Low Code IoT Platform Thingsup Raises Funding From GSF Accelerator The investment will be used to cater to the burgeoning demand for digitalizing the cold chain logistics, the market for which is rapidly expanding due to the ongoing COVID-19 pandemic
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Pune-based iobot, the parent company of low code Internet-of-Things (IoT) platform Thingsup, on Tuesday announced it has raised $100,000 from startup accelerator GSF Accelerator, backed by founders including Rajesh Sawhney, founder, and chief executive officer, GSF Accelerator; Pras Hanuma, chief executive officer, Infoquest; Dinesh Agarwal, chief executive officer, Indiamart; and J. Murugavel, chief executive officer, Matrimony.com.
iobot said the investment will be used to cater to the burgeoning demand for digitalizing the cold chain logistics, the market for which is rapidly expanding due to the ongoing COVID-19 pandemic.
"The global cold chain and asset monitoring needs are growing exponentially to maintain shipment quality and operational optimization. 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," said Pranav Naiknavare, co-founder, iobot.
The low code SaaS-based platform Thingsup comes with ready-to-use wireless IoT sensors and enables businesses to digitalize their entire supply chain operations within a few days, instead of months.
"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," shared Rajesh Sawhney, founder, and chief executive officer, GSF Accelerator.
The platform analyzes the IoT sensor data with ML-based predictive algorithms to help cold chain stakeholders to get end-to-end supply chain visibility, reduce wastage and optimize their operations with data-driven insights. Thingsup was launched in 2020, while iobot was founded in 2016 by Akshay Ghadage and Pranav Naiknavare.
"With Thingsup, we are helping businesses continually track the condition of their assets and have the real-time and journey-wise status of packages using easy to deploy IoT sensors and a powerful analytics platform. iobot is also aiming to expand its market and target other fast-growing verticals like EV mobility connectivity. "While the cold chain logistics market is our primary and core target, we are looking to take advantage of the sector-agnostic nature of our technology to serve customers in other industries as well. As a case in point, one of our customers in the Liquid Gas segment was recently able to detect theft in the delivery of very low-temperature liquid gas to his customers. They are now able to monitor his gas tankers in real-time on route as well as during loading and unloading," added Akshay Ghadage, co-founder, iobot.
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.
Founded in 2012, GSF is India's number one technology accelerator, with a portfolio of hits including Whatfix, Slintel, Quizizz, Docsapp, Flinto, Citymall, Gamezop, Well Being, Zen Duty, Khabri, and Vaultedge. The accelerator has also had several successful exits including Little Eye Labs (acquired by Facebook), Dailyrounds (bought by M3 Japan), and Pokkt (acquired by Anymind, Japan) among others.
