Santa Clara-based internet of things (IoT) company Roambee has received a US$2 million investment from MDI Ventures, the corporate venture arm of Telkom Indonesia. The deal will give Roambee access to the Indonesian logistics market, which is projected to grow to $240 billion by 2021.
The Roambee asset monitoring system uses Bluetooth, wi-fi and Global System for Mobile (GSM) systems to collect real-time data on cargo as it moves through the entire supply chain. MDI says it reviewed more than 7,000 IoT companies before choosing Roambee for its ability to utilize track-and-trace technology for predictive analytics and forecasting.
“The opportunity in Indonesia is huge,” said Roambee CEO, Sanjay Sharma. “It’s one of the largest [markets] in the world, with almost 24 percent of the country’s GDP spent on logistics.”
Beyond the novelty of being able to know the current state and location of its cargo, companies are interested in employing IoT systems for their ability to improve risk mitigation strategies, operational efficiency and, ultimately, the company’s bottom line.