Pune-based ThingsUp, a low-code platform helping businesses to build and deploy IoT applications, has raised $600,000 in a seed funding round led by Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF (an existing investor), and other angel investors.
According to the startup, the funds raised will be used to double down on the product development, sales, and operations teams. It will also launch two more solutions to electric vehicles (EV) OEM's problems related to vehicle performance, diagnostics, and compliance.
Founded by Akshay J Ghadage and Pranav H Naiknavare, ThingsUp said it currently focuses on the Electric Vehicle mobility and cold supply chain logistics segment and counts 30+ Enterprise companies, including some of India's largest EV OEMs as customers.
Enterprise customers can make their products smart and connected within weeks, saving 80% of development efforts and time. Thingsup said its EVe monitoring platform offers a connected vehicle ecosystem that has electric vehicle diagnostics, monitoring, vehicle performance analytics and other features in compliance with the EV policy of India.
The startup claims to have 12000+ IoT nodes on its platform, processing more than 1 terabyte of data every day.
Pranav H Naiknavare, Co-Founder & CTO of ThingsUp, said, “ThingsUp will be utilizing these funds to add further integrations and analytics to current products, which will allow customers to get more data insights and improve operational efficiencies on global scale.”
Commenting on the investment, Abishek Balendran, Investment Partner, Silverneedle Ventures, said, "The IoT platform SAM for ThingsUp is ~$5.0 Bn+ and use cases within subsegments such as EV mobility and smart devices are expected to grow at ~30%+ CAGR over the next 5-7 years. Hence, the market is large enough for Akshay and the team to be able to gain a fair share of the pie."
Silverneedle Ventures is an India-focused venture capital firm which invests in early-stage technology-led businesses. The firm primarily invests in Pre-Series A/Series A rounds in B2B SaaS, Deeptech, Sustainability, D2C/Consumer Internet, and emerging technologies.
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