The Internet of Things (IoT) in its essence describes how the physical world is being connected to the Internet. Gartner estimates that besides smartphones, tablets, and PCs more than 25 billion “things” will be connected to the Internet by 2020. Everything is becoming connected: the lightbulbs in your home, the shelf space in your grocery store, and the machines in many factories. With these new connections, business cases are popping up everywhere: smart parking, autonomous production, automatic home security alerts, and many, many more.
Much like the Internet did roughly twenty years ago, IoTstream is bringing convenience, efficiency and safety to a totally new level – changing industries and society itself. The potential applications and revenue streams that flow from objects connected to the internet are pretty mind boggling. Most people are already familiar with remotely monitored heating and cooling systems but there are now IoT applications involving hardware and devices you wouldn't expect.
Imagine road studs that measure and display information on varying weather conditions, hydroponic watering systems that change light and water levels based on sensor data and GPS tracking on any item of value in your home or business.
The challenge facing businesses looking to leverage their assets by using IoT technology is around the IT back end infrastructure needed to operate this new part of their business. Building a totally bespoke solution costs millions of dollars.
That's where IoTStream fits in. Their offering is a Platform-As-A-Service solution to infrastructure owners looking to monetise their assets.
Tauro Capital worked intensely with the founders to introduce some smart money into the mix, with James O'Donnell (ex Chief Information Officer - Aussie Home Loans) and Chris Pattas (ex Director Marketing - MYOB) joining the Board and bringing much needed capital.