Thinxtra secures A$5M for regional expansion, partner push

Thinxtra secures A$5M for regional expansion, partner push

Also for operational and energy efficiency solutions via environmental projects and smart buildings.

Nicholas Lambrou (Thinxtra)

Nicholas Lambrou (Thinxtra)

Credit: Thinxtra

Thinxtra has raised A$5 million in a pre-initial public offering (IPO) round to expand its regional footprint to international markets and its partner network.

Raised from new and existing investors, the funding will be used to expand the internet of things (IoT) network specialist’s business and partner reach in Australia, New Zealand, Hong Kong and Macau.

It also plans to use the funds for a “significant” drive in the implementation of its partner program, which launched in February, as well as to use and codevelop solutions from its partner network for operational sustainability, energy conservation, indoor air quality (IAQ) monitoring, supply chain resilience and large-scale facilities management. 

Nicholas Lambrou, Thinxtra CEO, claimed rising costs and environmental responsibility are putting pressure on organisations to look for operational and energy efficiencies, which formed part of its focus for the pre-IPO raise. 

“We are combining this new funding with our ongoing investment to accelerate Industry 4.0 applications, including energy efficiency projects, indoor air quality and CO2 monitoring, asset tracking and smart building initiatives,” he said. 

Among the investors in the funding round was Blue Ocean Equities and Regal Funds Management, the latter of which being labelled as one of the “largest investors in this funding round”. 

Regal chief investment officer Phil King claimed Thinxtra’s targeted investment areas have the potential to be lucrative.

“We are attracted to the positive macro tailwinds powering the massive IoT sector worldwide this decade and in Thinxtra for its leading marketplace solutions in the significant Asian markets of Hong Kong and Macau, alongside Australia and New Zealand,” he added. “These in turn are continually generating strong annual recurring revenue streams that investors highly value."

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