Toronto industrial internet-of-things platform ThoughtWire Corp has raised $20 million in a debt and Series A financing. Yaletown Partners led the round and was joined by BDC Capital, Round13 Capital, Epic Capital and Comerica. Founded in 2009, ThoughtWire’s Ambiant platform helps make buildings, cities, hospitals and workplaces smarter, safer and more energy efficient by interconnecting and orchestrating people, workflows, data and things. Led by CEO Michael Monteith, the company will use the funds raised for geographic growth and team expansion. ThoughtWire is the first Ontario investment of the recently launched Yaletown Innovation Growth Fund.
Photo: Michael Monteith, CEO of ThoughtWire Corp.
ThoughtWire Announces Closing of $20 Million Financing
Funding will support continued rapid growth as ThoughtWire’s Ambiant IIoT platform is used to drive the future of Smart Cities, Smart Healthcare and advanced manufacturing.
Toronto, Ontario – March 5, 2018 – ThoughtWire, developers of the award-winning Ambiant™ IIoT platform, today 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 respected 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, 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.”
“With capital-efficient initial growth, ThoughtWire has demonstrated the market appeal of a technology platform that equips businesses to enhance resource productivity,” commented Tony Van Bommel, BDC Senior Managing Partner, Industrial, Clean and Energy (ICE) Technology Venture Fund. “We see great potential for the Ambiant platform to lead in the high-growth IIoT global market.”
“Round13’s focus is on investing in technology businesses that are already on a path to becoming a breakout success, giving them the capital to scale,” says Bruce Croxon, Round13 Capital. “The growth achieved by the ThoughtWire team so far, shows their ability to execute and that they see the vast growth potential of bringing their IIoT platform to multiple industries.”
About ThoughtWire 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.
About Yaletown Partners
Yaletown invests in emerging-growth technology companies that enhance sustainability and productivity for industrial and enterprise customers. It’s newly launched Innovation Growth Fund helps Canadian technology companies to scale and become market leaders. In 2017, Yaletown won the CVCA Venture Capital Deal of the Year Award for its investment in Bit Stew Systems, which was Canada’s largest venture financed exit of 2016. Yaletown is backed by leading institutional investors and a network of successful technology entrepreneurs and angel investors. Learn more at www.yaletown.com.
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada’s most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.
About Round13 Capital
Round13 Capital is a Toronto-based growth-stage venture capital firm that invests in Canadian companies. Founded by Lavalife co-founder and former Dragons’ Den investor Bruce Croxon and John Eckert, a 25-year venture capital veteran, Round13 invests up to $5 million in Canadian companies that are ready to scale. Learn more at www.round13capital.com.
Unless otherwise noted, all financial figures are presented in Canadian dollars (CDN$).
For further information:
Claudia Moore, Material Insight – ThoughtWire Media Relations, Phone: 403.703.0029, Email: [email protected]
Photo courtesy of ThougthWire Corp