Internet of Things Inc. Signs Letter of Intent to Acquire Weather Telematics

Internet of Things (TSXV:ITT) has announced it has signed a letter of intent to acquire Weather Telematics through its IoT Labs subsidiary.
As quoted in the press release:

WTX Inc. is an emerging global leader in predictive artificial intelligence and in autonomous vehicle solutions. Weather Telematics is at the forefront of the explosive growth opportunity presented by the combination of Artificial Intelligence (AI) and the rapidly expanding Autonomous Vehicle market. The market size for AI systems for smart transportation is projected to be US$220 Billion by 2021, and US$87 billion by 2030 for Autonomous Vehicle Systems, according to Markets and Markets. WTX Inc.’s products have established market viability, are generating revenue, and the company is on track to deliver positive earnings in 2018.
Currently, Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive road weather conditions, road hazard risk alert notifications and dynamic routing applications.
The combination of WTX Inc.’s IoT sensor network and AI platform, is also applicable in various industrial IoT solutions that ITT Inc. is targeting, including but not limited to: measuring and monitoring factory air quality; optimizing the supply chain; logistics and asset tracking. Weather Telematics’ specialized and proprietary sensor design capabilities can be developed for custom chemical and optical solutions for the energy; manufacturing; aerospace and agricultural sectors.

Click here to read the full press release.