Connected IO’s “internet of things” tech touches down in Asia
Wireless technology company Connected IO has taken a significant step towards rolling out its disruptive suite of “internet of things” products across Asia.
In a market update, the Perth-listed company said it met recently with military and police representatives from both the Philippines and Thailand as part of a tour of the emerging Asian nations to showcase its range of wireless products.
In the wake of the talks, Connected IO said it was invited to collaborate in both countries on a range of products for machine-to-machine communications and internet of things connectivity.
Aimed at police and military uses, the collaborations will include products such as body cameras, in-vehicle communication and drones.
The ASX junior believes there is big upside in Asian markets for its modem like devices that allow for everyday “things” to be monitored or controlled over the internet. Management believes the company could sell as many as 100,000 units into the Asian market in the short term if its collaboration project with Police and the military in The Philippines and Thailand is successful.
The opportunity to commence penetrating the Asian internet of things sector represents a significant new market for the company, Connected IO said in their market update this week.
The Perth-listed Silicon Valley based tech player said it hoped to complete a pilot program in each country before the end of 2017, with a potential product rollout to commence next year.
The announcement is further evidence of Connected IO’s bold ambitions in the multi-trillion dollar internet of things sector following on from last month’s $3 million dollar capital raising.
Funds raised from the equity raising will be used for working capital as the company seeks to meet a recent rapid ramp up in purchase orders.
Connected IO recently locked down a $734,000 purchase order to deliver its 4G LTE router product to Verizon preferred distributor, Mach Networks.
The company also delivered its ER1000 routers to more than 3,000 Burger King stores across the U.S recently.
Connected IO (CIO)
Closing price for the last 90 trading days
Powered by Morningstar ®