Puma Private Equity has invested in IoT SaaS platform Thingtrax’s £4.3m Series A funding round. The investment will fuel the company’s expansion by means of strategic partnerships, team scaling, and broaden the customer base across Europe and US.

Thingtrax harnesses the power of cloud computing, Industrial Internet of Things (IIoT), artificial intelligence (AI), and computer vision, to convert factories into intelligent manufacturing hubs. It establishes connections among machines, workers, and robotics to enhance overall operational efficiency.

Founded in 2015, the company has grown substantially and in 2020 it raised $1M in a seed round. Since then, the company has had an impressive growth rate, growing 550 percent in 2021, followed by a remarkable growth of 260 percent in 2022. It also holds preferred partner status with Microsoft and is an official AI partner in the Edge Solution category for Intel. Thingtrax is supporting clients across various industries including plastics, chemicals, food production, fast-moving consumer goods (FMCG), and high mix low volume (HMLV) environments.

Paul Reader, CEO of Thingtrax, commented:

“Out of 10m factories worldwide, 94 percent are looking for digital solutions that can connect multiple factories globally, standardise processes and improve efficiency. Thingtrax goes beyond data collection and provides leaders with in-depth analysis and actionable insights for improved efficiency and behaviour change across the workforce. We give manufacturers the tools and knowledge to achieve operational excellence.”

 “With limited resources, we have built a fantastic product and attracted prominent customers. This funding will enable us to bolster  the quality of our service, prioritize strategic partnerships, and in the future, we will focus on expanding our customer base with an emphasis on Europe and the United States.”

Ben Leslie, Investment Director at Puma Private Equity, commented:

“Thingtrax can help the vast number of factories that need digital solutions, and support them in becoming more efficient and fit for future. In the current environment, it’s more important than ever to maximise efficiencies, and we’re therefore pleased to invest in the business’ development. Thingtrax has a strong track record, healthy customer base, and has consistently grown in the last few years. This investment will enable it to scale further, and we look forward to working closely with the team to achieve their goals.”

Puma Private Equity offers growth capital and expertise to best-in-class, ambitious businesses across the UK, irrespective of sector, and works in partnership with management to help businesses scale and create long-term value. It aims to deliver insight, expertise, and a fresh perspective to the portfolio companies it partners with. Having invested in and worked with many organisations across a breadth of sectors, Puma Private Equity has deep insights and experience in scaling businesses for growth and where desired, successful sale and exit.

The full investment was provided by Puma Private Equity, Concentric, SuperSeed, Vinci VC, Portfolio Ventures, and Haatch.