Toronto-based ThoughtWire has closed an $11.5 million CAD in debt financing, with follow-on potential of an additional $9.7 million. This latest investment brings ThoughtWire’s total raised to date to $31.5 million CAD.
ThoughtWire is targeted to healthcare providers, smart buildings, and advanced manufacturers.
Yaletown Partners led ThoughtWire’s financing, while BDC Capital, Canadian Business Growth Fund, Greensoil PropTech Ventures, and Export Development Canada participated. ThoughtWire said the funding will be put towards the startup’s development and international growth efforts.
ThoughtWire has developed “digital twin technology” for applications in smart hospitals, smart buildings, and smart cities. The technology uses data generated from built environments and combines it with context from processes and IoT devices.
Digital Twin technology usually refers to a digital replica of a living or non-living physical entity. Rather than creating a simple digital mock-up of the physical environment, ThoughtWire touts its Digital Twin as a contextual model of an organization and its operation.
“Digital Twin Technology is a key component to the rapid changes brought by the digitization of traditional industry, transformations driven by IIoT and AI, and supporting companies to build for climate-resilient growth,” said Salil Munjal, managing partner at Yaletown Partners.
“ThoughtWire has been changing how we think about intelligent automation and process optimization to interconnect and orchestrate people, data and things in real-time,” Munjal added.
ThoughtWire’s platform is targeted to healthcare providers, smart buildings, and advanced manufacturers. It provides real-time guidance to staff so they can predict and resolve issues and achieve energy efficiency. The startup was founded in 2009 and its team currently sits at 55 employees. In 2018, the startup raised $20 million, which included a Series A round and debt financing.
Image source ThoughtWire.