thethings.iO Pulls In $270k To Expand Its IoT Platform

Barcelona-based Internet of Things startup thethings.iO has bagged a €250,000 round of business angel funding to build out its backend platform for IoT.

The startup’s cloud layer offers analytics, storage, APIs and tools for managing and monitoring connected devices, interoperability with other IoT devices, and, generally, the promise of faster deployment and performance to help devs and corporations get connected devices up and running more quickly.

It targets both developers building connected devices and companies deploying IoT devices, giving it a (potentially) wider market than the likes of developer-focused relayr.

Founder Marc Pous names Evrythng and Xively as its main rivals at this stage. But with predictions of the number of connected devices projected to skyrocket in the coming years (Gartner reckons there will be some 25 billion by 2020) there’s unlikely to be a shortage of demand for IoT services that promise to help with managing connected devices and simplifying interoperability.

thethings.iO was founded two years ago, and has around 2,500 registered users and 10 paying customers at this stage, according to Pous. “We have customers mainly in Europe at the moment and are starting contacts in Asia,” he notes. It will also shortly (with a matter of weeks) be looking to monetize “DIY users” — who will be able to purchase a minimum of 1 license for €1 per device per year, he adds.

Investors in thethings.iO’s funding round include 101startups, Toubkal Partners, Taurus fund and other ESADE Business Angel Network investors. thethings.iO has also taken funding from Wayra, the Telefonica incubator. Pous says the new funding will be put towards marketing and sales development, and to expanding the business to Asia and the US.

We previously came across the team pitching at Le Web London back in 2013.