(Alliance News) - t42 IoT Tracking Solutions PLC on Monday said it is expanding into refrigerator air cargo supply through a collaboration with a leading refrigerated container manufacturer.
The Jersey-based real-time tracking, security, and monitoring solutions provider said the collaboration looks to offer shipping solutions in preserving, safeguarding and prolonging the availability of food, medicine and other perishables with the air cargo supply chain.
The firm said its new product is currently being developed in collaboration with the R&D team of its partner. The product will enable real-time monitoring, greater security and optimised goods handling, using IoT technology and data analytics.
IoT, or Internet of Things, technology allows objects fitted with sensors to communicate as part of a wireless network in real-time.
The company added that data gathered will allow its partner to improve its future products by offering data insights into its current activities.
t42 said it expects the collaboration's offering to be a "paradigm shift" in the air cargo industry, offering shippers new levels of "control, efficiency and profitability".
Chief Executive Avi Hartmann said: "he partnership between t42 and our partner demonstrates a powerful synergy, combining our expertise in IoT development with their globally renowned sustainable solutions.
"Together, we are reshaping the future of the air cargo industry, revolutionizing the way goods are handled and transported across the globe. We are also confident that it will lead to increased revenue opportunities in the years to come following the launch."
t42 shares fell 9.5% to 4.75 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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T42 Iot Track. (TRAC)