GRAND FORKS, October 27, 2022 – Thread, previously Airtonomy, has announced the first payment of its USD 15 million Series A fundraising round. Thread’s software lets companies check critical infrastructure and quickly give accurate information through a robust data and asset management platform.
Badlands Capital and Partner Blaine Crissman led the Series A investment round, saying, “We are thrilled to be leading one of the largest Series A funding rounds in North Dakota history. Thread is primed for tremendous future expansion, and we are excited to be a part of their success.”
Thread is transforming asset lifecycle management in the renewable energy, oil and gas, and utility sectors. Thread is assisting companies such as Xcel Energy, a top 5 utility and arguably the industry leader in unmanned aerial system innovation, in enabling more efficient, accurate, and scalable asset inspection delivery across their portfolio of renewable generation, such as wind turbines, solar, and transmission.
The Microsoft TechSpark program provided the initial financing assistance for Thread, resulting in a first-of-its-kind investment. Since then, numerous partners have strengthened Thread’s success, including Xcel Energy, Otter Tail Power, and Minnkota Power, one of Thread’s top investors.
Thread’s workforce has grown to over 50 industry specialists, including a leadership team with market-proven knowledge and crucial technologies needed to offer Thread’s robust solution. Thread will use the Series A capital to expand its technology into new industry areas, expanding the scope of critical infrastructure asset digitalization through push-button robotic inspections.
More about the startup:
Thread, formerly known as Airtonomy, is the premier data solution for businesses aiming to automate and improve critical infrastructure lifecycle management. Digital asset information becomes significantly more important to many stakeholders inside the organization while also becoming easier and more efficient to keep up to date.
Companies nowadays are overwhelmed by how time-consuming, and costly typical inspections can be. For the first time, Thread’s software enables users to compare important inspection data, evaluate trends, and measure overall asset health and performance across many disciplines in a single digital asset catalog. Thread’s platform provides clients with fast and reliable data, assisting them in determining when and where inspections are necessary while removing the requirement for external service provider scheduling and expenses. Customers like Xcel Energy are saving thousands of hours in asset data management and analysis because of this characteristics.
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