Buddy Platform rolls out building monitoring product throughout Caribbean and Central America

Buddy Platform ASX BUD Ohm building monitoring IoT
Buddy Ohm monitoring device.

Internet of things developer Buddy Platform (ASX: BUD) has launched its Buddy Ohm product for sale throughout multiple Caribbean countries and Panama in Central America as part of a staged roll-out for the regions.

According to the company, its Buddy Ohm product is a low-cost solution for monitoring buildings and the consumption of key resources with sensors tracking temperature, humidity, electricity, gas, water and stream consumption as well as tracking solar power generation.

The complete solution connects systems that were never designed to work together and turns energy savings into an asset.

Buddy describes the Buddy Ohm as an “activity tracker for buildings” and assists people with making better decisions with managing their resources.

The product is now sold via Buddy’s distributor mobile and internet provider Digicel Group and under the name Ohm by Digicel into Trinidad and Tobago, Barbados, Bermuda, Aruba, St Vincent and Panama.

These latest markets expand on earlier launches announced in early December including El Salvador, Curacao and Bonaire, with the Buddy Ohm due to be sold in 26 countries throughout the region once the roll out is completed at the end of next month.

Internet of things data management, processing and control platform provider Buddy offers three products: Buddy Cloud, Buddy Ohm and Parse on Buddy.

On Monday, Buddy reported its share price had rocketed more than 317% during 2017 to end the year at A$0.25 after opening the calendar year at A$0.06.

The Buddy Ohm was unveiled in March last year to expand on the existing Buddy Cloud platform product. After taking the product on a promotional roadshow throughout Australia, the US and Caribbean, the company secured distribution agreements with Digicel, and various companies throughout the US, UK, Australia and Canada.

Buddy chief executive officer David McLauchlan said he expected a distribution deal with Australian mobile provider Telstra was on track for execution this year and the company was also finalising negotiations with a global distribution partner with an announcement due in the near future.

By mid-afternoon trade, Buddy’s shares had dipped 2% to A$0.24.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for an array of industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has covered a myriad of small and large cap ASX and dual-listed stocks.