Out of 10m factories worldwide, 94 percent are looking for digital solutions that can connect multiple factories globally, standardize processes, and improve efficiency,” says Paul Reader, CEO of Thingtrax. “Thingtrax goes beyond data collection and provides leaders with in-depth analysis and actionable insights for improved efficiency and behavior change across the workforce.”
Company: ThingTrax Ltd.
Raised: £4.3M
Round: Pre-Series A
Funding Month: July 2023
Lead Investors: Concentric, Superseed, and Puma Private Equity
Additional Investors: Haatch, Portfolio Ventures, Vinci Venture Capital, and Charlie Songhurst
Company Website: https://thingtrax.com/
Software Category: IoT SaaS Manufacturing Performance Software
About the Company: Founded in 2015 by Aman Gupta and Imran Shafqat and led by Paul Reader, Thingtrax is a complete solution for manufacturing leaders to improve operational performance by engaging people at every level to embrace a high-performance culture. Thingtrax provides a cloud-based operations monitoring, configuration management, and preventative maintenance solution. It connects and monitors legacy machines with the cloud for real-time manufacturing.
Source: https://tech.eu/2023/07/20/converting-factories-into-intelligent-manufacturing-hubs-london-s-thingtrax-raises-4-3-million/