ThingTrax Secures £4.3 Million Investment in Funding Round

July 20, 2023

ThingTrax, a SaaS-based manufacturing performance platform, has recently made waves in the investment landscape, securing a significant £4.3 million in funding. Co-led by Concentric, Superseed, and Puma Private Equity, this investment marks a pivotal moment for the company as it gears up for accelerated growth and expansion.

Established with the vision to revolutionise the industrial sector, ThingTrax offers a comprehensive solution aimed at enhancing operational efficiency and reducing costs for manufacturers. Founded in 2015 by Aman Gupta and Imran Shafqat, and led by CEO Paul Reader, the company has positioned itself as a key player in the realm of digital transformation within manufacturing.

The core essence of ThingTrax lies in its ability to harness cutting-edge technologies such as cloud computing, robotics, industrial IoT, artificial intelligence, and computer vision. Through its integrated platform, ThingTrax empowers manufacturers with real-time insights and analytics, enabling them to optimise processes and drive performance improvements across the board.

Paul Reader, CEO of ThingTrax, emphasises the critical role the company plays in addressing the pressing needs of today's manufacturing landscape. He notes, "Out of 10 million factories worldwide, 94% are looking for digital solutions that can connect multiple factories globally, standardise processes, and improve efficiency."

One of the key highlights of ThingTrax's offering is its ability to monitor 100% of production activity on the manufacturing floor, providing businesses with unparalleled visibility into their operations. This real-time visibility translates into tangible results, as evidenced by the success stories of companies like RGE, which experienced a 70% reduction in downtime and significant cost savings upon implementing ThingTrax's Vision System.

The recent funding round will serve as a catalyst for ThingTrax's growth trajectory, with a focus on developing strategic partnerships, expanding its team, and broadening its customer base across Europe and the United States. Speaking on the significance of this investment, Alex Stroud, Investor at Concentric, expresses confidence in ThingTrax's potential to scale within the industrial technology space.

In addition to its impressive growth rate, ThingTrax has also garnered recognition from industry giants such as Microsoft and Intel, solidifying its position as a preferred partner in the field of AI and edge computing solutions.

As ThingTrax embarks on its journey to empower manufacturers to build the factories of the future, the company remains committed to driving innovation and delivering tangible value to its customers. With a strong foundation in place and a clear vision for the future, ThingTrax is poised to shape the future of manufacturing through its transformative technology solutions.