For the third year in a row, Farnell element14 is proud to be an official partner of Startupbootcamp IoT, an intensive three-month acceleration program for tech-based startups. We recently traveled to Startupbootcamp IoT's London headquarters to meet the participating startups for the 2018 cohort.
Introducing PIN IoT
PIN IoT is a UK-based startup that aims to protect industrial assets from loss, theft and damage, using an innovative tracking solution that harnesses the growth of low-power networks.
About the product
The PIN IoT team have developed a supply chain visibility platform that tracks mobile assets such as containers, bins, skips, tools and other physical items that are often moved around a global supply chain.
The solution involves a combination of hardware and software. A small tracking device is attached to the industrial asset, where it transmits raw data which can then be processed into actionable insights and delivered to the customer by the software platform.
The hardware device uses a combination of wireless technologies to deliver a geo-location of where the asset is at any given time. Low power networks are harnessed to make this process more affordable and less energy-intensive.
The software platform receives a time and date stamp from the tracking devices. It is capable of receiving information from multiple sources via different APIs. This data is then processed and put into a database, where the customer can access it in real time - allowing them not only to track the location of their assets, but also to see how long they've been in their current location and to review their inventory so that they can balance supply and demand for improved cost efficiency. They can also track lost and stolen assets to their ultimate destination to enable recovery.
What makes PIN IoT unique on the market?
In the past, wireless technology has not been well suited for tracking industrial assets that don't have independent power sources. The alternative was to use cellular GPS, which is too expensive and power-hungry to be financially viable on a widespread scale. By harnessing the rapid global rise of low-power networks, PIN IoT can make this kind of asset tracking more affordable than it has ever been historically.
The company is also run by a team of deep industry experts with a strong understanding not only of how their target audience works operationally, but also how they think and how they can enable and deliver a product that will result in success in an industry environment that can often be reluctant to embrace change and new technologies.
Looking to the future...
With a working solution already in place, PIN IoT is already tracking large container skips for one of the UK's largest national waste management companies. The next steps are to work on the infrastructure to make the solution scalable. In the longer term, they have a roadmap in place to transform into a much more operational solution that businesses can use to explore other areas of value. These include utilization analysis, asset profitability analysis, functionality to enable the vehicles that carry the assets to also be tracked in real time and much more.
Joining the Startupbootcamp IoT Program...
Founder Paul Byrne says he and his team were attracted to Startupbootcamp IoT by its specific vertical focus. "In the North West of England, where our company is based, the IoT eco-system is quite limited" he explains. "There's a real network around this program that can add tangible and substantial value to what we're doing."
Having already developed customer projects, PIN IoT are now looking to re-shape and improve their product based on early feedback and prepare themselves to become investment-ready. "The timing of the program is perfect to enable us to do that, whilst also taking in the expertise that will give us the best chance of realising our ambition to make a successful business."
We'll be continuing to check in with PIN IoT and the other Startupbootcamp IoT 2018 participants over the coming weeks, so keep checking this space for more updates. You can also learn more about PIN IoT on their official website and on theStartupbootcamp website.