Thread, formerly Airtonomy, announced more than $15 million in Series A funding – led by Badlands Capital (from Sioux Falls, SD). Thread’s software enables customers to inspect critical infrastructure and deliver accurate analytics rapidly through a robust data and asset management platform.
Thread has been particularly successful at building partnerships in the energy and infrastructure industries. Strong regional customers (in these industries) have also been ready investing participants providing strong market validation.
The Series A funding round is led by Badlands Capital and Partner Blaine Crissman, who commented, “We are tremendously excited to lead one of the largest Series A funding rounds in North Dakota history. Thread is poised for continued explosive growth and we look forward to contributing to their success.”
Thread is revolutionizing how companies manage asset life cycles in the renewable energy, oil and gas, and utility sectors, among other industries. These companies are struggling to manage hundreds of assets in the field, their maintenance and replacement. For example, Thread is partnering with companies like Xcel Energy, a top 5 utility and arguably the utility industry’s leading company in unmanned aerial systems innovation. Thread enables more efficient, accurate and scalable delivery of asset inspections across their portfolio of renewable generation such as wind turbines, solar, and transmission.
Thread’s software allows customers to compare critical inspection data, analyze trends, and assess overall asset health and performance across multiple disciplines in one single digital asset catalog for the first time ever. Thread’s platform delivers timely and accurate data to customers, helping to identify when and where inspections are required while eliminating the need for external service provider scheduling and costs. This collection of attributes is saving customers like Xcel Energy thousands of hours in asset data organization and analysis.
Initial funding support was provided by the Microsoft TechSpark program. Since then, many partners including Xcel Energy, Otter Tail Power, and Minnkota Power, which is also among Thread’s largest investors, have bolstered Thread’s progress, providing tremendous customer, partner, and public support.
Thread continues to expand its workforce to more than 50 industry experts, including a leadership team wielding market-proven expertise and critical technologies required to deliver Thread’s powerful solution. Thread will use the Series A funds to expand its technology into other market sectors, continuing to expand the breadth of digitization of critical infrastructure assets through push-button robotic inspections.
To learn more about Thread, check out their website – https://thread.one.
This article pulled elements from PR Newswire.