Thingtrax, an internet of things (IoT) startup looking to digitise the industrial sector, has raised £4.3m in a pre-Series A investment round.
Founded in 2015, Thingtrax offers industrial firms a platform designed to improve operational efficiency through real-time monitoring of production activity.
Thingtrax’s platform tracks manufacturing facilities and provides data insights into performance efficiency. Users can then set objectives to improve effectiveness.
“Thingtrax goes beyond data collection and provides leaders with in-depth analysis and actionable insights for improved efficiency and behaviour change across the workforce,” said Thingtrax CEO Paul Reader.
“We give manufacturers the tools and knowledge that they need to accelerate progress on their digitisation journey and the attainment of operational excellence. With limited resources, we have built a fantastic product and attracted prominent customers.”
Reader said the new funding would allow the company to prioritise “strategic partnerships” and expand its customer base, with a focus on capturing more of the European and US markets.
The Staines-based startup previously raised $1m (£774,300) in June 2020.
The latest funding round was led by Concentric, Superspeed and Puma Private Equity. Other participants included Haatch, Portfolio Ventures and Vinci Venture Capital.
Alex Stroud, investor at Concentric, said: “We have a strong belief that the industrial technology space is at an inflection point. In a high inflation, labour scarce environment, industrial CEOs are realising that technology is one of the only levers left to optimise their P&L.”