Cemtrex sets up subsidiary to explore IoT opportunities
July 20, 2017
New York-based industrial and manufacturing company Cemtrex has established a subsidiary, Cemtrex Advanced Technologies, to pursue organic and inorganic growth opportunities in the IoT and wearables markets.
Through the subsidiary, Cemtrex plans to leverage its existing design and engineering experience in developing electronic products for third parties to create its own proprietary products for IoT applications.
The company plans to pursue collaborative partnerships with OEMs that are looking to incorporate intelligence and connectivity into their everyday products such as furniture, consumer wearables, industrial safety wearables, and other enterprise and consumer devices. Cemtrex will look to focus on developing systems, hardware for both consumer and industry applications, and software applications.
According to a recent Business Insider report, there will be 34 billion devices connected to the internet by 2020, up from ten billion in 2015, and IoT devices will account for 24 billion. The report estimates that nearly $6tn will be spent on IoT over the next five years. Not only will the number of electronics increase, but the density of electronics per device will also be increasing.
“As we have expanded Cemtrex’s operations to exceed $100m in revenues over the last twelve months, we have developed a new roadmap to reach our next milestone of $500m in revenue,” said Cemtrex’s chairman and CEO Saagar Govil. “Our goal is to continue broadening the capabilities and breadth of the company. We plan to develop proprietary technology, as well as work in collaboration with industry leaders to develop next generation connected intelligent products. We see this as an inflection point of the company as we prepare for the next phase of growth over the next five years.”
Cemtrex provides manufacturing services such as custom engineered electronics, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of greenhouse gases, and other regulated pollutants.