ThingTech, an Atlanta-based industrial IoT platform as a service provider, has raised $4 million of a Series A round from local BIP Capital and repeat investor Engage Ventures.
ThingTech's IIoT platform provides visibility of high value assets, equipment and mobile workforce in real time. The platform leverages IIoT data streams to solve business problems, support machine learning and help businesses work smarter, according to a news release.
"ThingTech will use fresh funds to scale our sales and marketing, accelerate our penetration in the equipment rental, transportation and public sector markets and build out customer success functions to ensure we deliver a superb customer experience," Thomas Light, CFO at ThingTech, told Atlanta Inno.
The company launched in 2014 and raised a Seed round of $1.19 million from AIM Group, TechSquare Labs and Engage Ventures in 2017.
"ThingTech delivers enterprise capability with startup agility, which is what we believe sets us apart," Tim Quinn, CEO and cofounder of ThingTech, said 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."
"We're excited to partner with ThingTech as IoT continues to become a significant business disruptor," Dan Drechsel, senior vice president at BIP Capital, said in a statement. "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, we included ThingTech as one of our 19 Startups to Watch in 2019. The startup is an ATDC signature company and was also recognized among the Technology Association of Georgia’s Top 10 Innovative Technology Companies last year.
Venture Atlanta recognized ThingTech as a top Atlanta company to watch in 2018. The city of Atlanta selected the startup to join the Atlanta International Startup Exchange program in 2018. ThingTech was also chosen to participate in tech accelerator Engage’s 2018 spring program.
