Savi Technology, a Virginia-based sensor technology company that was spun-off of Lockheed Martin in 2012, hopes to move into the IoT market using $15 million in raised funds in a sale of stocks, according to a report by Washington Business Journal.
Savi currently creates radio frequency identification (RFID) sensors for the U.S. Department of Defense under a five-year contract awarded in 2014. It also distributes sensor analytics software to help companies with their supply chain. The company has a desire to move into other commercial and industrial markets such as IoT.
The funds the company raised came in November when it sold 17.6 percent of its stock to inspection, certification, and verification company SGS. The Switzerland-based SGS will create its own analytics products using Savi’s technology, and will also be an outlet for Savi’s software transactions.
“We have proven that we have the products, teams and initial customers to grow market share in the Internet of Things [market]. Now it’s about scaling up and adding new customers,” Savi CEO Bill Clark said, as quoted by Washington Business Journal.
Clark also told the publication that Savi is striving to land as much of the supply chain analytics part of the IoT sector as possible. He expects that sector to be worth approximately $2.5 billion.
“Getting any percentage of the market will be huge,” Clark said. “It’s a very fragmented and emerging market right now.”
Savi, in partnership with IDC, recently released a whitepaper on how IoT-enabled analytic application will change supply chain planning and execution.
“IoT-enabled analytic applications will redefine the entire supply chain category. As global organizations wrestle with increasing amounts of machine-generated data, they can now tap into IoT-enabled solutions that turn data into actionable business intelligence that informs, streamlines and protects their business. These applications provide a layer of agility and responsiveness never seen before,” Clark said in a press release promoting the whitepaper.
Savi currently employs around 70 people, according to Washington Business Journal.
Filed Under: M2M (machine to machine)