IoT company Thinxtra secures $5M pre-IPO funding

Massive Internet of Things (M-IoT) Thinxtra has secured $5 million in pre-IPO funding.

The M-IoT company will use the funds to expand investment and partner coverage in Australia, New Zealand, Hong Kong and Macau before its public listing later in the year.

This includes the ramp-up of sales and marketing resources and a significant drive in the implementation of its inaugural partner program. Thinxtra will also continue to develop productised solutions for new markets.

Its funding included both current and new investors including Blue Ocean Equities and Regal Funds Management as one of the largest investors in this funding round.

The funds also accelerate Thinxtra’s ability to establish new capabilities.

The company will incorporate and co-develop innovations from its partner community targeting emerging opportunities across the region to help customers manage challenges around operational sustainability, energy conservation, IAQ monitoring, supply chain resilience, and large-scale facilities management.

Nicholas Lambrou, CEO at Thinxtra said rising costs and environmental responsibility are putting pressure on organisations to look for operational and energy efficiencies which are being achieved through the access of data insights from M-IoT.

“We are combining this new funding with our ongoing investment to accelerate Industry 4.0 applications, including energy efficiency projects, indoor air quality and CO2 monitoring, asset tracking, and smart building initiatives,” he said.

“Massive IoT is at an inflection point, and adoption is rising at similar rates to the broader IoT market, which IDC expects to hit US$436 billion in 2026. There is an incredible breadth of use cases for driving outcomes with digitally connected devices, sustainably and at scale, and this is spreading rapidly across value chains.”

Peter Gray, executive director and co-founder at Blue Ocean Equities said, “Thinxtra is a major player in this space in Australasia with a variety of attractive product and service solutions in current use and roll-out.

“This is the result of a highly experienced board and management team which deliver proven technologies as reflected by its strong customer base and international presence.”

Thinxtra works with a wide range of companies including, Coles, CouriersPlease, Optus, Loscam, Konvoy, CORT Community Housing, AGP, PB Traffic, Programmed, LBS, IoTree and Tether.