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, ON – 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.”
“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.”