Safeguard Scientifics has led a $5 million series B funding round for ThingWorx, which has developed an application platform that designs apps to connect people, systems and devices. Wayne, Pa.-based Safeguard provides growth capital.
Safeguard Scientifics, Inc. (NYSE: SFE), a holding company that builds value in growth-stage life sciences and technology companies, today announced that it has led a $5 million Series B financing round for Downingtown, PA-based ThingWorx, a revolutionary platform designed to accelerate the development of applications connecting people, systems and devices. Proceeds from the financing will be used to ramp product development as well as sales and marketing.
“On the heels of two well-timed exits last year, Safeguard is now in a position of financial strength and flexibility to deploy capital into new, high-growth, high-value companies,” said Peter J. Boni, President and CEO of Safeguard Scientifics. “Safeguard has a robust pipeline of opportunities that we continue to evaluate and our diligent research and analysis of those opportunities is ongoing. We are excited about our positive momentum and will continue to work to drive value for our shareholders.”
Founded in 2009, ThingWorx is a complete, high-level application that provides unprecedented efficiency and reusability. ThingWorx’s disruptive technology provides all of the services and functionality required to quickly build and deploy secure, high-performance, connected applications regardless of whether they’re in the cloud, on an Intranet or on an embedded platform. ThingWorx extends the key functionality of Web 2.0, social media and the semantic web to the ‘world of things,’ creating a platform that amplifies the productivity of people through collective intelligence and user-driven information. The platform’s unique ability to link people and systems with the physical world unlocks tremendous value in industrial markets such as manufacturing, utilities and energy, as well as in emerging “Internet of Things” markets, which include smart homes, cities, agriculture, transportation, and infrastructure.
“An Internet primarily composed of people is giving way to an ‘Internet of Things’ where every device and every system is connected,” said Russell Fadel, CEO and co-founder of ThingWorx. “Because of this, applications will have to change from a hierarchical, pull-driven model dominated by people to an event-driven, peer-to-peer approach with more flexible collection and storage schemas than anything enterprise software offers today. And that’s exactly what we’ve set out to do at ThingWorx. Our application development platform is tailor-made for this new paradigm, in which systems, devices and people are fluidly connected and their interactions are exposed in a searchable and semantic model. The capital from Safeguard Scientifics, along with the team’s domain expertise and operational support, will enable us to execute our vision and realize the value of this disruptive technology.”
“More and more intelligent devices are being connected to the Internet every day,” said Erik Rasmussen, Vice President and Managing Director of the Technology Group at Safeguard Scientifics, who will join ThingWorx’s Board of Directors. “ThingWorx’s platform is able to take advantage of this trend and capitalize on its ability to interconnect devices and sensors with computing intelligence, enabling decision makers to make informed decisions based on that ‘smart’ data. We are pleased to welcome ThingWorx to the Safeguard family.”
ThingWorx is a privately held company that develops and markets the first application platform for the connected worldTM. The company combines the key functionality of Web 2.0, social media and the semantic web and applies it to any process that involves people, systems and real-world “things.” ThingWorx is providing the disruptive change required to catalyze connected world applications, resulting in a more efficient planet. For more information, visit www.thingworx.com or follow us on Twitter @ThingWorxSW.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices, Regenerative Medicine, Specialty Pharmaceuticals and selected healthcare services, and technology companies in Internet / New Media, Financial Services IT, Healthcare IT and selected business services with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. For more information, please visit our website at www.safeguard.com, our blog at blog.safeguard.com or you can follow us on Twitter @Safeguard and LinkedIn.