Grand Forks Thread receives $2.5 million from North Dakota Wonder Fund

GRAND FORKS – A Grand Forks-based company has been given an additional $2.5 million from the North Dakota Wonder Fund.

Thread, which specializes in autonomous inspection and asset management, received

$2.5 million from the Wonder Fund last year.

The other investments include $250,000 in Tavolo, an AI content creation and automated marketing service for restaurants, and $1 million in Drut Technologies, a cloud data center development company.

“The recent round of investments highlights Wonder Fund’s strategic capital deployment, significantly boosting growth for existing North Dakota companies and attracting new businesses to North Dakota,” Commerce Head of Investments and Innovation Shayden Akason said in a release. “These companies are integral to our key industries and the emerging sectors of the state’s economy.”

The Wonder Fund also invested $250,000 into Aethreo, a company specializing in AI-powered data analytics, through the Angel Match Program. The program seeks to support early-stage businesses and is through the North Dakota Development Fund.

The Wonder Fund is a North Dakota Development Fund investment program directed by “Shark Tank” star Kevin O’Leary and O’Leary Ventures. The fund helps support start-ups and early-stage companies. O’Leary Ventures recently signed a partnership with the Grand Forks HIVE, where Thread is located, for naming rights to the main floor conference rooms.

“Wonder Fund-North Dakota’s investment here is about seizing an unprecedented opportunity in Grand Forks,” O’Leary said during a visit to Grand Forks in January. “This isn’t just another tech hub. This is the future.”

During his visit, O’Leary discussed economic development and business. He spoke with UND President Andrew Armacost

in a “fireside chat”

and spoke at the Grand Forks-East Grand Forks

Chamber of Commerce’s annual dinner.

During the dinner, he said it’s time to start telling the story of North Dakota.”

“It’s not just oil and gas. It’s way more than that,” O’Leary said. “It’s biosciences, it’s (artificial intelligence), it’s drone technology. … Nobody knows the story. I’ve been totally committed to pushing yourself because it’s the right thing to, so let’s go kick some (rear-end).”

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