Startup that lets businesses easily track and manage office assets raises funding

Photo credit: Fabio Comparelli.

Keeping track of the whereabouts of office items is necessary for audits, yet many companies often neglect this task. Some still list down their assets in Excel, and without the specifics like who has possession of what.

Isitup’s solution is a software-as-a-service that allows companies to manage their fixed asset inventory in the cloud. Isitup today announced it raised an undisclosed amount from Gobi Partners as part of its seed round. Its existing investors include 500 Startups and 8capita Partners.

The startup provides its clients with QR code or RFID asset tags, which employees can simply scan to retrieve information related to an asset such as the serial number, the year it was purchased, and the name of the person the asset was assigned to. Those details are important for accounting, maintenance, or in the event of a loss.

Isitup also offers onsite onboarding services, including tagging, sorting through licenses, and uploading all asset information to the platform, taking the burden off administrators’ shoulders.

Co-founder and CEO Andrew Diamond says Isitup tackles asset management in a decentralized and less costly way – tracking company assets is now a responsibility shared by employees, rather than just a handful of administrators. Each department or individual can provide feedback on items in their care in real time and for everyone else to see.

The platform essentially increases transparency within the company, says Andrew. “Employee engagement is also improved.”

Office asset management may not be a sexy industry, says Gobi Partners’ ASEAN investment director Victor Chua, but it helps companies “minimize wastage” and “optimize expenditures” – things that are important when the economy swings and hits a downward trend.

“As corporates expand, their company asset registers tend to get messier,” he adds.

Isitup offers a free limited trial on its site, but the full features can be accessed for a fee.

“Our service is chargeable depending on the number of assets and feature-sets the client needs,” co-founder Sandra Cheim tells Tech in Asia.  “The on-boarding and consultancy service is priced separately as it depends on the size of the company and number of assets. We’ve found this service to be very popular as companies have been quite keen to get an external specialist like ourselves to come in and advise on how to improve current processes and implementations.”

Sandra says their service caters largely to the enterprise segment.