The London software firm has secured backing from IQ Capital and Nikon to expand its automated manufacturing platform globally.
"Despite its clear economic and environmental benefits, manufacturers have difficulty implementing additive manufacturing at an industrial scale. This is due to concerns about its reliability and ease of adoption. We believe that automation and smart use of data is the solution to this problem. By partnering with Nikon as a leading technology provider who has a grand vision for the future of manufacturing, and IQ Capital as a deep-tech investor with proven track record of supporting global businesses, we are well positioned to achieve our goal for automating the factories of the future."
The pre-series A financing was co-led by Concentric, Superseed and Puma Private Equity to support international expansion and team scaling.
"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."
Episode 1 led the investment round with backing from Superseed and angel investors.
"Most companies now realise that they can’t continue to compete without underpinning decision making with data but when looking to leverage a cloud data warehouse the choice they face is either outsource the processing of data to expensive agencies or hire data engineering and build this internally. With our platform, businesses can put the power of data engineering in the hands of their analysts and achieve a massive acceleration in value in a much shorter time while retaining the valuable knowledge about their own business logic in-house."
