SUBSIDIARY TO EXPAND FOCUS TO INCLUDE MACHINE LEARNING AND AUTONOMOUS VEHICLE SOLUTIONS
Toronto, Canada, June 7, 2017 – Internet of Things Inc. (TSX-V: ITT; OTC: INOTF; FRANKFURT: 71T) (“ITT Inc.” or the “Company”) is pleased to announce that its subsidiary, IOT Labs Inc. is expanding its focus to include machine learning and autonomous vehicle solutions. Iot Labs Inc. is currently working on the licensing and/or acquisition of commercially viable solutions to enhance the Company’s position and presence in the domestic North American markets.
Currently, there are 1.4 billion cars on the road worldwide, and according to a recent ReportBuyer Report, in 2016, there was an estimated 2.73 million vehicles (passenger cars and commercial vehicles) equipped with level 2 autonomous systems (partial automation). Autonomous systems are ranked from level 1 through 5, with 5 being fully autonomous.
Fully autonomous vehicles do not rely on driver’s input, but rather analyze the surrounding data and plan the further movement trajectory of the vehicle. The data is collected by components such as cameras, radars, and a variety of sensors.
According to PWC, the global market for automated driver assistance systems, which includes sensors, artificial intelligence and machine learning, is estimate to reach US$60 Billion by 2020.
“We are very excited about developments in the autonomous vehicle marketplace and we see a convergence with the industrial IoT sector. They both rely on remote sensors, artificial intelligence, and machine learning to enhance productivity, reliability and improve safety”, said Michael Frank, President & CEO of ITT Inc..
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT has its headquarters in Toronto, Canada.
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