IoT platform ThingsUp raised Rs 4.8 crore from Udyat Ventures and others to focus on the EV mobility market
Dec 19, 2022
New Delhi [India], December 19 (ANI/SRV): Pune-based Thingsup raised a seed round of USD 600k (Rs 4.8 Cr) to fuel sales, operations, and product development.
Udyat Ventures has led the round, which also sees participation from Silverneedle Ventures, Lead Angels, and GSF Accelerator (an existing investor).
Started two years ago by Akshay J. Ghadage and Pranav H. Naiknavare, the startup already counts 30+ enterprise companies, including some of the top electric vehicle OEMs, as clients. Enterprise customers will be able to transform their products into smart, connected devices in a matter of weeks by using ThingsUp.
Speaking about investment, Co-founder and CEO Akshay mentioned, "IoT is not just a hype anymore; more than 50 per cent of physical things will be connected to the Internet in the next 5 years." In this growth trend of digitalization and IoT, we believe we have the right timing with the right offering.
"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 a global scale," said Co-founder and CTO Pranav
Udyat Ventures is the family office of Harsh Gupta (MD of Udyat Group), investing across sectors in startups from seed to pre-series A stages and writing checks in the range of 500K to 1.5M USD.
"The team at Thingsup has built a fabulous product that finds applications across several sectors, solving real pain points for EV manufacturers and other OEMs. "We are very bullish on them and are excited to partner with them in their journey," -Said Rahul Gupta, Managing Partner at Udyat Ventures"
"The usual development and deployment of IoT applications and their use cases takes anywhere from 8 to 12 months." Development does not only consume a lot of resources but also requires cutting-edge talent that is scarce by nature. This gap is filled by Thingsup with its low-code platform, which reduces the development time by 80 per cent. Its built-in features will help EV manufacturers scale their ventures in the shortest possible time. The applications are not just limited to EVs, though. "Customers from the logistics, supply chain, telematics, and asset tracking domains are also using Thingup for remote monitoring," said Pranav.
Thingup is a 21-member team that is on the threshold of massive growth. The Pune-based company aims to ride on the explosive growth of IoT through greater penetration of its low-code platform. ThingsUp is currently solving the problems of electric vehicle diagnostics, monitoring, and cold supply chain monitoring via its SaaS solution.
ThingsUp will use this fundraiser to launch two more solutions aimed at solving problems for electric vehicle OEMs related to vehicle performance, diagnostics, and compliance.
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