SaaS-based IoT machine monitoring solution ThingTrax raises £250,000
Jun 18 2017
London-based IoT startup ThingTrax closed a £250,000 seed round led by Technology Venture Capital Investments.
The startup is a graduate of Startupbootcamp’s IoT program in its Oct 2016 session and will use the proceeds to grow its customer base and deliver the on-going pilots it has signed
ThingTrax is a SaaS-based IoT machine monitoring solution for the manufacturing industry. It consists of a data capturing device and cloud-based software that can be used to track and monitor machines and operators. ThingTrax Smart Gateway device connects to machine PLCs to collect and send machine data to the Cloud. The ThingTrax cloud then uses inbuilt machine learning and artificial intelligence algorithms to detect anomalies in machine and motor operations.
“Our device can decide to send more data to the cloud for analysis depending on what it finds. That is the intelligence we have built in,” said Aman Gupta, ThingTrax’s head of devices.
+ ThingTrax's primary use case is to monitor and track data coming from factory floor machines to reduce downtime.
+ ThingTrax claims to have delivered its customers 35% reduction in their maintenance costs and a 70% decrease in machine downtime.
To celebrate our successful seed funding round and to have a day of team bonding, our UK team spent the sunny day on the Thames last week! pic.twitter.com/U1wOM8rWWr— thingtrax (@thingtrax) June 3, 2017