McRock Increases Investment in ThoughtTrace

mcrock increases investment in thoughtrace

Providing Further Growth Capital for the AI-Powered Document Intelligence Company

Since McRock led the Series B investment in Texas-based ThoughtTrace back in May of 2020, the company has achieved strong growth. As predicted at the time of the initial investment, renewable energy has become a significant vertical market expansion opportunity for the company.

McRock’s investment thesis around digitizing a physical asset, such as a wind farm, is that to maximize the full value of digital asset management, every aspect related to the physical infrastructure needs to be translated into data so machine learning software can be applied. In the case of the wind farm, this also includes the management of the various written contracts that govern the asset such as land agreements, power purchase agreements, interconnection agreements, insurance, and OEM warranties.

ThoughtTrace’s AI-powered Document Intelligence platform reduces wind and solar operating costs through digitalization, starting with the documents that govern these power assets. In addition to massive productivity gains, customers that have harnessed the software platform have drastically reduced OPEX, minimized corporate risk, and even discovered new opportunities worth millions to the bottom line.

McRock has invested a further $1.2 million bringing our total investment into ThoughtTrace since May 2020 to $7.2 million. The additional investment will be used to accelerate the expansion of the sales team.