ThoughtWire has announced a new $20 million Series A financing round.
The Toronto-based company is the provider of the Ambiant IIoT (Industrial Internet of Things) platform that helps organizations become safer, work smarter and champion energy efficiency by interconnecting and orchestrating people, workflows, data and things. ThoughtWire works with smart cities and buildings, advanced manufacturers and healthcare providers to pursue intelligent automation and real-time staff guidance.
The Series A round includes new and old investors and was led by Yaletown Partners, with participation from 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.” says 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.”
ThoughtWire’s Ambiant platform attracted interest after being widely used in healthcare practices, and it is now being deployed in various other industries. In healthcare, the machine intelligence platform would improve operations and care delivery. For the increasingly talked-about and burgeoning smart city market, ThoughtWire can help with proactive maintenance, energy efficiency, and a more personalized tenant experience.
“ThoughtWire is on a growth path to be the next great Canadian IIoT success story and we’re excited to be making this first investment in Ontario from our new Innovation Growth Fund,” said Salil Munjal, managing partner at Yaletown Partners.
Yaletown Partners have a lot of experience with IIoT companies, having invested in Bit Stew, which provided an advanced data integration platform. They were sold to GE in 2016 for $207 million.
“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,” says Bruce Croxon, 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.”
ThoughtWire currently has 20 customers and will use the new funding to expand their sales and further explore the global market. They were included as number 35 on the PROFIT 500 last year, reporting a 1,911 per cent growth rate over five years.