PIN IoT Secures £450,000 Development Capital
PIN IoT, a Liverpool-based technology company that enables real time container and vehicle tracking for the waste industry, announced today the closure of a £450,000 funding round to expand operations in the UK market and continue the development of its unique solution. The funding was secured from existing Angel investors and represents the Company’s second significant equity investment.
The PIN solution enables the waste industry to address the long term problems of managing Roll on Roll off and Skip operations, compromised by poor visibility of mission-critical container and vehicle activity. The product incorporates proprietary low power tracking devices and software, along with the on the ground support to ensure seamless deployment and value delivery for customers.
The solution facilitates large scale performance improvement by providing a real time, digital view of operations that reduces cost, increases revenue and improves customer service. Through improved visibility and insight to make better decisions, the waste operator is able to:
Create a typical 30% additional capacity for growth by increasing container utilisation
Avoid the need to purchase replacement containers for up to 10 years
Increase revenue by improving collection frequency
Reduce operating costs by routing vehicles more effectively
Identify and recover stolen containers in real time
Monitor driver performance and operational efficiency
Respond more quickly to customer enquiries
“We have made really good progress over the past 12 months, despite the many challenges associated with the pandemic” commented Paul Byrne, Co-Founder and CEO. “Our customer data now showcases the profound impact of poor operational visibility on the waste industry along with the opportunity to improve performance by enabling a real time view of operations. The funding enables us to continue to scale in the UK market and to invest further in the product. We can see a £0.5 billion improvement opportunity for the UK waste sector 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 collection operations 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