ThingWorx, a Downingtown, PA-based platform designed to accelerate the development of applications connecting people, systems and devices, has received a $5m in Series B financing from Safeguard Scientifics, Inc. (NYSE: SFE).
The company intends to use the funds to ramp product development as well as sales and marketing.
Founded in 2009 and led by CEO Russell Fadel, ThingWorx has developed a technology that provides all of the services and functionality required to build and deploy secure, high-performance, connected applications in the cloud, on Intranet and embedded platforms.
It extends the functionality of Web 2.0, social media and the semantic web to the physical world, creating a platform that links people and systems with applications in industrial markets such as manufacturing, utilities and energy, as well as in emerging “Internet of Things” markets, which include smart homes, cities, agriculture, transportation, and infrastructure.
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics provides growth capital for entrepreneurial and innovative life sciences and technology companies.