Early-stage technology fund, Silverneedle Ventures, has announced its investment in a Pune-based start-up, ThingsUp, a low-code platform, helps businesses to build and deploy IoT applications in a short duration of time.
The start-up has raised $600K in a seed round from Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF, an existing investor, and other angel investors. The investment will be used to double down on the product development, sales and operations teams.
The market already has 14 billion+ IoT Nodes connected to the internet which is growing at the rate of 25% year on year. With the launch of 5G, the market size is expected to increase 10 times in the next 4-5 years.
Founded by Akshay J Ghadage and Pranav H Naiknavare, ThingsUp is currently focusing on the electric vehicle mobility and cold supply chain logistics segment.
On the fundraising, Pranav H Naiknavare, Co-Founder & CTO of, ThingsUp said, “These funds will be utilised to add further integrations and analytics to current products, which will allow customers to get more data insights and improve operational efficiencies on global scale.”
Akshay J Ghadage, co-founder and CEO of, ThingsUp said, “IoT is not hype anymore, more than 50% of physical things will be connected to the internet in the next five years. In this growing trend of digitalisation and IoT, we believe we have got the right timing with the right offering.”