Internet of Things Inc (IoT Inc) has made it public that it has completed the acquisition formalities of AI Driven Weather Telematics Inc (WTX Inc) for $2.53 million in cash and shares. WTX is a data science company which offers predictive road condition weather analysis based on Artificial Intelligence- useful for safe, connected and autonomous transit.
“ We are thrilled to be a part of IoT Inc which will help us leverage the expertise and relationships that the company and its subsidiaries have established”, said Robert Moran, CEO of Weather Telematics.
“As Weather Telematics is at the forefront in AI-based and machine learning technologies for predictive road and weather analysis feed, we are proud to acquire it to serve the growing needs of the autonomous vehicle sector”, said Michael Frank, CEO of IoT Inc.
Frank added that with WTX acquisition Internet of Things Inc will be positioned to serve as a real-time road and environment data collection company- a technology that will be vital for autonomous driving platforms like Tesla, Honda, Ford, BMW, Nissan, Intel, Apple, Waymo, and Uber.
Coming to the Weather Telematics details, the Canada based company was founded in 2010 and is seen serving road safety data products to government, industrial and consumer sectors. WTX uses a vehicle-mounted mobile IoT sensor network backed by AI machine learning system to generate real-time predictive road weather conditions. It basically helps in reducing traffic congestion caused due to erratic weather condition and makes navigation faster in connected cars and automobiles.
IoT Inc is basically a strategic investor and operator of high growth companies with innovative technology solutions. Headquartered in Toronto, Canada, the company is seen having a joint venture partnership in Braingrid Corp, Blockstrain Technology Corp, and New Hope IoT International Inc.