Thread, which develops a platform to autonomously inspect utility assets, raises $15M
Summary
Thread (not to be confused with Threads), a startup developing a robotics platform to collect inspection data for utilities, today announced that it raised $15 million in a Series A funding round led by Badlands Capital with participation from Minnkota Power Cooperative, Generational Partners, Rosecliff Ventures, Excell Partners, Homegrown Capital and Kevin OLearys Wonder Fund North Dakota.Joshua Riedy co-founded Thread several years ago with Jim Higgins, an aviator, and Travis Desell, a computer scientist. After securing initial funding from Microsofts TechSpark program, the trio launched Thread which they claim is only the second North Dakota company to reach a Series A round.The pandemic disrupted supply chains and highlighted the industrys dependence on third-party service providers to inspect and monitor their assets, Riedy told TechCrunch in an email interview. They also get templated data pipelines that Reidy describes as predictable and governable.By enabling customers to perform in-house, on-demand inspections, theyre able to create a digital record that represents asset health through the use of common methodology across entire ecosystems including power generation, transmission and distribution, Riedy said. He had this to say: The award, which was made by AFWERX, an arm of the Air Force Research Laboratory, will help ensure the 5,773-acre base is protected against threats, intrusions and breaches, while freeing up resources to address additional security concerns.For me, it brings to mind Skydio, a drone startup that eventually pivoted from the consumer sector to lean heavily into defense and law enforcement. In addition, on the customer side, Thread plans to invest in business development efforts, including scaling its sales and broader workforce of 50 full-time employees.