London-based Thingtrax has raised £4.3 million in a pre-Series A funding round. Combining cloud computing, robotics, industrial Internet of things (IIoT), artificial intelligence (AI), and computer vision technologies, ThingTrax helps manufacturers identify inefficiencies and reduce costs.
Thingtrax’s latest investment round was co-led by Concentric, Superseed, and Puma Private Equity, with Haatch, Portfolio Ventures, Vinci Venture Capital and several angel investors, including Charlie Songhurst participating.
According to the company, its solution can monitor 100% of production activity on the manufacturing floor and provide real-time visibility into daily management practices, all within a single system.
Thingtrax counts organisations including Berry, Carlco, RGE Group, and Southern Champion amongst its client base, who are located across the UK, Europe, Asia, Africa, and North America within various industries, including plastics, food & beverage, consumer packaged goods, and automotive.
ThingTrax was founded in 2015 by Aman Gupta, previously an associate partner at IBM responsible for the digital transformation strategy of European manufacturing and supply chain companies, and Imran Shafqat, a former Microsoft employee with 17 years experience in cloud architecture. Since late 2020 the company has been led by former Mind Foundry Interim CEO / Chief Operating Officer Paul Reader.
"Out of 10m factories worldwide, 94 percent are looking for digital solutions that can connect multiple factories globally, standardise processes and improve efficiency,” says Reader. “Thingtrax goes beyond data collection and provides leaders with in-depth analysis and actionable insights for improved efficiency and behaviour change across the workforce.”