Safeguard Scientifics Deploys $5 Million in Series B Financing for ThingWorx

Wireless News
02-21-2011
Safeguard Scientifics Deploys $5 Million in Series B Financing for ThingWorx
Type: News

Safeguard Scientifics, a holding company for growth-stage life sciences and technology companies, announced that it has deployed $5 million in a Series B financing round for ThingWorx, a platform designed to accelerate the development of applications connecting people, systems and devices.

According to a release, proceeds from the financing will be used to ramp product development as well as sales and marketing.
"On the heels of two well-timed exits last year, Safeguard is now in a position of financial strength and flexibility to deploy capital into new, high-growth, high-value companies," said Peter Boni, President and CEO of Safeguard Scientifics. "Safeguard has a robust pipeline of opportunities that we continue to evaluate and our diligent research and analysis of those opportunities is ongoing. We are excited about our positive momentum and will continue to work to drive value for our shareholders."

ThingWorx provides services and functionality required to build and deploy secure, high-performance, connected applications.

"An Internet primarily composed of people is giving way to an 'Internet of Things' where every device and every system is connected," said Russell Fadel, CEO and co-founder of ThingWorx. "Because of this, applications will have to change from a hierarchical, pull-driven model dominated by people to an event- driven, peer-to-peer approach with more flexible collection and storage schemas than anything enterprise software offers today. And that's exactly what we've set out to do at ThingWorx. Our application development platform is tailor-made for this new paradigm, in which systems, devices and people are fluidly connected and their interactions are exposed in a searchable and semantic model. The capital from Safeguard Scientifics, along with the team's domain expertise and operational support, will enable us to execute our vision and realize the value of this disruptive technology."

"More and more intelligent devices are being connected to the Internet every day," said Erik Rasmussen, Vice President and Managing Director of the Technology Group at Safeguard Scientifics, who will join ThingWorx's Board of Directors. "ThingWorx's platform is able to take advantage of this trend and capitalize on its ability to interconnect devices and sensors with computing intelligence, enabling decision makers to make informed decisions based on that 'smart' data. We are pleased to welcome ThingWorx to the Safeguard family."

Safeguard Scientifics provides growth capital for life sciences and technology companies.

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