Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

IoT Startup ThingTrax Raises £250k in Seed Round

ThingTrax, a London-based start-up operating in the Internet of Things space, has raised £250,000 in Seed in a round led by  Technology Venture Capital Investments and backed by AI Seed Fund and FOMCAP.

Funded in April 2015, the company has taken part in the Startupbootcamp IoT’s programme; its product helps manufacturers “reduce unplanned downtime, increase operational efficiency, and track machines and operators in factories”, according to the company’s Facebook page.

In other words, ThingTrax allows manufacturers to track their industrial machines’ performances in order to predict future malfunctions and other issues before they arise. Right now, most manufacturers keep track of their machines’ performance manually, which leads to delays and inefficiencies.

ThingTrax’s application can be applied to a machine in an hour. The company claims that its product can cut maintenance costs by 35 percent and machine downtime by 70 percent— adding up to 5 percent saving on yearly costs overall.

Company founder Alan Gupta told TechCity News: “Our aim is make every machine on the factory floor smart regardless of its age, size or type.” He added that the round would allow ThingTrax to expand its clients base.

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