ASX-listed smart home product supplier, Quantify Technologies, says it is well placed to face the Coronavirus-inspired market headwinds after raising A$1.75m back in February and a number of previously placed orders are now starting to be delivered. The Perth-based company has also managed to slash $1m off its annual cash burn as it focuses on its manufacturing and distribution deals in the East coast.
ASX-listed smart home product supplier, Quantify Technologies, says it is well placed to face the Coronavirus-inspired market headwinds after raising A$1.75m back in February and a number of previously placed orders are now starting to be delivered. The Perth based company has also managed to slash $1m off its annual cash burn as it focuses on outsourcing its manufacturing operations.
The company manufactures and distributes smart light switches, power points and related hardware, yet Quantify only started delivering its first product installations back in July 2019 and since then has signed up contracts to retrofit existing homes as well as new buildings.
Blaq Projects on the east coast will use Quantify’s smart home tech in three major residential developments in Wollongong totalling over 170 apartments. Quantify said that installation is complete at the first apartment block with the second to follow shortly. Other projects are also underway in Sydney and Canberra.
The Brett Savill-led company said the sales pipeline with distribution partner, Harvey Norman Commercial Division, is strong and was buoyed recently by an appearance on Channel 7’s Better Homes and Gardens. 9Life’s TV show, Ready Set Reno, begins airing in April and Quantify said it will show a home featuring Quantify’s qDevices in May.
Quantify’s products are now being enhanced via integration with the Control4 platform, one of the world’s largest providers of smart home automation which the company said will increase opportunities in the retrofit market.
Quantify said it is marketing in the USA after being awarded an international patent for its smart home technology that allows householders and workers to control everything electrical from blinds, to lights, to TV’s wirelessly, via an APP or by voice command.
The company has aligned with US-based, Fortune 100 technology innovation company, Honeywell, for technology development support and potentially to expand its distribution reach globally.
With deliveries underway now to existing contracts, cash flow should pick up for this disruptive tech player with a market cap of just under A$2m right now.
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