SPYR (OTCQB:SPYR) Inc announced that its subsidiary GeoTraq has completed a full suite of mobile Internet of Things (IoT) asset management tools that the company believes can create significant return on investment for enterprise customers across industry verticals.
GeoTraq has developed an ultra-small tracker that allows customers to deploy what the company calls the smartest, most connected technological accounting and monitoring devices within the IoT.
These devices are also uniquely scalable due to a “proprietary blend of affordability, compatibility and efficiency offered under the GeoTraq label,” the company said.
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Asset tracking is a need that spans nearly every industry, SPYR (OTCQB:SPYR) noted, and lost assets cost both money and credibility. Vehicles, parts, boxes, pallets, people, equipment, furniture, and more can be tracked globally and affordably with GeoTraq’s penny-size Tracker-Modules.
The modules can report location data as well as sensor information using NB-IoT (narrowband) and LTE-M (4G) technology wherever there is cellular coverage.
The company cited reports that indicate that the industry is on its way to 267 million active RFID (radio frequency identification), which by 2027 is expected to cover industrial automation, logistics, supply chain, agriculture, construction, mining and related markets.
GeoTraq believes it offers the most robust suite of mobile IoT modules for asset tracking that it says go virtually anywhere, track almost anything and eliminate some of the most significant barriers to deployment.
“GeoTraq is now well-positioned to drastically change the ways companies are viewing asset management,” said Pierre Parent, GeoTraq’s chief technology officer in a statement. “As we significantly reduce the size and cost of our tracker modules, the universe of assets that will be tracked grows simultaneously and exponentially.”
The trackers are able to transmit small packets of data at scheduled times or when certain triggers are met, such as an asset entering or leaving a geofence, or reaching a certain temperature threshold. That is because nearly any type of sensor can be attached to the modules.
“Entirely new categories of assets will be tagged that are lower in value and size, and we are already working with companies on disposable tracking tags that will be discarded along with the packaging and wrappers,” Parent added. “Frankly, this level of scalable, easily integrated system is revolutionary."
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