Thingtrax Secures £4.3M to Boost Manufacturing Innovation
In an era defined by rapid technological transformation, Thingtrax emerges as a beacon of innovation in the manufacturing sector. This revolutionary SaaS-based platform is designed to elevate operational efficiency while slashing costs, making it the vital tool that CEOs and factory managers have been waiting for. With a staggering 94 percent of factories worldwide recognizing the urgent need for digital solutions, Thingtrax is positioned to lead the charge toward a more connected and optimized manufacturing ecosystem.
On July 20, 2023, Thingtrax announced a successful £4.
.3M in a Pre-Series A funding round co-led by Concentric, Superseed, and Puma Private Equity. This strategic investment, supported by notable players like Haatch, Portfolio Ventures, and acclaimed angel investor Charlie Songhurst, will expedite Thingtrax's growth. The funding will facilitate the development of strategic partnerships, enable team expansion, and broaden its customer base across Europe and the US—key territories for its ambitious growth strategy.
Founded in 2015 by industry veterans Aman Gupta and Imran Shafqat, and now led by CEO Paul Reader, Thingtrax combines cutting-edge technologies such as IIoT, AI, and computer vision to transform traditional factories into intelligent manufacturing hubs. With a proven capability to monitor every aspect of production, Thingtrax has already helped clients like RGE Group achieve impressive results including a 70 percent reduction in downtime and significant operational savings. As Reader aptly points out, “We provide manufacturers the tools and knowledge to accelerate their digitization journey and attain operational excellence.” With further investment, the company is poised for unprecedented growth, helping manufacturers navigate the complexities of digital transformation while maximizing profitability and efficiency.
Key Terms Explained
- Thingtrax
- A revolutionary SaaS-based platform designed to enhance operational efficiency and reduce costs in the manufacturing sector by using technologies like IIoT, AI, and computer vision.
- Pre-Series A funding
- An early investment stage following seed funding which helps startups in their product development, market research and other early operational requirements.
- IIoT, AI, and computer vision
- Cutting-edge technologies employed by Thingtrax to digitize traditional factories. IIoT refers to the Industrial Internet of Things, AI to Artificial Intelligence, and 'computer vision' to the ability of a machine to analyse and interpret visual data.
Frequently Asked Questions
- What is the name of the SaaS-based platform that is innovative in the manufacturing sector?-The name of the SaaS-based platform that is innovative in the manufacturing sector is Thingtrax.
- How much funding did Thingtrax secure in its Pre-Series A funding round?+
- What will the funding of Thingtrax be used for?+
- When was Thingtrax founded and who are the founders?+
- What are the results that Thingtrax has helped its client achieve?+
They've invested in ThingTrax
Get to know these SaaS investors
| Investor | Sector | Stage | Activity | Team | Connect |
|---|---|---|---|---|---|
 Concentric Partners | 29 investments investments | 7 contacts contacts | |||
 Superseed | 8 investments investments | 9 contacts contacts | |||
 Puma Growth Partners | 8 investments investments | 4 contacts contacts | |||
 Haatch | 31 investments investments | 7 contacts contacts | |||
 Portfolio Ventures | 25 investments investments | 3 contacts contacts | |||
 Vinci Venture Capital | 1 investment investment | more info |
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