Wonder Fund announces new round of investments
Wind turbines are pictured east of Wilton in central North Dakota. A Grand Forks company has developed software to help with inspections of wind turbines. (Kyle Martin/For the North Dakota Monitor)
A Grand Forks company that is modernizing the way wind turbines and power lines are inspected has been awarded a $2.5 million grant from the North Dakota Development Fund.
Thread was the big winner of three companies awarded funding through the Wonder Fund, the Commerce Department announced Monday.
Thread, founded in 2019, provides software that can be used with drones, plans, helicopters or handheld devices to help automate inspection.
It is used by companies such as Minnesota-based Xcel Energy to inspect wind turbines and electrical transmission lines.
The company also is looking to expand into other areas such as oilfield tanks and solar farms, Dave Burriesci, a business development representative said.
Thread recently announced a partnership with Isight, another Grand Forks company that specializes in using drones.
Isight calls itself the first private drone company in North Dakota and has expanded nationally.
“The synergy between our drone services and Thread’s software is poised to create significant advancements in how energy services are delivered,” Tommy Kenville, CEO at Isight, said in a news release.
Other investments through the Wonder Fund announced Monday:
Tavolo: $250,000 for Tavolo, an artificial intelligence-driven content creation and automated marketing platform for local restaurant owners. Founded by Fargo native Taranvir Johal, Tavolo is based in Minneapolis. It will expand its operations in North Dakota.
Drut Technologies: $1 million for Drut, which specializes in technology for data centers, with North Dakota identified as a region of high potential use. Drut Technologies operates in Greater Boston, India and Europe, according to its website. A news release said Drut plans to invest in the region. The Department of Commerce did not immediately respond to a request for additional information about the company’s North Dakota plans.
Additionally, through the Angel Match Program, Wonder Fund has invested $250,000 in Aethero, a Grand Forks company that combines drone technology with AI to provide building health assessments.
Wonder Fund North Dakota is a North Dakota Development Fund investment program directed by O’Leary Ventures, led by Kevin O’Leary, who gained notoriety on the TV investment show “Shark Tank.” The $45 million in funding comes from the U.S. Department of Treasury State Small Business Credit Initiative.
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