IoT Startup ThingsUp Raises $600,000 In Seed Funding
ThingsUp, a Pune-based internet of things (IoT) startup, has raised $600,000 in a seed funding round from venture capital firm Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF Accelerator and other angel investors.
As per the startup, the raised funds will be used for product development, scaling up sales and operation teams.
ThingsUp | Build And Deploy IoT Applications
Founded in 2020 by Akshay J Ghadage and Pranav H Naiknavare, ThingsUp is a low-code platform that helps businesses build and deploy IoT applications in a short span of time.
It is an enterprise-grade, highly scalable, fault-tolerant, and secure IoT platform to connect your devices and apps seamlessly.
Speaking about the development, Akshay J Ghadage, Co-founder of ThingsUp, said,
“IoT is not just hype anymore, more than 50% of physical things will be connected to the Internet in the next 5 years. In this growing trend of digitalization and IoT, we believe we have got the right timing with the right offering.”
Currently, the Pune-based startup claims to be solving the problem of electric vehicle diagnostics, monitoring and cold supply chain monitoring through its software-as-a-service (SaaS) solution.
ThingsUp has over 12,000 IoT nodes on its platform, processing more than one terabyte of data every day.
Commenting on the development, Abishek Balendran, Investment Partner, Silverneedle Ventures, said,
“The IoT platform SAM for ThingsUp is over $5.0 billion, and use cases within subsegments such as EV mobility and smart devices are expected to grow at over 30% CAGR over the next 5-7 years. Additionally, with offerings around the entire IoT tech platform plus an end-to-end IoT app and the core tech platform being fairly sector agnostic, we believe, ThingsUp has created a local product but with a fairly wide-range and comprehensive global application.”
The IoT segment in India has been garnering investors’ traction for the past few years. In November, Intugine Technologies secured pre-Series A funding of Rs 19 crore led by Mela Ventures.
Earlier this year, Imagine Marketing Private Limited, the parent company of boAt, signed an agreement to acquire KaHa Pte Ltd (Cove IoT), a Singapore-based wearable smart IoT (internet-of-things) product development startup.
In March 2022, B2B startup Bizongo acquired Clean Slate Technologies, a Mumbai-based IoT and real-time location services solutions provider.