Image EmbIoTS

End-to-end IoT systems that monitors the location, the use and the condition of construction tools and offers predictive maintenance for the

Eleftherios Adalakis
CPO

Presentation

Development Stage of your Startup : Pre-boot

Our product is a PCB (Printed Circuit Board) with sensors that measures the use, the condition and the location of power tools. Our idea disrupts the way power tools are being used, monitored and maintained up until now.

Tool rental and construction companies face 3 major problems regarding their power tools. The first is their inability to track the location of the tools. The second is the failure to monitor their use and their condition. The third one is the expensive and time-consuming maintenance service. By combining the latest technological trends of IoT and cloud computing with the latest trends and needs of the construction industry, we offer the ability to have a clearer image on how your tools are being managed.

As far as the hardware concerns, our board is light-weighted and small in size (3x3), which makes easier to implement and does not pose a challenge neither the factory settings of the tools nor with the existing end-user experience of the tool. In addition, it is implemented externally, which makes it a complete plug n play solution.

As far as the data collected concerns, we offer a substantial upgrade in terms of tool monitoring from our competition, which only track the location of tools. We not only offer information about the location and vitals of the tool, but we also take it one-step further using these data to draw patterns, with the use of machine learning, and predict when the tools need maintenance and manage the fleet of tools efficiently.

Our solution is an end-to-end solution that give full control on the owner over his tools,regardless of each brand ,allowing him to monitor in real-time, from anywhere, when, where and how they are being used. This eradicate the uncontrollable loss and theft of tools in the construction sites, which is one of the most common problem in the industry and help him develop his customized fleet according to his needs.

We are implementing IoT technology on our solution, using both hardware and network innovation. Our hardware is designed in order to enable the user to see on real time his tools’ data through the network. The network will be on working progress as it starts with Bluetooth Low Energy and continue with technologies like LoRA WAN and Narrow-Band IoT. Our prototype has been completed with BLE technology and the next steps will take place after the pilot testing that will be held on June 2018. As we told before, the extisting solutions from tool manufacturers are focused on technologies that identify the location of the tool in a construction site. Our solution adress the need of our customers to monitor how their tools are behaving and on what is their condition. Apart from it, each tool manufacturer has each own system for their tools while our solution is universal and can be implemented on every power tool regardless of its brand. Our proposal has an universal approach to the industry problems as the tool rental companies and the construction companies don’t need to buy different systems for their fleet that are consisted of different brands.

Our pricing model has a double revenue stream. The first one is the initial hardware cost that we estimate to price it around 40 € and a monthly subscription fee around 1.5 to 2 € per active tool.

Market

The global power tool market starts to implement IoT solutions on their tools. More specifically, 9 of 56 tool manufacturing companies are developing some kind of IoT solutions, regarding tool connectivity and recognition. 4 of them (Bosch, Milwaukee, Hilti, Husqvarna) have manage to advance to a higher level and add location feature. The construction is on growth globally and we target the global power tool rental market, valued at 40 billion $, with annual growth about 4% (Statista). More specifically, US market are more suitable because of the relationship between power tool and tool rental industries. They are valued 7 and 13 billion $ respectively and continue to grow about 5% annually. Our goal is to gain 10% of tool rental market in Europe.

Main customers

Our target customers are tool rental companies, subcontractors and construction companies with power tool fleet. Our adressable market is the tool rental market in EU, valued at $7,3 billions with annual gowth at 1,2%. Tool rental companies are our main target group as their power tool fleet is directly correlated to their activities and their revenue streams and they face more often and more important problems regarding their tools

Problem / Customers

Tool rental and construction companies face 3 major problems regarding their power tools. The first is their inability to track the location of the tools. The second is the failure to monitor their use and their condition. The third one is the expensive and time-consuming maintenance service. By combining the latest technological trends of IoT and cloud computing with the latest trends and needs of the construction industry, we offer the ability to have a clearer image on how your tools are being managed.