The joint venture company will market, sell and distribute BrainGrid’s flagship product, the Sentroller and related BrainGrid IoT technology applications, according to Equities.com.
Michael Frank, president and CEO of Internet of Things Inc, describes the Sentroller as a long-range, low-power device that enables traditionally inaccessible data to be wirelessly connected from remote things.
Mr Frank said: “As a pioneering Canadian technology company, BrainGrid has created a valuable platform and network of smart grid connected solutions.”
BrainGrid Solutions is owned equally by both parties and will have a license to use BrainGrid’s current and future developed intellectual property, including without limitation, APIs, source code, data (derived from customers of BrainGrid Solutions), data analytics, patents and trademarks.
The Sentroller technology can be applied to any vertical necessitating long-range and low-power ways to transmit data machine to machine.
Internet of Things Inc. is acquiring a minority equity position in BrainGrid for US$500,000 as an initial investment with an option to increase its interest over the next six months.
The Toronto-based company has agreed to issue 15.5 million warrants to BrainGrid as it directs, with each warrant exercisable into a common share at an exercise price of $0.05 per share of Internet of Things Inc. for a period of 60 months.
BrainGrid and Cisco Systems
Cisco Systems has also invited BrainGrid to showcase the Sentroller at the Cisco Internet of Everything Innovation Centre Toronto, scheduled to open in January 2016.
Cisco estimates global IoE opportunities to be worth $19-trillion by 2022, including US$400 billion to the Canadian private sector over the next decade.
BrainGrid has begun to fill Sentroller orders with Canada’s renewable energy power producers, operations and maintenance companies and the energy retrofit/auditing industry energy management solutions.