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.
Thingtrax provides a software as a service platform that helps manufacturers monitor factory floor performance and operational efficiency. The business combines cloud computing, artificial intelligence and computer vision to convert traditional manufacturing sites into intelligent operational 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
"We specialise in helping early-stage businesses navigate from zero revenue to their first million. We appreciate the very large market that Thingtrax’s solution serves, backing the founders at the pre-seed stage when they had their initial product. It has been fantastic to witness and support their rapid growth over the last couple of years and we are excited about what they will achieve with this new round of funding."
Mads Jensen
Founder & Managing Partner, Superseed
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
Investors
Concentric
Mads Jensen
Superseed
Ben Leslie
Puma Private Equity
Fred Soneya
Haatch
Will Brooks
Portfolio Ventures
Aylin Girgin Özbiliş
Vinci Venture Capital