Thoughtexchange’s information-sharing system is being adopted by businesses around the world.

Rossland company secures $20 million in venture capital

Money will help Thoughtexchange compete on the world stage

Rossland’s high-tech darling Thoughtexchange has just received a cash injection to expand its operations.

Thoughtexchange says it’s secured $20 million worth of Series B financing from venture capitalists.

Thoughtexchange, started in 2009, is a communication system that allows companies (or government, or any user group) to create online conversations for anywhere from 10 to 100,000 people. Headquartered in Rossland, its simple software ensures everyone is heard, everyone learns and important ideas emerge. Thoughtexchange says it uses patented data analysis and AI to provide deep insights to decision leaders so they can take actions that have buy-in.

The financing comes as Thoughtexchange’s product gains traction with an expansive list of Fortune 500 companies such as Allstate Insurance and American Airlines, as well as hundreds of public organizations and technology companies like Looker and Frontier Communications.

The new financing comes from Information Venture Partners (Toronto), existing financier Yaletown Partners (Vancouver) and new investor Voyager Capital (Seattle).

As one of Canada’s fastest growing companies it has attracted world-class talent to its executive team including Jayme Smithers, former VP from SAP and Netsuite, Jessica Nordlander, former Googler and Sweden’s Most Innovative Leader, and Dess Wood, former VP Talent from Cineplex Entertainment.

The company’s cloud-based “software-as-a-service” platform allows leaders to crowd-source answers to open-ended questions in real-time. This helps leaders solve enormously complex problems. By removing bias and using AI analysis, any leader can tap directly into the collective intelligence and find out what’s most important to the target group.

“The way leaders succeed is evolving fast,” said Dave MacLeod, Thoughtexchange CEO. “People want to actively help solve the challenges their organizations face and invest in a greater mission. That goes beyond participating in the odd focus group or survey. Crowd-sourcing technology is attracting attention and capital because it helps leaders do their job better. It allows them to reach into all four corners of their organization or community and tap into a wealth of insight on any subject at any time. We can’t wait to see what more leaders do with it.”

Thoughtexchange has now engaged millions of users and includes a rich library of tested questions. As leaders from all across industries leverage the software, engaging their people to help them drive change, the platform gets smarter helping others ask more impactful questions.

In organizations across North America and the world, new Exchanges are being launched daily. Revenue leaders are learning what hundreds of sales people need to achieve their targets. Development leaders are learning what’s most important to those going through organizational change. Public leaders are learning what’s most important to their communities before allocating funding. Human resource leaders are learning what their people need most in order to be effective and feel appreciated.

It’s the second round of financing announced this year for the growing company. In February, MacLeod announced it had attracted $4 million in funding to help drive expansion.

SEE: Rossland tech firm raises $4 million in financing

“We are excited to join the Thoughtexchange team to help expand the footprint of this revolutionary approach to sharing ideas. In the decades that we have tracked new technologies, never have we seen something so simple have such a remarkable impact extracting the best ideas from your most important assets, your teams. I encourage everyone to have a look,” said Robert Antoniades, general partner of Information Venture Partners. “Having identified and help grow some of Canada’s most successful startups, we believe Thoughtexchange can follow these successes.”

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ktunaxa, supporters celebrate protection of Qat’muk and the Jumbo valley

Speeches, acknowledgements and ceremonies mark an emotional gathering in Cranbrook

Jumbo Valley to be protected, ending decades-long dispute over proposed ski resort

Development rights permanently retired for site of proposed year-round ski resort west of Invermere

FedEx distribution centre coming to Castlegar

Development permit for ground facility before council next week.

Kootenay teams heading for curling provincials

Team Buchy and Team Nichols won the senior playdowns.

After cashing in on QB gambles, Chiefs and 49ers to clash in Super Bowl

KC beats Tennessee, San Francisco dispatches Green Bay to reach NFL title game

B.C. VIEWS: Few clouds on Horgan’s horizon

Horgan’s biggest challenge in the remainder of his term will be to keep the economy humming along

Victoria family focuses on ‘letting go, enjoying time together’ after dad gets dementia

Walter Strauss has developed an interest in music and now takes line dancing classes

B.C. forest industry grasps for hope amid seven-month strike, shutdowns, changes

Some experts say this could be worse for forestry than the 2008 financial crisis

Northern B.C. RCMP investigating alleged sexual assault in downtown Smithers

One person was transported by ambulance to hospital following RCMP investigation at Sedaz

UBC, Iranian-Canadian community create memorial scholarship in honour of victims

The Jan. 8 crash killed 176 people, including 57 Canadians

Disrespectful that Horgan won’t meet during northern B.C. tour: hereditary chief

Na’moks said he was frustrated Horgan didn’t meet with the chiefs

Most Read