- High margin, recurring Software as a Service (SaaS) business model
- Trillion-dollar plus market opportunity
- Strong leadership team
What SpotLite360 IOT Solutions does:
SpotLite360 IOT Solutions Inc, formerly Spotlite360 Technologies (CSE:LITE) Inc, is a Software as a Service (SaaS) based, enterprise software company leveraging Internet of Things (IoT) technologies, blockchain, and machine learning to deliver supply chain solutions, which result in improved tracing, tracking, visibility, efficiency, collaboration and proof of sustainability claims for customers within pharmaceutical, healthcare & agriculture.
The Vancouver and Denver-based developer’s solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer.
The company plans to explore innovative use cases for its proprietary stack of technologies, which could transform logistics workflows in some of the world’s largest industries.
How is it doing:
SpotLite360 IOT Solutions has been active in its business development since going public on the Canadian Securities Exchange on June 15, 2021.
In August, the company announced an agreement with Colorado-based cannabis dispensary operator Peak Dispensary to develop scopes of work for the integration of SpotLite360’s suite of technologies into Peak’s systems as part of its business objectives.
The company said Peak intends to leverage its technology to improve visibility into the movement of its products through the supply chain both to create new business value and to diligently comply with the unique regulations in each new state in which it plans to operate.
Also in August, SpotLite360 IOT reported that it had strategically chosen market segments on which it will focus initially, including the pharmaceutical industry and the healthcare sector.
As well, the company said it is now exploring opportunities in agriculture supply chains, which have faced significant challenges such as labour concerns and higher oil prices in recent years.
SpotLite360 IOT noted that its blockchain and internet of things (IoT) technologies can easily be integrated into systems, equipment, and supplies that are common for agriculture industry players that include farmers, ground transporters, distribution centres, and retail grocers.
A month earlier, the company entered into a software license agreement with Apollo Sciences, a vertically integrated producer and distributor of hemp in Aurora, Colorado.
Under the license agreement, Apollo will have the right to utilize SpotLite360 IOT’s suite of blockchain and IoT technologies, which can provide unprecedented visibility to all participants in a supply chain and ensure optimal product and service quality.
The parties have explored several potential applications of SpotLite360 IOT’s technologies to Apollo’s business activities, which include biomass storage, pharmaceutical-grade extraction, post-processing, and white-label production of hemp-derived products.
Moreover, SpotLite360 IOT’s technologies could enable legal-aged purchasers of hemp products produced and/or distributed by Apollo to trace the origin and verify the authenticity of the product through matrix barcodes - commonly referred to as “Quick Response” or “QR” codes - printed on product packaging, which can match individual product units to their respective provenance records in seconds using a smartphone camera.
Also in July, the company announced it had begun to commercialize its enterprise software solution in the healthcare industry to help overcome many common supply chain challenges.
SpotLite360 IOT said recent events highlighted several weak points in supply chains, which could stand to be remedied by its technologies. Global shortages in product categories such as personal protective equipment (PPE), concerns surrounding the authenticity of goods, and greater pressure to deliver orders with short lead times have created unfavourable situations for many firms.
The company said its technologies capture real-time and event-driven data through IoT and RFID sensors.
And in the same month, SpotLite360 IOT said it had launched an initiative to offer tailored supply chain tracing and tracking solutions to the pharmaceutical industry, and it is “presently in contract negotiations” with firms.
The logistics technologies developer noted that its initiative aligns with an impending US regulatory change in the US$1.3 trillion pharmaceutical industry requiring companies to comply with the Drug Supply Chain Security Act (DSCSA), which mandates the implementation of electronic tracing measures.
The company has identified an opportunity to deliver solutions geared towards compliance with the DSCSA using RFID and IoT sensors along with blockchain, machine learning, and enterprise tracking software licensed from TrackX Holdings Inc.
- Expanding its sales and marketing initiatives
- Onboarding new clients
- Merger & Acquisition opportunities in a fragmented industry
What the boss says:
Commenting on the company’s listing on the Canadian Securities Exchange, SpotLite360 IOT Solutions president Jim Greenwell said in a statement: “The current resurgence of blockchain technologies reflects a much higher level of acceptance among enterprise players, especially for supply chain applications.”
Greenwell added: “There are many milestones we plan to hit in the year 2021, and we look forward to enabling investors to join us in our mission to set new standards in supply chains around the globe.”
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