News and Announcements
Thinxtra Receives $10 Million from Government Investment Body
- Published August 21, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
IoT startup, Thinxtra, has raised $10 million from a government investment body, which will be used to extend the IoT network to 95% of Australia’s consumers with expectations to drive the production in the eHealth, smart cities, agriculture and consumer sectors.
KEY TAKEAWAYS:
- The funding has come from the Clean Energy Finance Corporation (CEFC), which manages the Australian government’s Clean Energy Innovation Fund.
- The hardware costs $2 can run for 15 years on 3 AA batteries with numerous applications across the business, agriculture and energy sectors.
- The technology can be used to monitor live cattle, keep track of inventory for large companies, test smoke alarms with also supporting supermarkets keep track of trollies.
“It all started when our CEO was working very closely with Telstra, and lost a $15 million deal not to the competition, but simply because the solution didn’t exist,” co-founder Renald Gallis says of his co-founder Loic Barancourt’s struggle.
“There was no solution for water monitoring technology which would be able to last 15 years on batteries, and cost less than $1 a year to connect to the network,” Gallis says.
“Thinxtra’s low cost offerings can be implemented to any kind of scenario, be it eHealth, smart cities, agriculture or the consumer space,” Gallis says.
The company’s mission is to deliver data across their network to ensure “greater efficiency, less waste, and more streamlined processes”.
Thinxtra was founded in 2015, the current raise has brought the company’s total funding to $31 million, having previously raised $11 million in seed funding and Series A from investors including New Zealand, tech company – Rakon.
Thinxtra Seriess B round is closing soon. Go to https://startups.venturecrowd.com.au/deal/detail/thinxtra for more information.
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