Asset tracking start-up ThingTech raises $4m
February 5, 2019
Atlanta-based IoT asset tracking start-up ThingTech has raised a series A funding round of $4m led by BIP Capital with follow on investor Engage Ventures.
The IoT platform-as-a-service provider helps asset-intensive organisations connect equipment, devices and people. It delivers visibility into high-value assets, equipment and the mobile workforce in real time using analytics and cloud services.
The platform leverages IoT data streams to solve complex business problems, support machine learning and help businesses work smarter. It claims to be unique in its ease of implementation, versatility in accepting all data streams and ability to leverage data to drive better business and operational decisions.
"ThingTech delivers enterprise capability with start-up agility, which is what we believe sets us apart," said Tim Quinn, CEO and co-founder of ThingTech. "We help asset-intensive organisations connect their equipment and devices in order to glean real-time, actionable intelligence. The team at BIP Capital will be invaluable to us both in terms of capital and mentorship as we seek to continue our growth and expand our depth and reach in the marketplace."
In December 2018, ThingTech was named by Atlanta Inno as one of its 2019 Startups to Watch. The IoT platform provider was also a recipient of a 2018 Top 10 Innovation Award from the Technology Association of Georgia. Also in 2018, ThingTech was selected for ATDC's 2018 Venture Showcase to Boston and by Venture Atlanta as one of Atlanta's Top Companies to Watch.
"We're excited to partner with ThingTech as IoT continues to become a significant business disruptor," said Dan Drechsel, senior vice president at BIP Capital. "ThingTech's agility and ability to be deployed quickly distinguish it from other IoT solutions. They've already had notable successes across multiple industries, including transportation, distribution, equipment rental, leasing, and state and local government, and we're looking forward to working with them to gain even greater momentum.”
The platform-as-a-service combines enterprise asset management, field service, smart cities and IoT technology into a single, cloud-based, connected platform for enterprise asset intelligence. Users can track and optimise the performance of their mission-critical mobile assets and workforce to increase business performance and improve their customers' experience.