Funding to Expand Company, Accelerating Growth of SaaS Manufacturing Platform, Delivering Material Traceability and Data Insights on Quality, Safety and Compliance
ALISO VIEJO, Calif., Oct. 20, 2020 /PRNewswire/ -- ThinkIQ, a pioneer of digital manufacturing transformation SaaS, today announced that it has raised $11.6 million Series A round led by Ecosystem Integrity Fund (EIF). Participating investors include Hitachi Ventures and ArcTern Ventures.
With this new investment, the company will accelerate growth of its digital manufacturing platform, which helps manufacturers improve yield, quality, safety, compliance, and brand confidence while reducing waste and environmental impact. ThinkIQ gives its customers a more precise understanding of their manufacturing data which can be utilized to better fine tune their production execution.
"With this new round of funding, we will accelerate our efforts to help our customers operate and manage supply chains more efficiently while also making products safer while controlling costs," said Doug Lawson, CEO of ThinkIQ. "The current market for digital manufacturing cannot accommodate hyper shifts in demand or supply sourcing. Our product addresses a growing market need to operate and manage supply chains more efficiently."
"ThinkIQ is a rising star in the field of digital manufacturing solutions," said Devin Whatley, managing partner at EIF. "The company's unprecedented ability to provide data collection, assessment and proactive intervention across an entire supply chain is what prompted our investment. This critical technology modernizes food manufacturing, saves money, and dramatically reduces waste."
According to the Gartner Smart Insights for the Real-Time Transportation Visibility and Monitoring Solution Market report, "Gartner sees the most active implementations over the next 24 months in the areas of visibility and advanced analytics. Increasingly, supply chain visibility adoption is no longer a "nice to have" for any organization, no matter the size, geography or industry."*
For more information about how ThinkIQ helps transform digital manufacturing operations by looking at material flow analysis instead of just IIoT equipment analytics, visit our website.
*Gartner "Smart Insights for the Real-Time Transportation Visibility and Monitoring Solution Market," Bart De Muynck, Christian Titze, 17 September 2019
About Ecosystem Integrity Fund
Ecosystem Integrity Fund (EIF) invests in early growth-stage companies contributing to environmental sustainability across multiple sectors including renewable energy, energy efficiency, waste reduction, green chemistry, transportation, agriculture and water. EIF takes a systems-based approach to sustainability investment, studying the drivers for change and constraints to innovation in market niches that are ripe for change. EIF invests in companies solving real problems, resulting in better investment opportunities and greater impact. For more information, visit: www.ecosystemintegrity.com.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
About ArcTern Ventures
ArcTern Ventures is a global, early-stage venture capital firm investing in breakthrough clean technologies. The firm aims to generate outsized financial returns and positive environmental impact. ArcTern invests across six core cleantech subsectors, including: renewable energy; energy use and storage; circular economy; advanced manufacturing and materials; mobility; and agritech. For more information, please visit www.arcternventures.com.
ThinkIQ, a pioneer of Digital Manufacturing Transformation SaaS, delivers unprecedented material traceability and insight into ways to improve yield, quality, safety, compliance and brand confidence. Our fact-based granular and data-centric contextualized view of material flows and related provenance attribute data integrates into existing IoT infrastructures and crosses supply chains to manufacturing processes and beyond. Our customers have saved $10's of millions by identifying waste and underperforming assets, as well as reducing warranty reserves for quality and safety issues. ThinkIQ is a privately held company headquartered in Aliso Viejo, CA.
Lumina Communications for ThinkIQ
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