Internet of Things Inc Subsidiary Signs Multi Year Data Sales Contract
Data is valuable, especially for The Internet of Things Inc (TSXV: ITT). The firm this morning announced that its subsidiary, Weather Telematics, has entered into a multi-year agreement with Synoptic Data PBC to provide data provision services for its meteorological data.
The agreement, classified as a licensing contract, is expected to generate seven figures worth of revenue for ITT over the term of the arrangement. The data provided will be collected as Weather Telematics launches its nextgen weather and road temperature sensors, which will essentially turn vehicles into mobile weather stations.
The raw meteorological data collected from this fleet of mobile stations will be provided to Synoptic, with data collected including road and air temps, relative humidity, dew point, pressure, and a number of additional data points. Data collected will be integrated into weather research models.
We are excited to be expanding our relationship with Synoptic Data. Synoptic has been and continues to be incredibly supportive of Weather Telematics. We look forward to contributing our proprietary raw vehicle meteorological data from our mobile platform.
Michael Lende, President & CEO of Internet of Things Inc
The raw data provided will enable weather forecasters to have the tools and data required to more accurately predict weather patterns, while also enabling researchers to build and validate precise weather forecast models.
Internet of Things Inc last traded at $0.055 on the TSX Venture.
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