Safeguard Scientifics, a US-based medical devices company, has led a $5m series B round for ThingWorx, a local application platform for connecting people, systems and devices.
Russ Fadel, chief executive of ThingWorx, said: "Safeguard could bring more than simply financing to our organization and could provide a number of additional operational and strategic services to our company."
Erik Rasmussen, vice-president of the technology group at Safeguard Scientifics, said: "More and more intelligent devices are being connected to the Internet every day.
"ThingWorx’s platform is able to take advantage of this trend and capitalize on its ability to interconnect devices and sensors with computing intelligence, enabling decision makers to make informed decisions based on that ‘smart’ data."