Toronto-based ThoughtWire, developer of an intelligent building management platform, has raised US$11.5 million in funding, with a follow-on potential of US$9.7 million. The round’s backers include lead investor Yaletown Partners, BDC Capital, Canadian Business Growth Fund, Greensoil PropTech Ventures and Export Development Canada. CBGF earlier this year acquired a minority stake in ThoughtWire.
PRESS RELEASE
ThoughtWire secures investment to drive the growth of Digital Twin Technology
TORONTO (PRWEB) August 17, 2020
ThoughtWire, developers of the award-winning Digital Twin Technology platform, today announced the closing of a combined $11.5 million investment with a follow-on potential of a further $9.7 million. ThoughtWire will use the financing to further the Company’s development efforts and international growth initiatives using their solutions to make hospitals, buildings and cities safer, secure and sustainable by orchestrating people, workflows, data and things in real-time.
The investment round includes a respected syndicate of current and new investors including lead investor Yaletown Partners, BDC Capital, Canadian Business Growth Fund, Greensoil PropTech Ventures and EDC.
“We are proud to have new partners who are invested in our vision and mission to orchestrate a safer, secure and sustainable world, and the enormous opportunity that lies ahead for ThoughtWire,” says Michael Monteith, CEO of ThoughtWire. “We’re excited to have this opportunity work with our highly respected investors to grow our team and enhance our technology offerings throughout all buildings and cities.”
At ThoughtWire, we’re on a mission to create Smarter Built Environments by using powerful Digital Twin Technology. Over the past 2 years, ThoughtWire has been receiving worldwide recognition for our Digital Twin platform by analysts from Gartner, Verdantix and many more. Our technology is now being applied across diverse industries to deliver intelligent automation and provide real-time guidance to machines and staff to predict and resolve issues, ensure safety, improve productivity, and achieve energy greater efficiency.
“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. ThoughtWire has been changing how we think about intelligent automation and process optimization to interconnect and orchestrate people, data and things in real time. We are proud to call them our partners and excited about the company’s very bright future.” – Salil Munjal, Managing Partner at Yaletown Partners.
“We are proud to support Mike and the ThoughtWire team as they scale their platform internationally and work to create a great Canadian success story.” – George Rossolatos, CEO of the Canadian Business Growth Fund.
“We see great potential in ThoughtWire’s Digital Twin. Their platform technology provides real-time, actionable insights that equips businesses to enhance productivity, improve energy efficiency and optimize operations,” commented Tony Van Bommel, Senior Managing Partner, Industrial, Clean and Energy (ICE) Technology Venture Fund at BDC Capital.
“ThoughtWire’s proven ability to optimize interactions between people and assets within the built environment saves lives, money and resources,” said David Harris Kolada, Managing Partner at Greensoil PropTech Ventures. “Our investment in ThoughtWire’s latest financing round is an excellent example of our strategy to finance best in class teams with technologies that enable the real estate sector to go digital.”
“ThoughtWire is a great example of the innovative Canadian cleantech companies EDC is supporting through our investment matching program,” said Carl Burlock, Executive Vice-President and Chief Business Officer at EDC. “We are looking forward to seeing the company execute on their international growth plans.”
About ThoughtWire
ThoughtWire is on a mission to bring the built environment to life. By orchestrating data from people, process, and the physical built environment ThoughtWire delivers smarter, safer and more efficient hospitals, commercial buildings, and cities. Our software applications put people first, whether for clinicians, patients, office workers, or first responders, ThoughtWire puts people in control. Powered by our Digital Twin technology, ThoughtWire’s applications for smart hospitals, smart buildings, and smart cities unlock the value of data generated from built environments by combining it with context from people, processes and IoT devices. Since 2009, ThoughtWire has been changing how we think about interconnectivity of smart spaces, beginning with its Ambiant™ platform, developed to interconnect and orchestrate people, data, and things in real-time. Connect and follow us to learn more. http://www.thoughtwire.com
About Canadian Business Growth Fund
The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 to $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner business achieve their full potential. For companies seeking investment opportunities, please email us at contact@cbgf.com. To learn more, please visit us at http://www.cbgf.com.
About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
About Yaletown Partners
Yaletown is a leading Canadian IoT and Cleantech investor focusing on Intelligent Industry companies. Its investments enable the application of data and technologies to digitally transform traditional industries, drive innovation, create operational efficiencies and reduce the impact of climate change. In 2017, Yaletown received the CVCA’s Venture Capital Deal of the Year award for its investment in BitStew, Canada’s largest venture financed exit of 2016. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Toronto and Montreal. For more information, please visit http://www.yaletown.com
About Greensoil PropTech Ventures
Greensoil PropTech Ventures invests in high-performing PropTech companies that provide products, services, and technologies to make real estate more productive, efficient, and sustainable. Backed by real estate and institutional Limited Partners, GSPV is helping finance the digitization of the built environment, the biggest asset class on the planet. For more information, visit gspv.vc.
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
Contact Author
Frans van Staden
ThoughtWire: +1 4372172831
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