Thread (formerly known as Airtonomy), a Grand Forks, ND-based company which specializes in enterprise-scale autonomous data collection for delivering precise inspection insights, raised $15M in Series A funding.
The round was led by Badlands Capital with participation from Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital and Kevin O’Leary’s Wonder Fund North Dakota.
The company intends to use the funds to enhance it asset-agnostic autonomous inspection capabilities.
Led by Josh Riedy, Founder and CEO, Thread provides a data solution for enterprises looking to streamline critical infrastructure lifecycle management. Leveraging its proprietary, data-driven platform technology, it embeds unmanned aerial systems and robotics with a suite of applications to automate enterprise inspection workflows and to create an inspection-based digital asset catalog.
The company works across the fleets of several Fortune 500 customers including Xcel Energy and with major asset protection companies such as MISTRAS Group.
Thread also announced the expansion of its relationship with Xcel Energy, one of its earliest customers and co-development collaborators. This work will advance the development of Thread’s flagship product, UNITI, to ensure its viability for deployment at scale across all asset types in the utility industry globally.
FinSMEs
10/10/2023