Smart Manufacturing System ThingWorks Closes Angel Round of Funding
ThingWorks, developer of a smart manufacturing dashboard system raises close to RMB 10 million from Gobi Partners China for product development and team expansion.
ThingWorks offers an answer to the issues around traditional manufacturing systems through a smart and easy-to-use dashboard that collects, processes, and analyzes data and can be accessed through mobile devices, tablets, PCs, and even TV displays. This dashboard also includes extra features such as live monitoring, metrics display, reporting, plant safety control, and more.
Conventional factory dashboards display live metrics on the plant floor which may include production targets, inventory, output efficiency, equipment status, etc. These dashboards also record historical data, which in turn become key references for analysis. However, existing dashboard systems in traditional factories require manual data input and processing, which is highly inefficient and susceptible to errors.
“The goal is to build a system that increases manufacturers’ efficiency and output quality while lowering training costs by making the system easily usable by non-IT personnel,” says Tianwei Jing, Founder of ThingWorks. Indeed, not only is the system highly user-friendly, enabling those without the technical know-how to access and utilize data, users are also able to extract selective data for specific purposes.
The ThingWorks team currently consists of more than 20 members, with more than 70% in the R&D department, hailing from the ranks of University of Michigan, University of Manchester, Tongji University, and Xidian University, all top institutions in computing and automation education. ThingWorks also has a broad portfolio of clients, including MNCs such as Corning Glass, Delphi, TRW, and domestic giants such as DingFeng, Huasheng, and Zhong Wang Group.
Wing Hu, Partner at Gobi Partners China, notes that China’s IIoT (industrial internet of things) sector is still in a very nascent stage, where existing manufacturing systems are highly inefficient. ThingWorks’ customizable dashboard gives factory staff members an unmatched efficiency in accessing and analyzing data without having to rely on IT specialists’ support. Wing also foresees rapid market expansion for the products as they offer much simpler pricing models compared to other manufacturing systems that charge high fees for each customization request.