Joshua Riedy, Jim Higgins, and Travis Desell co-founded Thread several years ago while studying at the University of North Dakota. The trio met while creating software for FedEx and decided to refocus their efforts on digitizing and modernizing energy assets, such as wind turbines.
The Problem with Traditional Inspection Methods
The pandemic disrupted supply chains and highlighted the industry’s dependence on third-party service providers to inspect and monitor their assets. Customers in this space struggle with truly digitizing assets and operationalizing the data and workflows that come with inspection and other sources that drive asset management.
Thread’s Solution: A Robotics Platform for Inspection Data Collection
Thread’s product is a self-contained device with an on-board processor, paired with AI algorithms and back-end management software. This platform autonomously collects data from oil, wind, gas, solar, power transmission, and distribution, as well as other types of energy assets.
How Thread Works
To collect inspection data, customers can deploy and control drones and robots for asset monitoring. The device integrates with existing software stacks to provide a suite of integrations that pull in real-time asset data. This allows energy and utility operators to create a digital record that represents asset health through the use of common methodology across entire ecosystems.
Key Benefits of Thread’s Solution
By enabling customers to perform in-house, on-demand inspections, they are able to:
- Create a digital record that represents asset health
- Use common methodology across entire ecosystems
- Have comprehensive views of asset performance and maintenance strategies
- Manage financial and reputational risk
Thread’s Competitors
There are several drone-based options for inspecting energy utility assets. However, Thread competes along three axes:
- Manual, non-drone-based traditional inspection service providers
- Drone ‘service providers’ (which supply the pilots and software to operate inspection drones)
- Autonomous, drone-based asset inspection providers focused on utility assets
Thread’s Advantages
Thread has a handful of customers under its belt, including Xcel Energy, Constellation Energy, and Otter Tail Power. It also established partnerships with asset protection companies like Mistras Group.
Future Plans for Thread
The company plans to invest in business development efforts, including scaling its sales and broader workforce of 50 full-time employees.
Conclusion
Thread has raised $15 million in Series A funding to digitize and modernize energy assets. Its solution provides a range of benefits for energy and utility operators, including comprehensive views of asset performance and maintenance strategies. With a strong team and growing customer base, Thread is well-positioned for future success.
Related Topics
- AI
- Drones
- Funding
- Hardware
- Robotics
- Robots
- Startup
- Utilities
