ThingWorx Raises $5 Million Series B FinancingFebruary 17, 2011
The proceeds will be used to accelerate the growth of the company's application platform for building connected applications.
DOWNINGTOWN, PA /PRNewswire/ -- ThingWorx announced the completion of a $5 million Series B financing round led by Safeguard Scientifics Inc. The proceeds of this financing will be used to further accelerate the growth of ThingWorx, the company's "revolutionary application platform for building connected applications."
Founded in 2009, ThingWorx is the "first platform designed specifically for applications connecting people, systems, and devices—the connected world." ThingWorx's disruptive technology provides all of the services and functionality required to quickly build and deploy secure, high-performance, connected applications, regardless of whether they're in the cloud, on an intranet, or on an embedded platform. ThingWorx extends the key functionality of Web 2.0, social media, and the semantic web to the "world of things," creating a platform that amplifies the productivity of people through collective intelligence and user-driven information.
The platform's unique ability to link people and systems with the physical world unlocks tremendous value in industrial markets, such as manufacturing, utilities and energy, as well as in emerging "Internet of Things" markets, which includes smart homes, cities, agriculture, transportation, and infrastructure.
"We are excited to be partnering with Safeguard to capitalize on the massive opportunity in connected applications," said Russ Fadel, CEO of ThingWorx. "Our early customer and partner successes, combined with this round of financing, have us well positioned to expand the reach of our organization and allow ThingWorx to quickly achieve ubiquity. We also felt strongly that Safeguard could bring more than simply financing to our organization and could provide a number of additional operational and strategic services to our company."
"More and more intelligent devices are being connected to the Internet every day," said Erik Rasmussen, Vice President and Managing Director of the Technology Group at Safeguard Scientifics, who will join ThingWorx's Board of Directors. "ThingWorx's platform is able to take advantage of this trend and capitalize on its ability to interconnect devices and sensors with computing intelligence, enabling decision makers to make informed decisions, based on that smart data. We are pleased to welcome ThingWorx to the Safeguard team."
ThingWorx is a privately held company that develops and markets the "first application platform for the Connected World." ThingWorx combines the key functionality of real-time data, mashups, search, social media, and the semantic web, and applies it to any process that involves people, systems, devices, and other real-world "things." ThingWorx is providing the disruptive change required to catalyze innovation and enable connected-world applications, resulting in a more efficient planet. For more information, follow the company on Twitter.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics Inc. provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in molecular and point-of-care diagnostics, medical devices, regenerative medicine, specialty pharmaceuticals and selected healthcare services, and technology companies in Internet/new media, financial services IT, healthcare IT, and selected business services, with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spinouts, management buyouts, recapitalizations, industry consolidations, and early-stage financings. For more information, please visit the company's blog, or you can follow us on Twitter and LinkedIn.
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