Pune-based internet of things (IoT) startup ThingsUp on Tuesday said it has secured seed funding of $600,000 from venture capital firm Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF Accelerator and other angel investors.
The fresh proceeds will be deployed for product development as well as scaling up sales and operation teams.
Founded by Akshay J Ghadage and Pranav H Naiknavare in 2020, ThingsUp is a low-code platform that helps businesses to build and deploy IoT applications in a short span of time. The startup claims that currently it is solving the problem of electric vehicles diagnostics, monitoring and cold supply chain monitoring through its software-as-a-service (SaaS) solution.
It has over 12,000 IoT nodes on its platform processing more than one terabyte of data every day.
“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.
“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.
Hyderabad-based Silverneedle Ventures was floated this year by Ajay Jain along with Deepesh Agarwal, both former co-founders at Xseed Partners. It is backed by domestic and global investors which include family offices and institutional investors.
In October, VCCircle had reported Silverneedle has launched its first category-I alternative investment fund (AIF) with a target corpus of Rs 100 crore to invest in early-stage startups.
India’s IoT space has been garnering investors’ traction for the past few years.
Last month, Intugine Technologies Pvt. Ltd has secured pre-Series A funding of Rs 19 crore led by Mela Ventures.