Reliance Industries ventures into Internet of Things
GenNext Ventures signs agreement with Ecorithm to bring to India a technology that will help collect and exchange data to boost the Internet of Things
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Mumbai: Months before Reliance Jio Infocomm Ltd rolls out its fourth generation services, Reliance Industries Ltd’s venture capital arm has signed an agreement with US-based software company Ecorithm Inc. to bring to India a technology that will help collect and exchange data to boost the Internet of Things (IoT).
GenNext Ventures plans to apply Ecorithm’s suite of technologies to building systems and various other enterprises to improve operations, optimize systems and minimize energy use, RIL said in a statement on Tuesday.
Ecorithm is a company specializing in IoT, which is essentially a collection and analysis of data of a maze of electronic devices connected and communicating with each other over the Internet.
Reliance Jio Infocomm’s 4G services promises to provide a platform for seamless connectivity of communication devices over high-speed Internet and act as the base for IoT.
The Narendra Modi government too has stressed the implementation of IoT technologies under its Smart Cities Mission which aims to create 100 smart cities in India over the next five years.
“We believe that smart technologies will form the base for the Government of India’s smart city initiative. Ecorithm’s technology will be one of those smart technologies,” said Vivek Rai Gupta, managing director, GenNext Ventures.
Ecorithm’s True Analytics Platform (company’s trademark name) enables any system capable of producing a continuous flow of sensor data, such as a building management system (BMS) in a commercial building or an industrial control system, to be optimized at a highly granular level, thereby saving energy while optimizing performance and the resulting use, comfort and operability, the company note said.
“We’re so pleased to partner with a company with as many forward-thinking businesses, as it represents a huge opportunity to deploy our revolutionary technology in India across many business sectors,” said Dan Tishman, chairman of Ecorithm.