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Internet of Things embarks on promising trajectory with new top team appointed

Snapshot

The company is an investor and operator of technology companies with innovative IoT, AI and Blockchain solutions

IoT graphic

Quick facts: Internet of Things Inc.

Price: 0.045 CAD

TSX-V:ITT
Market: TSX-V
Market Cap: $14.91 m
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  • Significant growth expected from mergers and acquisition strategy
  • Focusing on profitable fundamental-growth technology
  • Has launched ThermalPass fever detection system to help fight coronavirus

What Internet of Things does:

Internet of Things Inc (CVE:ITT) (OTCMKTS:INOTF) is a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions.

The Toronto-based company is focused on investing in data-driven industrial IoT companies.

Internet of Things owns data-science company Weather Telematics Inc, which uses a vehicle-mounted mobile IoT sensor network and artificial intelligence system to generate historical, current and forecasted weather conditions for road hazard risk alerts.

It is also developing ThermalPass, a new fever detection system designed for public spaces during the coronavirus pandemic, which instantly screens for higher-than-normal body temperatures with an accuracy of 0.36 degrees Fahrenheit, thus identifying possible carriers of the disease.

The company also is a joint venture partner with Hope Data Technology Co Ltd and New Hope IoT Intl Inc, which are affiliated with New Hope Group one of China’s largest privately-owned entities, with more than 600 subsidiaries and nearly 70,000 employees.

Furthermore, the company has strategic investments in the cannabis space.

These include BLOCKStrain Technology Corp (CVE:DNAX), which is developing an integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, as well as tech company BrainGrid Corp (CSE:BGRD), which provides a sensor platform for cannabis cultivators called 'Sentroller' so they can monitor and keep a watchful eye on their crop 24/7.

How is it doing:

Since the start of 2020 Internet of Things has been steadily building momentum, boosting its cash balances in April after raising C$1.25 million in a non-brokered private placement.

This was followed shortly after by changes at the top with the firm bringing in entrepreneur and business start-up specialist Michael Lende as its CEO and president to steward its renewed strategic course and capitalize on its unique technology.

In 2006, Lende launched the ZipCar car-share service in Canada, growing the Toronto-area membership from zero to over 42,000 and contributing to the parent company's successful IPO in 2011.

IoT has also brought in four industry veterans to its management team to assist in the transformation into a next-generation artificial intelligence (AI) technology developer and services company.

These include;

  • Darryl Smith – the company’s CTO who has worked in information technology for over two decades and has created mobile road weather sensors and road weather products
  • Malcolm Rook – the chief innovation officer of AI Labs and a developer of ultra-low noise microwave receivers for military and weather radar systems as well as electronic systems for many areas of application including asset tracking in hospitals, retail environments, and remote monitoring
  • Robert Klein – IoT’s chief operating officer with over two decades of experience in operations and corporate development
  • Thomas Park - vice president of government relations and regulatory affairs, seasoned media communications and government relations strategist, and former spokesperson for the Ontario Energy Board

One of the group's more major developments has been the development of the ThermalPass fever detection system, which has attracted considerable interest during the coronavirus outbreak.

In late-May, the company said it had been granted interim marketing and sales permission by Health Canada for ThermalPass to help battle the spread of the disease.

Health Canada has granted permission under the so-called fast-tracked Medical Device Establishment License (MDEL) process, which was established to combat the virus.

Meanwhile, there also developments at Weather Telematics with IoT currently in talks with multiple fleet management groups over deploying its latest sensor system in vehicles to enhance safety and reduce costs.

The 'Alert Fleet' system is based on advanced artificial intelligence (AI), deep machine learning and data science. Once deployed in a vehicle, the product will run on a software-as-a-service (SAAS) business model, providing Weather Telematics with monthly recurring revenue proportionate to the number of vehicles within a customer's fleet.

On May 28, IoT revealed that Weather Telematic is collaborating with IBI Group (TSE:IBG) to develop the Winter Ice and Snow Decision Support System for Operations Management (WISDOM) platform.

WISDOM is a resource management and decision support tool that uses artificial intelligence to assist in real-time responses to winter snow/ice road clearing operations. Weather Telematics and IBI have partnered with two counties in Ontario to pilot the platform in the winter of 2020-21. 

Inflection Points:

  • More interest in ThermalPass technology
  • Deals for Alert Fleet system
  • Integration of new management team

What the boss says:

"Heavy vehicle accidents tend to have catastrophic consequences and are financially debilitating to fleet owners," Michael Lende, the CEO of Internet of Things noted when revealing news about the Alert Fleet system.

"Even avoiding one single incident is likely to lead to considerable savings in terms of potential vehicle damage, personal injury and insurance premium adjustments. With that in mind, Alert Fleet was designed to accurately deliver instant road weather alerts in response to imminent risks facing fleet vehicles and drivers, 24-hours a day, 365 days a year."

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Internet of Things subsidiary Weather Telematics signs multi-year deal with...

Internet of Things (CVE: ITT- OTC: INOTF) President and CEO Michael Lende joined Steve Darling from Proactive Vancouver with news that Weather Telematics has signed a multi-year deal with Synoptic Data. Lende tells Proactive more about that deal and he also gave viewers an update on their...

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