Investments

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments consist of the following:


	June 30, 2023		December 31, 2022


Cost method investments	$	26,906	$	22,174
Equity method investments	91		96
Total investments	$	26,997	$	22,270

Cost Method Investments

Through its iTwin Ventures initiative, the Company invests in technology development companies, generally in the form of equity interests or convertible notes. In March 2023, the Company acquired an equity interest in Worldsensing, a leading global connectivity hardware platform company for infrastructure monitoring, via contribution of its sensemetrics’ Thread connectivity device business (the “Thread business”) and cash. The non‑cash contribution of the Thread business resulted in an insignificant gain, which was recorded in Other income, net in the consolidated statements of operations for the six months ended June 30, 2023 (see Note 20). In July 2022, the Company acquired an equity interest in Teralytics Holdings AG, a global platform company for human mobility analysis.

During the second quarter of 2023, the Company recognized impairment charges of $7,318 to write-down certain cost method investments to their fair value primarily as a result of the investees’ decline in operating performance and the overall decline in the venture investment valuation environment. The impairment charges were recorded in Other income, net in the consolidated statements of operations for the three and six months ended June 30, 2023 (see Note 20).

During the six months ended June 30, 2023, the Company invested a total of $11,700, including $8,928 of cash and non-cash for our investment in Worldsensing. During the six months ended June 30, 2022, the Company invested a total of $4,361. As of June 30, 2023, our investment balance in Worldsensing and Teralytics Holdings AG was $8,928 and $7,270, respectively. As of December 31, 2022, our investment balance in Teralytics Holdings AG was $11,130.