Pune-based low-code platform start-up ThingsUp has raised $600,000 (Rs 5 crore) from early-stage technology fund Silverneedle Ventures, Udyat Ventures, Lead Angels and GSF (an existing investor) among others.
ThingsUp is a low-code platform helping businesses to build and deploy IoT applications in a short duration of time. The start-up was founded by Akshay J Ghadage and Pranav H Naiknavare two years ago, and it is currently focusing on the electric vehicle mobility and cold supply chain logistics segment.
It claims to have over 30 enterprise companies including some of India’s largest EV OEMs as customers. Its customers can make their products smart and connected within weeks saving 80 percent of development efforts and time. Thingsup’s EVe monitoring platform offers a connected vehicle ecosystem that has diagnostics, monitoring, vehicle performance analytics and other features.
The start-up says the market already has over 14 billion IoT nodes connected to the internet which is growing at the rate of 25 percent CAGR. With the launch of 5G, the market size is expected to increase 10 times in the next 4-5 years. Currently, the development and deployment time of any IoT application or use case is 8 to 12 months, but ThingsUp fills this gap with its low code platform which reduces the development time by 80 percent. It has built-in application templates for popular use cases such as electric vehicles monitoring, supply chain monitoring, telematics, logistics and asset tracking which businesses can use and go live within weeks.
ThingsUp claims it already has more than 12,000 IoT nodes on its platform processing more than 1 terabyte of data every day. It is currently solving the problem of electric vehicles diagnostics, monitoring and cold supply chain monitoring via its SaaS solution. With this fundraise Thingsup will launch 2 more solutions focusing on solving EV OEM’s problems related to vehicle performance, diagnostics and compliance.
Abishek Balendran, Investment Partner, Silverneedle Ventures said, “The IoT platform SAM for ThingsUp is around $5 billion (Rs 41,425 crore) and use cases within subsegments such as EV mobility and smart devices are expected to grow at around 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.” “Additionally, with offerings around the entire IoT tech platform (low code, on-premise deployment support, pre-built templates etc.) 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”
Akshay J Ghadage, Co-Founder & CEO, ThingsUp said, “IoT is not just a hype anymore, more than 50% of physical things will be connected to the Internet in the next 5 years. In this growing trend of digitalisation and IoT, we believe we have got the right timing with the right offering.”
