Thread Secures $15 Million in Series A

by Kay Aloha Villamor in October 11th, 2023

Thread, a Grand Forks, ND-based startup focused on developing a robotics platform for the collection of inspection data for utilities, secured $15 million in Series A funding.

SaaS Investors

The round was led by Badlands Capital, with participation from various investors, including Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital, and Kevin O’Leary’s Wonder Fund North Dakota.

Founded in 2011, Badlands Capital is a private equity investment firm based in Sioux Falls, South Dakota. The firm seeks to invest in companies operating in manufacturing and business services across the Great Plains states.

Thread Use of Funds

The company plans to use the proceeds to recruit technical talent and launch its product for the inspection of power lines on highways. The startup also aims to invest in business development efforts, including scaling its sales and workforce.

About Thread

Founded in 2019 by Joshua Riedy, Jim Higgins, and Travis Desell, Thread's product is a self-contained device with an onboard processor, AI algorithms, and backend management software. It autonomously collects data from various energy assets, including oil, wind, gas, solar, power transmission, and distribution, using drones and robots for monitoring. The platform provides energy and utility operators with integrations to pull real-time asset data from existing software stacks. Thread offers templated data pipelines to facilitate predictable and governable data workflows. It has a handful of key customers, including Xcel Energy, Constellation Energy, and Otter Tail Power.

Funding Detail

Company: Thread

Raised: $15.0M

Round: Series A

Funding Month: October 2023

Lead Investors: Badlands Capital

Additional Investors: Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital, and Kevin O’Leary’s Wonder Fund North Dakota

Company Website: https://thread.one/ 

Software Category: Autonomous Data Collection

Source: https://techcrunch.com/2023/10/10/thread-which-develops-a-platform-to-autonomously-inspect-utility-assets-raises-15m/



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