ATLANTA, Jan. 23, 2019 /PRNewswire/ -- ThingTech, an Industrial Internet of Things (IIoT) Platform-as-a-Service provider that helps asset-intensive organizations connect equipment, devices and people, today announced that it has raised a Series A funding round of $4 million led by BIP Capital with follow on investor Engage Ventures.
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. ThingTech is unique in its ease of implementation, versatility in accepting all data streams and ability to leverage data to drive better business and operational decisions.
Bain & Company estimates that the combined markets of the Internet of Things will grow to about $520 billion by 2021, more than double the $235 billion spent in 2017.
"ThingTech delivers enterprise capability with startup agility, which is what we believe sets us apart," said Tim Quinn, CEO and co-founder of ThingTech. "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."
"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."
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 (TAG). Also in 2018, ThingTech was selected for ATDC's exclusive 2018 Venture Showcase to Boston and by Venture Atlanta as one of Atlanta's Top Companies to Watch.
ThingTech is an Atlanta-based software company that provides a Platform-as-a-Service (PaaS) solution that combine Enterprise Asset Management, Field Service, Smarter Cities and Internet of Things (IoT) solutions into a single, cloud-based, connected platform for enterprise asset intelligence. ThingTech customers rely on its platform to track and optimize the performance of their mission-critical mobile assets and workforce to increase business performance and improve their customers' experience. For more information, visit www.ThingTech.com.
About BIP Capital
BIP Capital is recognized as one of the most active and successful venture investors in the Southeast, serving entrepreneurs, investors and operators to grow the emerging company ecosystem. It applies experience and process to make investment decisions and operational recommendations, allowing its portfolio companies to achieve and stay on a glide path of growth. Areas of focus include Enterprise SaaS, Healthcare IT, Digital Media, Dev Tools, Infrastructure, FinTech and MarTech. For more information, visit www.bip-capital.com or follow BIP Capital on LinkedIn or Twitter @BIPCapital.