We’re proud to announce the addition of our latest portfolio company – ThingTech, an Industrial Internet of Things (IIoT) Platform-as-a-Service provider that helps asset-intensive organizations connect equipment, devices and people. In a press release today, the company shared that it raised a Series A funding round of $4 million led by BIP Capital with follow on investor Engage Ventures.
IIoT Platform Helps Asset-Intensive Organizations Generate Actionable Data and Pinpoint, Prevent and Predict Operational Failures
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.
IoT Projected for Growth to $520B by 2021, New Portfolio Company Strengthens BIP Capital Focus on Innovation Tech
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.
“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.”
For more information, read the story here.