IoT specialist ThoughtWire raises $20 million
March 28, 2018
TORONTO – ThoughtWire, developers of the award-winning Ambiant IIoT platform, has announced the closing of a combined $20 million debt and Series A financing. ThoughtWire will use the financing to further the company’s geographic growth, using Ambiant to make cities smarter, buildings more automated and energy efficient, and hospitals and workplaces safer, by interconnecting and orchestrating people, workflows, data and things in real-time.
The investment round includes a syndicate of new and current investors including Yaletown Partners, BDC Capital, Round13 Capital, Epic Capital and Comerica.
“We are proud to have new partners who are invested in our vision and mission to orchestrate a healthier, safer and cleaner world, and the enormous market opportunity that lies ahead for ThoughtWire,” says Michael Monteith (pictured), CEO of ThoughtWire. “We’re excited to have the opportunity to apply this latest investment to grow our team and expand the impact of our forward-thinking technology on Smart Cities and buildings, better healthcare and advanced manufacturing.”
Over the last two years, after attracting worldwide recognition from both Gartner and Frost & Sullivan for Ambiant’s use in healthcare, the Ambiant IIoT platform is now being applied across diverse industries to deliver intelligent automation and provide real-time guidance to machines and staff to predict and resolve issues, ensure safety, and achieve energy efficiency.
Originally utilized in Smart Healthcare, Ambiant applies real-time machine intelligence to improve operations, care delivery and the patient experience.
For smarter buildings and cities, Ambiant is used to guide proactive maintenance, improve cost and energy efficiency, and deliver a more personalized tenant experience. In manufacturing, Ambiant is being applied to develop self-optimizing production lines to reduce downtime and prevent component failures, for advanced efficiency and clean operations.
“ThoughtWire holds the promise of our earlier IIoT investment, Bit Stew, which we successfully helped to scale into Canada’s largest venture financed exit of 2016, and today is part of GE,” says Salil Munjal, managing partner at Yaletown Partners, the firm leading the funding round. “ThoughtWire is on a growth path to be the next great Canadian IIoT success story and we’re excited to be making this first investment in Ontario from our new Innovation Growth Fund.”
ThoughtWire’s Ambiant IIoT platform equips organizations with the capability to become smarter, safer, and more energy efficient by interconnecting and orchestrating their people, workflows, data and things. Healthcare providers, Smart cities and buildings, and advanced manufacturers use Ambiant to achieve intelligent automation and provide real-time guidance to staff so they can predict and resolve issues, achieve energy efficiency and deliver optimal experiences to patients, tenants and customers. Founded in 2009, and based in Toronto, ThoughtWire earned a Frost & Sullivan Best Practices Award in 2017 and was ranked a Gartner Cool Vendor 2016. Learn more at www.thoughtwire.com.