According to a recent release, ThoughtWire, a Digital Twin Technology platform developer, has closed an investment round for a combined $11.5 million investment with a reported follow-on potential of a further $9.7 million. ThoughtWire said it will use the financing to further its development efforts and international growth initiatives.

The investment round includes current and new investors, including: Yaletown Partners, BDC Capital, Canadian Business Growth Fund, Greensoil PropTech Ventures and EDC.

“We are proud to have new partners who are invested in our vision and mission to orchestrate a safer, secure and sustainable world, and the enormous opportunity that lies ahead for ThoughtWire,” said Michael Monteith, CEO, ThoughtWire. “We’re excited to have this opportunity work with our highly respected investors to grow our team and enhance our technology offerings throughout all buildings and cities.”

ThoughtWire’s stated mission is to create smarter environments through Digital Twin implementations. Over the past 2 years, ThoughtWire has been recognized for its Digital Twin platform by Gartner, Verdantix and other firms. The company says the technology is being applied to deliver intelligent automation and guidance to help predict and resolve issues, ensure safety, improve productivity, and achieve energy greater efficiency.

“Digital Twin Technology is a key component to the rapid changes brought by the digitization of traditional industry, transformations driven by IIoT and AI, and supporting companies to build for climate resilient growth,” said Salil Munjal, Managing Partner, Yaletown Partners. “ThoughtWire has been changing how we think about intelligent automation and process optimization to interconnect and orchestrate people, data and things in real time. We are proud to call them our partners and excited about the company’s very bright future.”

Ken Briodagh is a storyteller, writer and editor with about two decades of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.

Edited by Ken Briodagh