Toronto-based ThoughtWire has raised $20 million in debt and Series A financing.
Yaletown Partners led the round and was joined by BDC Capital, Round13 Capital, Epic Capital, and Comerica. The company plans to use the funding to develop its IIoT platform, called Ambiant. It will also use the funding to expand its team and geographic growth.
“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,” said 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’s Ambiant 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; according to The Globe and Mail, the system has helped cut the number of deaths from cardiac arrest emergencies in hospitals by 42 percent in a project with the Hamilton health system.
While Ambiant’s original purpose is in the healthcare space, it’s also being applied to smart buildings by guiding proactive maintenance, improving cost and energy efficiency, and delivering a more personalized tenant experience.
In manufacturing, Ambiant is being applied to develop self-optimizing production lines to reduce downtime and prevent component failures.
“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,” said Salil Munjal, managing partner at Yaletown Partners. “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.”