ThingTech, an Atlanta-based Industrial Internet of Things (IIoT) Platform-as-a-Service provider that helps asset-intensive organizations connect devices and people, has raised $4 million in Series A funding led by BIP Capital with follow on investor Engage Ventures.
Bain & Company estimates that the combined markets of the Internet of Things will grow to approximately $520 billion by 2021, which is more than double the $235 billion spent in 2017. ThingTech has positioned itself with a rapid growth trajectory in order to take advantage of the Internet of Things economy.
“ThingTech delivers enterprise capability with startup agility, which is what we believe sets us apart,” said ThingTech CEO and co-founder Tim Quinn in a statement. “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.”
ThingTech has positioned itself as a disruptor in the IIoT space through its robust platform that can provide visibility into high-value assets, equipment, and the mobile workforce in real-time using advanced analytics and cloud services. Plus ThingTech’s platform leverages IIoT data streams to solve complex business problems and support machine learning in order to drive better operational decisions.
“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.”
Last month, ThingTech was named by Atlanta Inno as one of the startups to watch. And the company also received a 2018 Top 10 Innovation Award from the Technology Association of Georgia (TAG).
