The global Industrial Internet of Things (IIoT) market is expected to reach about $934 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand and adoption of cloud computing, coupled with the growth in the new IPv6 address space, are potentially driving the market over the forecast period. Industrial giant GE coins the phrase Industrial Internet, also called IIoT. The term describes industrial transformation in the connected context of machines, cyber-physical systems, advanced analytics, AI, people, cloud, edge computing and etc. However, the challenge with the current solutions is that they are and fully integrated.
Unlike the other solutions out there that have to be cobbled together from scratch to create something meaningful or valuable, one young startup, Elevāt, has come up with the industry’s first complete out-of-the-box Enterprise ready system for tackling the problems of managing intelligent assets throughout their entire life cycles. Elevāt is a holistic solution that is agnostic – able to work seamlessly with any gateway or connected device.
The company announced today that it has secured $2.5 million funding round to scale sales channels and expand its capabilities. Elevāt, Inc. was initially internally funded and as of March 2018 has completed a seed round of financing, with ambitions to accelerate their growth through Series A and beyond. “The funds will be used to scale our sales channels rapidly and continue to expand Elevāt’s rich feature sets,” Founder and CEO, William Hill, said. The company was founded in May of 2017 after three years in development of its breakthrough edge and Cloud platform for the Industrial Internet of Things (IIoT) market.
Elevāt, a spin-off company of industrial distributor Western Integrated Technologies, Inc., identified the opportunity for an independent IoT software platform to measure and aggregate data for all forms of industrial machinery, including key metrics such as uptime/downtime, and alerts for a variety of alarms or notices including maintenance and location – all in real time. End users can analyze the data to identify improvements to operational efficiency.
The Software as a Service (SaaS) model utilizes sensors on industrial machinery that feed into a central “box” which communicates to the cloud and the Elevāt platform. Data can then be distributed directly to a client’s device (laptop, smart phone, tablet, etc.). “The world is full of things and those things are getting smarter – smart enough to tell us about themselves – what they are, where they are, and how they are. We need a system that can listen, make sense of all the chatter and provide insight to make the best business decisions possible,” the company said on its website.
Elevāt has been deployed across thousands of connected assets in the Mobile Industrial market, with the pace of installation gaining momentum every day. Unlike other IoT solutions, which require extensive customization and integration, Elevát’s platform performs “out of the box” with installations by its partners and customers taking hours instead of weeks or months.
“We are excited to bring thought leadership to this market sector, as Elevāt enables our clients to gather more data, spot trends earlier and identify ways to improve their bottom line performance for any asset – anywhere, anytime,” says Steven Anderson, President and CTO.
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