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Once again we see a Catalan startup attracting the attention of investors. It is TheThings.io, a company based in Barcelona that has recently received a round of funding amounting to 250,000 euros. It has received financial support from 101startups, Taurus Fund, Toubkal Partners and several business angels from the network of investors from ESADE Business School. Sound attractive? The company is ambitious, aspiring to become the Amazon Web Services of the IoT.
Founded in 2014, TheThings.io offers small and large businesses a platform for connecting their devices that work with the Internet. On this platform, companies store and analyze data that are generated by these devices in order to understand how users use smart devices, and so that they can connect their smart devices with others.
In this way, the company promises startups in the sector that they can save time and money on developing a platform that serves to manage, store and analyze this data from devices – and instead focus on making them.
“Companies design a prototype, build the application and then still have to develop a cloud platform to store data and interconnect devices. This last step is where we step in to offer a helping hand, with TheThings.io,” explains Marc Pous, one of its founders.
The startup already has 2,500 clients and expects to get a lot more, since it is forecasted that interest in the IoT will increase in coming years. This was demonstrated at the new congress held in Barcelona in September, which showed considerable interest in this technology and the Internet of Things Solutions World Congress. In fact, Gartner predicts that by 2025, their will be 25 billion devices worldwide connected to the network.
However perhaps it has been its business model, and not the future of the IoT which has attracted the most interest from investors. TheThings.io offers a hosted platform for devices for one year, for only 1 euro, to all developers that might need it.
According to Pous, the company already has customers in Europe, and with the money they have raised, they plan to extend their services into the Asian and American markets.