Internet of things (IoT) startup ThingsUp from Pune announced on Tuesday that it has raised $600k in seed funding from investors including angel groups GSF Accelerator, Lead Angels, Udyat Ventures, and venture capital firm Silverneedle Ventures.
The newly raised funds will be put toward the expansion of sales and operating teams, in addition to being used for product development, as per reported by VCCircle.
Read also – [Funding alert] Contlo Raises $3.5 Mn in Seed Funding Round
“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,” said Ghadage.
ThingsUp is a low-code platform founded by Akshay J. Ghadage and Pranav H. Naiknavare in 2020 to assist enterprises in quickly developing and deploying IoT applications.
Read also – actyv.ai Appoints Sanjeev Chhabra as Chief Growth Officer to Drive Global Expansion
“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,” said Abishek Balendran, Investment Partner, Silverneedle Ventures.
According to the business, their software-as-a-service (SaaS) solution is now resolving the issues associated with the diagnostics, monitoring, and cold supply chain monitoring of electric vehicles, as per reported by VCCircle.
Read also – Sid’s Farm: Trailblazing on the milky path from Hyderabad to Bengaluru
About ThingsUp
Thingsup is an Internet of Things platform that can link your devices and apps in a seamless manner. It is enterprise-grade, highly scalable, fault-tolerant, and secure.
