Internet of Things play Quantify raises $5m to fast-track smart home rollout
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Internet of Things play Quantify Technology has raised $5 million to accelerate the roll out of its flagship smart home platform, Q Device.
The Internet of Things is a concept where everyday devices such as lights, air conditioners, fridges — and almost any appliance — are networked together for automatic, efficient operation.
Quantify’s Q Device acts as a smart hub that makes it easy to control Internet-connected, smart devices in “intelligent buildings”.
The system can be retro-fitted to electric switches and power outlets to proactively manage energy use and other services.
Lighting, temperature and other services can be operated via as smartphone or tablet app — and soon via Amazon’s voice-activated Alexa smart home device.
On Wednesday, Quantify (ASX:QFY) announced a $5 million fund-raising from institutions, sophisticated and professional investors had closed oversubscribed.
Quantify will issue shares at 6c each to raise $3.8 million. A further $1.2 million will be raised subject to shareholder approval.
The money will be used to accelerate the rollout of Quantify’s technology in commercial developments throughout Australia, said Quantify’s chief executive Mark Lapins.
How to install replace a traditional light switcb with a Q-Device system.
The capital raising follows two other major announcements from Quantify in recent months, including a milestone $30 million deal with Harvey Norman to promote and sell Quantify products in the retail giant’s ACT and NSW stores.
Last month Quantify announced the integration of Amazon’s smart assistant Alexa into the Q Device, allowing users to control lights, temperature control and other services with voice commands.
The Q Device is now in testing at an intelligent apartment on York Street in Sydney.
“The tremendous support of institutional and sophisticated investors in this capital raising, including the consortium of technology investors as a cornerstone investor, is a strong endorsement of our company, and places Quantify Technology in a very strong position to accelerate the sales of our innovative technology into leading commercial developments across the globe,” Mr Lapins said.
“The money raised will also allow use to pursue the development of further enhancements and integrations of technologies such as Amazon Alexa to further redefining the Internet of Things industry standard and to make our solution the platform of choice.”
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