ThingTech Raises $4 Million for IIoT Platform

ThingTech announced that it received a fund of US $4 million in Series A funding round. The latest funding round was led by BIP Capital along with Engage Ventures.

Atlanta based company, ThingTech is a software company specialized in an Industrial Internet of Things (IIoT) Platform-as-a-Service solutions. It's connected and cloud-based platform for enterprise asset intelligence combines Enterprise Asset Management, Field Service, Smarter Cities and Internet of Things (IoT) solutions.

The total markets of the Internet of Things will grow to about $520 billion by 2021, more than double the $235 billion spent in 2017 according to Bain & Company, the announcement noted.

Executive Opinion

CEO and co-founder of ThingTech, Tim Quinn, said, "ThingTech delivers enterprise capability with startup agility, which is what we believe sets us apart. We help asset-intensive organizations 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."

A senior vice president at BIP Capital, Dan Drechsel, said, "We're excited to partner with ThingTech as IoT continues to become a significant business disruptor. 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 ThingsTech Platform

ThingTech delivers visibility into high-value assets, equipment, and the mobile workforce in real-time using advanced analytics and cloud services. Its platform leverages IIoT data streams to solve complex business problems, support machine learning and help businesses work smarter.

With the help of real-time using advanced analytics and cloud services, ThigsTech delivers visibility into high-value assets, equipment, and the mobile workforce in real-time using Industrial Internet of Things (IIoT) data streams.

PC:snip thingtech.com