ThingWorx Raises Series C to Capitalize on Connected World Growth
Proceeds will be used to grow sales and operations teams to expand reach of ThingWorx connected application platform across all markets
EXTON, Pa.--(BUSINESS WIRE)-- ThingWorx today announced a Series C financing, which was led by Safeguard Scientifics (NYS: SFE) . ThingWorx will use the proceeds to further strengthen its sales and customer care teams as the company seeks to capitalize on the explosive growth of the machine-to-machine (M2M) market and increased demand for Internet of Things applications. Organizations across dozens of industries use ThingWorx's connected application platform to quickly build applications that enable remote services, power telematics, monitor smart devices, and gain insight into manufacturing and industrial processes.
"The ThingWorx team continues to raise the bar and drive innovation in the Internet of Things space," Erik B. Rasmussen, Managing Director, Technology at Safeguard, who is also a member of the board at ThingWorx. "From the time of our initial deployment into the Company early last year, ThingWorx has secured multiple customer wins and partnerships in a wide array of verticals, rapidly positioning itself as the platform of choice for connected applications and devices."
ThingWorx is at the epicenter of a vast growth opportunity in M2M and Internet of Things application development space. According to ABI Research, the market for M2M application enablement platforms will increase ten times to $1.72 billion from 2011-2017. In addition, the number of smart devices will grow to 50 billion in 10 years, 50 times the current number. As hardware becomes more cost-effective and application development continues to accelerate, more and more organizations are recognizing the business value of the Internet of Things and rushing to capitalize on the insight gained through remote monitoring.
"ThingWorx is playing an instrumental role in driving the acceleration of the M2M space," said Russ Fadel, CEO of ThingWorx. "Just a few years ago, the potential of the connected world was unrealized due to the high level of friction in the application development process. The ThingWorx platform has eliminated this obstacle, providing a 5X to 10X increase in development efficiency for virtually any M2M application. This reduction in time, cost, and risk is the catalyst that is unlocking the innovation required to make the connected world a reality. The flexibility of the platform, including our codeless Mashup builder, powerful search-based intelligence, and AlwaysOn communications, allows us to serve fields such as medical devices, telematics, and remote service management solutions as part of an ever-expanding list of markets making use of smart devices."
ThingWorx is partnering with companies as diverse as mobile network providers, medical device companies, cloud service providers, enterprise software providers, and new "smart" solution providers in the agriculture, infrastructure, transportation, and homeland security markets. The company has built momentum over the past several years with a string of awards and high-profile partnerships, as well as a growing customer base. Now, as demand is growing 10X year over year, this expansion of the operational team will help ThingWorx put its application development platform in the hands of more organizations to create innovative connected world solutions.
ThingWorx™ provides the first software application platform designed for today's connected world. The ThingWorx platform combines the key functionality of Web 2.0, search, and social collaboration, and applies it to the world of "things," including connected products, machines, sensors, and industrial equipment. Businesses use the ThingWorx platform to rapidly deliver innovative applications and connected solutions across markets ranging from manufacturing, energy, and food, to M2M remote monitoring and service, as well as in emerging "Internet of Things" applications, including smart cities, smart grid, agriculture, and transportation. For more information, please visit our website at www.thingworx.com and our blog at www.thingworx.com/blog or follow us on Twitter at @ThingWorx.
Matt McLoughlin, 610-228-2123
KEYWORDS: United States North America Pennsylvania
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