The industrial giant Mitsubishi Corp. has invested in ThinkIQ, buying a stake of unspecified size in the nine-year old California-based technology firm and launching a plan to apply its industry 4.0 technology to its own supply chains.
Terms of the investment were not disclosed. But the Japanese company said it planned to partner with ThinkIQ “to accelerate digital transformation with smart manufacturing solutions for the many industrial supply chains in its ecosystem.”
“We expect ThinkIQ’s solutions to have a major impact on manufacturers to help improve yield, quality, safety, and compliance while dramatically reducing waste and environmental impact,” Yoshiyuki Watanabe, Division COO of Mitsubishi Corp., said in a release. “ThinkIQ's open, innovative platform and leadership in digital transformation for the manufacturing industry is what prompted our investment and go-to-market partnership.”
Aliso Viejo, California-based ThinkIQ says it provides digital manufacturing transformation solutions that it has developed through close work with U.S. and European government smart manufacturing and Industry 4.0 initiatives and global standards bodies. The firm provides visibility to the manufacturing shop floor across each tier of complex supply chains through a software-as-a-service (SaaS) platform that connects to the physical world of legacy and smart equipment, IoT sensors, OT and IT systems.
“We are honored to have been recognized by Mitsubishi Corporation as its partner to drive global adoption of smart manufacturing solutions,” said Doug Lawson, CEO of ThinkIQ. “Our platform addresses a growing market need to operate and manage complex manufacturing supply chains more efficiently. With our strategic relationship and Mitsubishi’s investment, we will expand our market reach and accelerate our efforts to provide end-to-end supply chain visibility.”
