Internet of Things (IoT) company Quantify Technology Holdings (ASX: QFY) has made a leap towards the US market courtesy of an agreement with Electronic Caregiver LLC (ECL) – a US company with an identical IoT commercialisation strategy and similar target market to Quantify.
The agreement will see the two companies collaborate to develop, market and distribute a series of products that look to take advantage of the rapid digitisation and automation of modern society.
ECL is currently focused on providing a range of safety and security products to support elderly people in their homes. ECL’s product and service suite gathers and analyses crucial scientific data which can then be processed to improve their living standard via IoT-ready devices.
Meanwhile, Quantify Technology has exactly the same outlook with its Q Device — a simple replacement for standard power outlets to provide autonomous energy management and reporting, voice-enabled control and interaction with buildings and appliances – as part of what the company calls “real-time evaluation of environmental and risk factors for building occupants”.
In other words, collecting data to enable various devices within buildings to become proactive in changing the environment of their occupants, such as switching on appliances, changing temperature, monitoring security and even ordering a takeaway.
Partnering for the future
According to the US Census Bureau, there were 43 million senior citizens aged 65 years and older in the country in 2012. This number is expected to double to 83.7 million by 2050, as the “baby boomer” generation ages. The senior citizen market segment constitutes ECL’s customer base with Quantify potentially able to tap into this growing segment as a result of its agreement with ECL.
By partnering with ECL, Quantify hopes to create integrated technologies that have a significant impact on the retirement, assisted living, and home care market in the US and Australia.
According to Quantify, when its Q Device is installed in a building or home, its platform collects data on the daily activities of the occupants, which can then assist ECL in delivering of improved outcomes for its growing customer base.
When it comes to assisting the elderly, both Quantify and ECL are looking to add significant value by providing additional tools for living assistance and risk assessment so that elderly users and chronically ill people “can safely maintain their independence for longer” as well as “reduce medical complications, extend lifespan and lessen avoidable mortalities”.
By combining their efforts, the two companies hope to assist each other in entering the US and Australian markets, respectively. The parties will develop joint market assessments and go-to-market strategies for the promotion and sales of their technologies, products, and services in both markets. Quantify said that collaborating with ECL will provide a “beachhead from which to launch its Intelligent Building Solution” to the huge US market.
“Making a difference to people’s lives is what truly matters. It’s what drives us to create solutions that improve our lives. Partnering with service providers like ELC allows us to provide safer, more secure homes for those that need help the most. Development of integrated solutions that can provide a sense of security, save a life, or help someone maintain their independence makes all the hard work we put into technology worthwhile,” said Mr Mark Lapins, managing director of Quantify.
The agreement between Quantify and ECL was taken positively by investors, with Quantify’s stock reaching as high as A$0.032 per share in mid-afternoon trade, up around 23% on the day.