ThingsUp, a low-code platform that helps businesses build and deploy IoT applications in a short duration of time, has raised $600K in a seed round from Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF (an existing investor), and other angel investors.
The investment will be used to double down on the product development, sales and operations teams, the company said in a press release. With this fundraise, ThingsUp will also launch two more solutions aimed at solving electric vehicles (EV) OEM’s problems related to vehicle performance, diagnostics, and compliance.
Founded by Akshay J Ghadage and Pranav H Naiknavare, ThingsUp currently focuses on the electric vehicle mobility and cold supply chain logistics segment. It has built-in application templates for popular use cases such as EV monitoring, supply chain monitoring, telematics, logistics and asset tracking that businesses can deploy and go live within weeks.
The startup claims to already have over 12,000 IoT nodes on its platform processing more than 1 terabyte of data every day. It counts over 30 enterprise companies including some of India’s largest EV OEMs as customers.
Early-stage tech-focused VC firm Silverneedle Ventures primarily focuses on pre-Series A/Series A rounds of companies focusing on B2B SaaS, deeptech, sustainability, D2C/consumer internet, and emerging technologies. In October, the Hyderabad-based firm announced the launch of a Rs 100 crore worth new fund. It plans to invest in 30 startups in the next 18 months.