Thingtrax secures £4.3m in a pre-series A round co-led by Concentric, Superseed and Puma Private Equity to fund expansion.
The pre-series A financing was co-led by Concentric, Superseed and Puma Private Equity to support international expansion and team scaling.
Share allotment filed at Companies House
ThingTrax provides smart technology solutions that connect machines, workers, and robotics to improve manufacturing efficiency. The company uses cloud computing, IoT, and artificial intelligence to turn traditional factories into smart manufacturing hubs.
Thingtrax has secured £4.3m in a pre-series A funding round co-led by Concentric, Superseed and Puma Private Equity. The capital injection was backed by several participants including Haatch, Portfolio Ventures, Vinci Venture Capital and angel investor Charlie Songhurst.
Industrial manufacturing environments face constant pressure to digitise and improve efficiency. Thingtrax applies cloud computing, artificial intelligence and Internet of things technology to provide real-time visibility across factory floors.
The newly acquired funds will support the company as it develops strategic partnerships, expands its workforce and grows its customer footprint across Europe and the United States.
From the founder
"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."
Paul Reader
CEO at ThingTrax
Investor perspective
"Thingtrax can help the vast number of factories that need digital solutions, and support them in becoming more efficient and fit for the future. In the current environment, it’s more important than ever to maximise efficiencies, and we’re therefore pleased to invest in the business’s development. Thingtrax has a strong track record, healthy customer base, and has consistently grown in the last few years. This investment will enable it to scale further, and we look forward to working closely with the team to achieve their goals."
Ben Leslie
Investment Director, Puma Private Equity
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
Investors
Concentric
Ben Leslie
Puma Private Equity
Fred Soneya
Haatch
Will Brooks
Portfolio Ventures
Aylin Girgin Özbiliş
Vinci