London-based IoT startup ThingTrax has raised more than £250,000 in a Seed round led by Technology Venture Capital Investments.
The startup, a recent graduate from Startupbootcamp IoT’s program, also drew support from AI Seed Fund and FOMCAP.
Founded in 2015, ThingTrax has created a data capturing device to help manufacturers decrease downtime and increase operational efficiency.
At present, most manufacturers record performance manually and are left to face unexpected issues once these arise.
ThingTrax seeks to change this by continuously tracking machine performance and learning from behaviour to predict future problems.
ThingTrax claims it is able to turn a ‘dumb’ machine into a ‘smart’ one in approximately an hour. On average, it adds, its customers are seeing a 35% reduction in their maintenance costs and a 70% decrease in machine downtime. This, the company says, translates as a 5% saving on annual costs.
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Speaking about the raise, Aman Gupta, co-founder of ThingTrax, said: “Our aim is make every machine on the factory floor smart regardless of its age, size or type.”
The funding, he added, will enable the firm to grow its existing clients base and to continue working with its pilot customers in the UK and abroad.
George Askew, investment manager at FOMCAP, spoke about his decision to participate in the round.
“The industrial ‘internet of things’ space is a growing one and ThingTrax is well positioned to exploit manufacturing’s desire, and need, to use smart technologies. They are a great addition to our portfolio of high growth technology companies,” he concluded.