Thingtrax Secures £4.3M

by Startacus Admin

Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future

IoT SaaS startup Thingtrax has raised £4.3M in a Pre-Series A round co-led by Concentric, Superseed and Puma Private Equity. The investment was also supported by Haatch, Portfolio Ventures, Vinci Venture Capital and several well-known angel investors, including super angel Charlie Songhurst. The funding will fuel expansion by developing strategic partnerships, scaling the team, and broadening the customer base across Europe and the US.

Thingtrax was established to accelerate the evolution of the industrial sector by helping CEOs activate a digitally enabled performance platform that improves operational excellence and reduces costs. It was founded in 2015 by Aman Gupta, a seasoned professional in solution architecture, agile methodologies, and business analysis, along with Imran Shafqat, a specialist in enterprise software development. The company is led today by CEO Paul Reader.

Today’s CEOs don’t have an easy way to understand the limitations of their factories and improve performance. Thingtrax solves this through one integrated platform, using cloud computing, robotics, industrial Internet of things (IIoT), artificial intelligence (AI), and computer vision to convert factories into intelligent manufacturing hubs.

Thingtrax can monitor 100 per cent of production activity on the manufacturing floor within a single system with real-time visibility into daily management practices to help businesses perform better. Recently, RGE, a high-value plastic injection moulding company, adopted the Thingtrax Vision System to monitor its entire factory floor efficiently. This transition led to an impressive 70 per cent reduction in downtime and significant cost operation savings. As a direct result of these advancements, RGE was also able to increase its team size by 50 per cent and further strengthen its position.

Speaking on the funding Paul Reader, CEO of Thingtrax, said, "Out of 10m factories worldwide, 94 per cent are looking for digital solutions that can connect multiple factories globally, standardise processes and improve efficiency. Thingtrax goes beyond data collection and provides leaders with in-depth analysis and actionable insights for improved efficiency and behaviour change across the workforce. We give manufacturers the tools and knowledge that they need to accelerate progress on their digitisation journey and the attainment of operational excellence.”

Reader added, “With limited resources, we have built a fantastic product and attracted prominent customers. This funding will enable us to bolster the quality of our service, prioritise strategic partnerships and focus on expanding our customer base with an emphasis on Europe and the United States.”

In 2020, Thingtrax raised $1M in a seed round led by SuperSeed alongside industrial specialist Sumaria. Since then, the company has had an impressive growth rate, growing 550 per cent in 2021, followed by a remarkable growth of 230 per cent in 2022. It also holds preferred partner status with Microsoft and is an official AI partner in the Edge Solution category for Intel. Thingtrax is supporting clients such as Berry, Carlco, RGE Group and Southern Champion, who are located across the UK, Europe, Asia, Africa and North America within various industries, including plastics, food & beverage, consumer packaged goods and automotive.

 

 

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• #factories
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• #investment
• #venture capital

Published on: 20th July 2023