Tech: Connected IO shares jump as it gains traction in the US auto market

IT company Connected IO (ASX: CIO) made a fast start in morning trade today after providing an update on its US operations.

CIO said it has been booking sales of various Internet of Things (IoT) products that improve various in-vehicle capabilities such as real-time video streaming.

So far this year, its US auto strategy has racked up $794k in sales, an increase of 28 per cent on the company’s total revenue in 2018.

And the market was happy, initially sending CIO shares up by 50 per cent before easing back slightly:

Market potential

In addition to video streaming — either for surveillance or digital recording — CIO said its products are also used to enable wi-fi capable batteries and various sensor capabilities such as collision and temperature sensors.

CIO managing director Yakov Temov said the company was aiming for further market penetration, either by fitting products to existing vehicles or embedding them further up the supply chain at the manufacturing stage.

“Permanent internet connection enabled by Connected IO’s cloud routers and modems becomes a necessity as vehicles evolve and become more intelligent,” Temov said.

The company cited research which showed the global market for in-vehicle surveillance is expected to grow at a compounding annual rate of more than 20 per cent to reach almost $US30 billion by 2023.

In other ASX tech news today

Fitness app MyFiziq (ASX: MYQ) also had a big morning, after signing a binding term-sheet with UK company Boditrax Technologies. MYQ’s body-tracking technology will be included on Boditrax, a digital health provider with a global user-base of more than 6 million.

MyFiziq will receive $US2.50 for each user that signs up via the Boditrax platform. Boditrax is aiming to grow the MyFiziq user-base by 600,000 in the first 12 months of launch, as part of its aim to bring overall user numbers to 10m. Shares in MYQ jumped more than 30 per cent to 21.5 cents.

Cloud-based security tech provider Spectur Limited (ASX:SP3) announced record monthly revenues of $516,000 in May. The gains were driven by record increases in both sales and rentals of its SaaS platform. The company said it remains on track for full-year sales of $4.6m, in line with previous forecasts. Shares in Spectur rose 10 per cent to 16.5 cents.
And after appointing a former NASA engineer, 3D printing company Titomic (ASX: TTT) has established a new advisory committee which will see it become a registered Australian research provider for additive manufacturing techniques. Shares in the company were up one per cent at $1.98.