ThingWorx Series C Financing Highlights Growth of M2M App Development
Posted by | October 11, 2012
One opportunity that has arisen from the proliferation of mobile devices, and especially smart devices, is developing applications for the connected world. The number of smart devices will grow to 50 billion in 10 years, 50 times the current number. All that hardware has created a tremendous business opportunity: the market for M2M application enablement platforms will increase ten times to $1.72 billion from 2011-2017, according to ABI Research.
That’s because more and more organizations are realizing the potential business benefits of remote monitoring, telematics, smart devices, and manufacturing and industrial tracking. Each of these applications provide deeper insight into assets and processes that help businesses take more strategic action. Applications of the technology transcend market verticals, benefiting everyone from mobile network providers to medical device manufacturers, from smart agriculture to homeland security. As a result, application development has become crucial to rapidly building and deploying these solutions.
ThingWorx has been at the leading edge of this revolution, and now the company is expanding its team to meet the increased demand for applications for the connected world. To foster this growth and expansion, Safeguard led a Series C financing for ThingWorx.
ThingWorx is partnering with companies as diverse as mobile network providers, medical device companies, cloud service providers, enterprise software providers, and new “smart” solution providers in the agriculture, infrastructure, transportation, and homeland security markets. The company has built momentum over the past several years with a string of awards and high-profile partnerships, as well as a growing customer base. Now, as demand continues to growth, expanding ThingWorx’s operational team will help the company put its application development platform in the hands of more organizations to create innovative connected world solutions.
