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R3-IoT is undertaking the first round of fundraising to bring game-changing technology to market, giving businesses the opportunity to understand their operations where previously it wasn’t technologically feasible or economically viable.
A Glasgow startup company dubbed R3-IoT announced they are in search for an investment in order to reach the global space industry as they are developing technology to improve connectivity in remote areas.
R3-IoT was founded in 2018 by former Clyde Space comrades Allan Cannon and Kevin Quillien and its goal is to handle the first round of fundraising as they are trying to go on the international level of the multi-billion-pound internet of things (IoT) satellite market.
The start-up is now collaborating with Censis, the Scottish innovation centre for sensor and imaging systems, and IoT in order to evolve a product that is able to deliver IoT connectivity to some of the most distant parts of the globe.
This should enable shifting of data from rural sensor networks to the cloud, through the satellite that will produce more economic, efficient and cost-effective data collection.
The goal of this technology is to reach industries that could have some interest of accessing real-time data from secluded processes, as is, for example, Scotland’s aquaculture, environmental surveil, remote healthcare, and renewable energy industries.
Some of other probable international market sectors are: mining, oil, and gas, logistics and industry 4.0, with a recent North Sky Research report estimating that the value of the “IoT via satellite” market would grow from $1.6 billion to $4 billion by 2028.
As said from the company, one of the R3-IoT’s goals is capitalizing on the already existing commercial space race between the big companies as are SpaceX, Amazon, or OneWeb all that are expected to be increasing the overall competitiveness of space-based communication services.
Let’s just mention that according to FCC, with their Project Kuiper, last month Amazon decided to put 3,236 broadband satellites into orbit. There are almost 4B people in the world who don’t have access to reliable broadband internet and with this project, they intend to fill that gap. At the recent Scottish Edge awards, R3-IoT got the top prize of £100,000.
Co-founder and chief executive Cannon claims their model allows businesses to connect their most valuable assets in a seamless and cost-effective way that, in turn, provides access to high-value data with which they can make smarter decisions and cut costs.
He says that there is a huge market for this kind of service:
“Interest is growing in predominantly large enterprises across a range of sectors looking to make efficiencies or improve productivity through better access to data. They may even currently send someone in a plane or boat to collect the data, which is time-consuming, expensive, and the data itself is lagged by the time it’s delivered to decision-makers. We’ve had a lot of interest in our funding round as we look to take the business to the next stage.”
Craig Fleming, senior business development manager at Censis, added that this project could bring a real game-changing technology to market, giving businesses the opportunity to understand their operations where previously it wasn’t technologically feasible or economically viable.
“What R3-IoT is doing underlines the transformative potential of IoT and the hidden value it can unlock in companies, whether they are tech-focused or operating in more traditional industries.”
Global Blockchain IoT Market Reaching $3,033 Million By 2025
In their new report published, Zion Market Research say the global blockchain IoT market was $32 million in 2018 and is expected to grow to $0,033 million by 2025.
Also, retailers like Walmart are investing in blockchain and IoT to track food products and improve food safety, which is further supporting the North American blockchain IoT market.
The Asia Pacific region is anticipated to witness notable growth in the global blockchain IoT market over the upcoming years, owing to the increasing IoT adoption in China, Japan, and South Korea. In Europe, the most lucrative markets for the blockchain technology are guided by Germany, the UK, and France.