Internet of Things Inc. (ITT) ("IoT Inc." or the "Company") is pleased to provide shareholders with an update on its business activities. The Company is developing applications for the automotive and manufacturing industries, and has entered into discussions with industrial and consumer-based companies looking to utilize its technology and middleware platform for connecting devices.
In the automotive and manufacturing industries, high value production equipment has conventionally been heavily-instrumented and contained in closed-circuit environments where upgrade projects are expensive and inhibited by a large installed base of legacy equipment and standards. With the growth of Internet of Things driving down consumer and industrial equipment costs, these solutions can now affordably and efficiently be implemented in manufacturers' equipment.
According to a December 2013 survey by the American Society for Quality (ASQ), only 13 percent of the manufacturers surveyed claimed to have implemented smart manufacturing within their organization. Of those organizations, 82 percent say they have experienced increased efficiency.
Internet of Things benefits manufacturers by collecting data from sensors and communicating that data to factory floor workers, plant managers, software systems and many aspects of the supply chain. By connecting machines on an intelligent network, minimal intervention will be required by operators since the machines can communicate and control each other autonomously.
The Company would also like to announce the formation and registration of its 100%, wholly owned subsidiary, IoT Labs Inc. Manish Dixit, Chief Technology Officer and Malay Dixit, Vice President have taken on the responsibility of overseeing day-to-day operations.
"Peer-to-peer communication between products, systems and machines represents the next generation of manufacturing. Manufacturers will use technology to deliver dynamic, efficient, and automated manufacturing processes that connect people, processes and data. Our applications will help manufacturers improve resource efficiency, safety and return on assets," said Manish Dixit.
IoT Labs Inc. will leverage the software development centre in India and its on-demand capacity through a talent pool of more than 100 software engineers to accelerate development of these new applications. The initial launch of the platform is scheduled to take place in North America. The Company is also considering distribution into India and other international markets.