Internet of Things (IoT) developer Quantify Technology Holdings (ASX: QFY) has signed a heads of agreement with Blaq Projects, as part of “a new phase in Quantify’s commercialisation journey”, according to its chief executive officer Brett Savill.
The agreement is worth more than $500,000 and means its products will be integrated into 267 new apartments in Wollongong, New South Wales.
The exclusive agreement with Sydney-based Blaq means Quantify’s products will be exclusively installed in at least three major developments over the next three years.
Blaq is a property development, construction and investment company best known for its innovative architectural designs and cost-effective projects.
According to Quantify, its agreement with Blaq will initially target 267 apartments alongside two demonstration suites.
This will be broken up into an initial 174 apartments across three locations plus a minimum of 93 apartments across two locations will be added subject to performance with an initial order of around $500,000 already agreed, to be distributed via Harvey Norman Commercial Division.
Quantify said it anticipates that further orders will follow in due course and that both companies have agreed to promote and market in consultation with one another, through blog posts, media articles and other advertising materials.
The first installations are planned to take place before the Easter period next year.
Under the terms of the agreement, Blaq will install a turn-key solution, consisting primarily of Quantify devices, in addition to smart speakers and Wi-Fi.
“This is a really exciting three-year partnership and we are delighted to be working with Blaq who are an innovative developer looking to lift the Wollongong property market to a new level,” said Mr Savill.
“Our devices will help them differentiate their properties improving both pricing and turnover,” he added.
PropTech Hub program
Today’s deal follows from last week’s news that Quantify had signed a memorandum of understanding with US Fortune 100 technology company Honeywell to participate in the PropTech Hub program in collaboration with YBF Ventures.
As part of Quantify’s strategic priorities to maximise sales domestically and expand its international platform, the company has been selected for a program that’s seeking to accelerate the adoption of smart tech devices that can improve living spaces.
Quantify is currently attempting to establish a strong position within the real estate, building and property management industry by offering next-generation device integration into new buildings and apartments. Its
qDevice range is aimed at replacing standard power outlets and light switches that can be controlled by voice, smartphone applications and touch-sensitive hardware.
Some of its cornerstone innovations include intelligent light control and power outlet devices that promise to “convert any home or building into a truly intelligent one”.
The Australian company is already selling its qDimmer, qPowerPlus, qBridge and qBlind devices as part of a fully networked computing framework that consists of smart, secure light control and power outlet units.
The company claims it can cost-effectively install its devices into new developments, or retroﬁt into existing buildings, thereby offering energy savings and enhanced security for residents.
This morning’s news helped Quantify shares to appreciate by 25% up to $0.005.