LiteLink Technologies Inc. has acquired 3030 IoT, provider of Industrial Internet of Things (IoT) technologies.
3030 IoT will complement LiteLink’s Shift Insights AI platform, providing waste management companies with bin sensors, and container visibility.
“In a world where 90% of all waste is picked up at the wrong time, 3030 IoT will complement LLT’s Shift Insights AI platform to bring in-bin sensors powered by cloud software and AI and give waste management providers real-time fill level and location driven insights,” says Peter Green, LiteLink Technologies CEO.
The growing complexity in the logistics of waste collection and the need to comply with regulations pertaining to waste processing while helping fuel smart cities, demand better waste management solutions, which are made possible by the use of technologies, such as IoT sensors.
“We have seen on average 21% increased bin turnovers, and 6.75% more efficient and lower operational costs”, says Alan Ligumsky, owner at Peak Disposal, a waste management company using sensor technology from 3030 IoT.
“Over the last 12 months we’ve seen that global supply chains and distribution will change, Shift Insights will play an important role in this process. The ability to help the global waste management space maximize profitability, improve customer experience, generate more revenue, optimize collection routes and schedules, and increase driver safety, is paramount to the foundation of this platform.”
Growing reliance on data collection
“The global waste management industry will reach $445Bn over the next two years, and is experiencing much innovation in areas of AI and IoT; with the smart sensor waste management space growing 30% YoY, this acquisition represents a further commitment to our thesis of investing in emerging technologies,” Green says.
LiteLink acquired 3030 IoT from a series of arms-length vendors. It paid $50,000 in cash, and issued 6,500,000 common shares, to the vendors. It is also required to issue a further 3,000,000 common shares to the vendors, of which 1,500,000 are issuable on or before July 1, 2021, and the balance are issuable on or before July 1, 2022.
LiteLink Technologies Inc. focuses on emerging technologies across growth sectors including: crypto, blockchain, AI, cloud technologies, and gaming. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies.