[Funding alert] IoT platform Thingsup raises $100K from GSF Accelerator
Parent company iobot says the investment will be used to cater to the burgeoning demand for digitalising cold chain logistics, the market for which is rapidly expanding due to the ongoing COVID-19 pandemic.
Pune-based iobot, parent company of low-code IoT platform Thingsup, on Tuesday announced that it had raised $100,000 from GSF Accelerator, backed by founders including Rajesh Sawhney, Founder and CEO of GSF Accelerator; Pras Hanuma, CEO of Infoquest; Dinesh Agarwal, CEO of; and J. Murugavel, CEO of Matrimony.com.
iobot said the investment will be used to cater to the burgeoning demand for digitalising the cold chain logistics, the market for which is rapidly expanding due to the ongoing COVID-19 pandemic.
iobot was also part of JioGenNext Basecamp, a 3 months long mentoring programme backed by RIL that helps startups with product development, distribution and market access.
Launched in 2020, Thingsup is a low-code, SaaS-based platform that comes with ready to use wireless IoT sensors and enables businesses to digitalise their entire supply chain operations within a few days, instead of months.
iobot was founded in 2016 by Akshay Ghadage and Pranav Naiknavare.
Speaking about the new development, Pranav said,
“The global cold chain and asset monitoring needs are growing exponentially to maintain shipment quality and operational optimisation. Thingsup is today ready to meet this demand and this investment will go a long way in helping us scale up and reach more clients.”
"Thingsup’s wireless sensor nodes are specifically designed for package health monitoring and enable individual-level package health monitoring possible and economically viable at scale. The platform includes dedicated modules for asset monitoring, fleet management, real time temperature monitoring, and shipment Integrity monitoring. The startup already counts a diverse clientele from sectors like dairy, F&B, healthcare and e-groceries," he added.
“With Thingsup, we are helping businesses continually track the condition of their assets and have real-time and journey-wise status of packages, using easy to deploy IoT sensors and a powerful analytics platform,” said Akshay Ghadage, Cofounder, iobot.
Commenting on the investment, Rajesh Sawhney, Founder and CEO, GSF Accelerator, said, “The iobot team has built a fantastic low-code IoT platform in Thingsup and the feedback from their customers universally underlines the tremendous business value that their platform is already delivering. We are really excited to partner with them and are confident that they are going to be among the biggest IoT success stories to emerge from India in the months and years to come.”
Founded in 2012, GSF is one of India's technology accelerator, with a portfolio including, , , Docsapp, , Citymall, , Well Being, Zen Duty, and Vaultedge.
The accelarator has also had several successful exits, including Little Eye Labs (acquired by Facebook),(bought by M3 Japan), and Pokkt (acquired by Anymind, Japan) among others.
Edited by Teja Lele