Photo: Sue Waters CC SA 2.0, via Wikimedia Commons
ASX listed IoT company CCP Technologies (ASX: CT1) has lodged its report for the March quarter with the ASX saying it signed up its first customers for refrigeration monitoring during the quarter and made its entry into the North American market.
CCP Technologies, which listed on the ASX in September 2016 by a reverse takeover of Agenix Limited, provides IoT as a services under which it supplies monitoring devices for what it calls “critical control points’. These report wirelessly to its central control system that provides alerts and other information to clients.
It defines critical control points as “the points in a supply chain where a failure of standard operating procedure has the potential to cause serious harm to people, as well as to a business’ reputation and bottom line,” and says they include “temperature, energy, environment (air and water quality, pH, chemicals, noise, acoustics and gases), and movement.”
However many of its early customers are using its service to monitor refrigeration systems and to send SMS or email alerts when temperatures pass predetermined thresholds.
It has recently announced the ParkRoyal Hotel on Sydney’s Darling Harbour, Country Valley dairy farm in Picton NSW and Icon Coffee in Melbourne as clients for this service. In March the company announced an agreement with Thinxtra to adapt its technology to use the Sigfox network.
In its March results statement the company said it now has 30 customer sites being monitored on 24 month contracts and over 500 monitoring points in operation, adding that these customers have more than 2500 sites at which its technology could be deployed. The company said costs for its service were less than $15 per month for each monitoring point.
Tackling the cost of deficient refrigeration
CCP Technologies says its initial focus is the food service and food retail sectors, adding that it sees future opportunity to extend into monitoring food shipments across the cold chain. It cites a submission to a 2008 Senate enquiry, saying that almost a quarter of all food waste is due to deficient refrigeration.
However it says clients are drawing it into the agriculture market where there is “an increased focus on optimising growing conditions for crops and plants to minimise wastage and maximise margins” and into healthcare where there are “increased regulatory requirements for critical control points for patient safety, vaccines and treatment efficacy, quality assurance and clinical trials efficacy.”
The company now claims to have 30 full and part-time employees and contractors: nine in its Melbourne HQ, 15 in platform development in Bangalore and six sales staff in the US.
In March it announced a $US180,000 contract with an unnamed US food industry consulting firm to “tailor our software platform to enable the integration of virtually any source of data and to analyse this data using our predictive analysis tools.”
The company said this contract would generate new opportunities “as new services and CCP tags are incorporated into the operational processes of many large food companies in the US.”
