# Thingswell

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/thingswell

- Industry: Software
- Headquarters: Hangzhou, China
- Website: www.thingswell.com
- Total disclosed funding: $1.5M
- Latest round: Angel (Sep 17, 2021)
- Investors on record: 2

## About

Thingswell is a technology company that specializes in providing integrated intelligent commercial concrete solutions, enhancing construction logistics with IoT-based smart systems for efficient concrete mixing and delivery operations.Thingswell operates in Hangzhou, China, focusing on commercial concrete solutions. Founded by Wang Haijun, the company has pivoted to IoT technology to streamline concrete logistics. In September 2021, Thingswell raised USD 1.50 mn in an Angel funding round from Baidu Ventures and Creo Capital.The company, Thingswell, specializes in providing an integrated intelligent commercial concrete solution based on Internet of Things (IoT) technology. Their core offerings include a comprehensive smart concrete mixing and delivery system that utilizes an array of devices such as mixing plants, remote control systems, access control systems, and weighing systems. This system is designed to optimize the concrete production and delivery process, ensuring that concrete is poured within a limited time frame to prevent deterioration. The target customers include construction companies and contractors who require various concrete types, quantities, and delivery schedules, especially in urban areas where logistics can be affected by traffic, weather, and other unforeseen events. The company operates primarily within the Chinese market, catering to various regions that face unique challenges in concrete logistics and delivery.The revenue model for Thingswell is based on direct B2B transactions with construction firms and contractors who utilize their smart concrete solutions. Clients benefit from a streamlined ordering process facilitated by mobile applications that enable real-time ordering and delivery management. The transactions typically involve pricing structures tied to specific quantities of concrete ordered, with potential partnerships based on long-term supply agreements. By leveraging IoT technology, the company enhances efficiency and reduces costs for its clients, fostering recurring business relationships. Specific pricing plans for their services or flagship products are tailored to client needs, ensuring that they meet diverse demands across various construction projects.In September 2021, Thingswell raised USD 1.50 mn in Angel funding, which will be utilized to enhance their product offerings and expand their market reach. The company is focused on developing new IoT-based concrete solutions that will be launched in the upcoming year. Furthermore, there are plans to expand into other key regions within China and potentially explore markets outside of the country by the end of 2023.

## Funding rounds

- Angel, Sep 17, 2021, $1.5M — Baidu Ventures, Creo Capital

## Investors

- Baidu Ventures (https://capitalatlas.ai/funds/baidu-ventures) — Angel
- Creo Capital — Angel