PIN IoT, a Liverpool-based technology company that delivers real time container and vehicle tracking for the waste industry, announced today the closure of a £350,000 funding round to fuel its expansion into the UK market. The funding was secured from three Angel Investors.
The PIN solution enables waste companies to address the long term problems of managing Roll on Roll off container and skip fleets, mission-critical to the waste industry yet difficult to control due to the historical constraints of asset tracking technology.
The product incorporates low power tracking devices alongside bespoke software and on the ground support to ensure seamless deployment for customers. It enables large-scale performance improvement by reducing costs, increasing revenues and improving the ability to serve customers. Through improved visibility and insight to make better decisions, the waste operator is able to:
· Reduce operating costs by routing vehicles more effectively
· Create a typical 30% additional capacity for growth by increasing container utilisation
· Identify and recover stolen containers in real time
· Avoid the need to purchase replacement containers for up to 10 years
· Identify and action slow moving containers to increase revenue
· Monitor driver performance and operational efficiency
· Respond more quickly to customer enquiries
“We saw an opportunity to leverage new tech to solve a problem that has impacted the waste industry for decades” said Paul Byrne, Co-Founder and CEO. The solution delivers a fast payback and a powerful return on investment for the waste provider. The funding enables us to continue the development of the product and to scale into the UK market. We have assessed the value opportunity for the waste sector to be in excess of £0.5 billion, and are very much looking forward to working with the industry to deliver it”.
PIN IoT is one of a growing number of technology companies setting out to revolutionise traditional supply chains by connecting and integrating disparate, physical assets into standard operating process. The IoT (Internet of Things) is set to transform industry over the coming years, creating £ trillions of value on a global scale.
About PIN IoT
PIN IoT is a Liverpool based technology company, established by a team of experts to bring waste container fleets into the digital age. The PIN solution leverages new technology to deliver real time visibility and control for a fraction of the cost of traditional GPS. For more information visit www.pin-iot.com