Funding to Expand Company, Accelerating Growth of SaaS Manufacturing Platform, Delivering Material Traceability and Data Insights on Quality, Safety and Compliance
ThinkIQ, a pioneer of digital manufacturing transformation SaaS, 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.
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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.”
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“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.”
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