News and Announcements
Arcoflex Successfully Raises $300k Through Seed Funding
- Published August 22, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
ArcoFlex Automation is one of the first IoT companies to bring remote monitoring and control to a commercial footing. IoT comes saturated in hype and promise so with ArcoFlex bringing operating pilots, real customers and proven technology to the table, this is the first time that tangible solutions can be measured and assessed for growth and potential.
KEY TAKEAWAYS:
- Microsoft sought out ArcoFlex to prepare technical presentation material around practical IoT solutions at its annual developer event on the Gold Coast this year.
- Successfully raised $300k seed funding by way of equity free loans.
- Silo unit field trials entered their final stage with several units mounted on silos at Morwell, Victoria. At the same time, cool room and irrigation monitoring stations were set up for formal trials at Toolangi, Victoria.
- Following on from Microsoft’s lead, the independent DDD Developer day held at Monash University preaches new and innovative solutions to a sell-out audience.
- ArcoFlex was again asked to present IoT technology and show the delegates how cost-effective monitoring can be achieved.
- The silo field trials conclude successfully and scaled production is now be organised. Two large buyers are preparing MOUs that will guide the size of the first production run.
- Arcoflex are expecting a trial order size of 1000+ units that will generate revenue of around $2m.
Arcoflex has been invited to the EASA conference in Reno, Nevada early next month to present a solution that monitors motor vibration and temperature. This conference is run by motor repairers and builders where motor and pump maintenance is the substantial part of their business. These units are seen as enabling them to achieve proper proactive servicing on a basis that will save them 15 times the price of the unit annually. If we are successful here it represents a complete sales and distribution chain on tap – one we don’t have to spend marketing dollars to find. The potential scale of sales dwarfs anything we can find in Australia.
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