Internet of Things Inc. has entered into a letter agreement to acquire Weather Telematics Inc. Internet of Things Inc. is a strategic investor in growth-oriented companies with innovative IoT, AI and Blockchain solutions.
The Company intends to acquire 100% of the issued and outstanding shares of WTX Inc. for $2.53 million. Founded in 2010, Weather Telematics Inc. is a Canadian-based, data science company offering real-time advanced artificial intelligence (AI) based predictive road condition weather analytics for safer, connected and autonomous transportation
It uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive road weather conditions, road hazard risk alert notifications and dynamic routing applications.
The Weather Telematics platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.