mcThings is a full stack enabler in the IoT space. The platform that mcThings has developed solves the problem of collecting and sending vast amounts of sensor data to the cloud. The platform consists of three key technologies: ultra-low power hardware, mcOS and the mcCloud. The combination of these technologies allows customers to deploy and scale IoT solutions at a low cost and in as little as three months. The platform includes sensor modules with various connectivity configurations, gateways, software as well as Platform as a Services (PaaS) to manage all aspects of your project(s). Because of this easy implementation, no specialized staff is required for development allowing for a rapid ROI. Refer to the attached for further company detail.
Who started the company?
The company was started by Tom Groenland in 2014.
Do your team members have tech background? Seven of the 12 team members have a technical background and include firmware and software engineers.
How are you being financed?
Financing to date has come from family, friends and other angel investors. In addition, we have received government funding of approximately CAD $450,000 with respect to research and development activities. Strategic fund raising planned for mid-2017 in the range $5M- $10M.
What do you think will be / is a big obstacle to overcome?
The major challenge is the customer adoption rate – that is the time it takes for customers to understand the opportunities that IoT generally and our platform in particular offers, how it can be applied to their business and then to implement a solution.
How do you go about finding good developers / IT guys for your company?
Most employees have come from relationships with existing staff. This has been supplemented with the use of LinkedIn.
Who is your biggest competition?
Our major competitors are Electric Imp, Samsara, Particle IO and Helium
How are you intending on taking your company to million dollars in revenues?
We are in various stages of proof of concept trials with several customers. We expect that most of these customers will move to large scale deployment of our devices resulting in the sale of between 10,000 to 100,000 devices per year and revenue of up to US $ 2.0 million per year and growing thereafter. Over the next three to five years we expect the revenue from our Platform as a Service offering to make up the majority of our revenues.
In what markets?
We expect most of our customers to be in the logistics and asset tracking / monitoring business - primarily mid-sized companies located in the US. Our secondary market is asset performance monitoring.
What is the big lesson you've learned (success or failure) with this project?
The time to identify customers and bring them through the development cycle i.e. from the identification of the opportunity, completion of preliminary trials and then full scale implementation / deployment has generally taken longer than originally anticipated.
Video: mc-Things: Cochrane Town Company Overview