Next steps for IsItUp.com include introducing insurance reporting, so clients can easily tell if they are over- or under-insured
IsItUp.com, an online platform for tracking and monitoring fixed assets such as computers furniture and office equipment, today announced it has secured a six-digit figure in seed investment from 8capita and 500 Startups.
“The funding is for further enhancement of our platform, including new modules such as insurance and helpdesk, and business development,” Co-founder Andrew Diamond told e27.
Launched in November 2015, Malaysia- and Singapore-based IsItUp addresses the issue of unloved and under-managed fixed assets. The company’s cloud solution offers enterprises the ability to track and manage their assets through a web interface and iOS or Android mobile apps. This ensures maximum utilisation and better RoI for a company’s fixed assets.
In addition, the platform helps businesses keep organised, digital audit trails that can be easily stored and exported without digging through stacks of paper.
“We have found that companies, both big and small, have the same issue. Millions, if not billions of dollars, are invested in fixed assets such as computers, furniture, software, and equipment, yet these assets aren’t being tracked. Instead of being properly maintained, they could be lost in a storage cupboard somewhere. Our mission is to help companies save money by optimising asset value and providing simple, yet valuable reporting,” Diamond added.
IsItUp.com also offers onsite on-boarding services, including tagging, sorting through licenses, and uploading all asset information to the platform. IsItUp.com additionally provides a QR code stickers and network scanning capabilities. All businesses need to do is scan an asset’s QR code, and all the information is available at their fingertips.
Khailee Ng, Managing Partner of 500 Startups, said, “What company does not have fixed assets? Every company in the world has plenty, this huge opportunity is right in front of our eyes and this team is going to set the new default for this space.”
The company will soon introduce an insurance reporting feature, so clients can easily tell if they are over or underinsured — a universal pain point for many businesses. Other upcoming features include software licence management as well as a helpdesk.
8capita is a technology investment partnership which has made close to 50 investments since 2012. Apart from early stage opportunities, the team also looks at late stage pre-IPO and M&A opportunities.
500 Startups is a global venture capital seed fund and startup accelerator based in Silicon Valley. It has invested in over 1,400 companies in 50 countries since inception in 2010.
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