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Canopy Tools is poised for an IPO to bolster its IoT management tools which can streamline contact tracing on COVID-safe cruises and ensure wine cellars stay at the perfect temperature 24/7.
Internet of Things (IoT) software developer Canopy Tools has closed a $21 million raise ahead of a planned float in 2022.
The funds will be used to accelerate growth of the company, helmed by CEO Craig Adams (pictured), as it pays down debt, introduces new software products, and establishes a new presence in the US via an acquisition.
Formed by grouping a number of software developers by Adams and CTO Dan Pearson in 2019, the Brisbane-based company currently offers two products to customers: Canopy Manage and Stratus.
Canopy Manage is a software product used to manage and control IoT devices and cloud computing systems, and is used by defence and healthcare industries, while Stratus is a private cloud platform with data centre presences in four countries.
The company has been capturing the fast-growing need for smart management of IoT and the application of its technologies is rather varied.
For instance, the software is particularly useful in facilities management of spaces like museums or wineries.
Data can be collected from sensors monitoring temperatures in rooms. It is then analysed by Canopy Manage and turned into useful information to perform actions like dehumidifying a space.
Another example is the use of the software to allow for COVID-safe cruises - an application that could help the entire cruise industry back on its legs according to Adams.
Those going on a cruise are subject to a thermal scan for temperature testing and issued a smart wearable that monitors their location and vitals for the duration of the cruise.
This data is shared with Stratus, which is able to run historical analysis, and can quickly trace the movements of individuals on the cruise if they were to test positive to COVID-19.
In addition, the platform can capture all of the data when passengers disembark at specific ports; tracking their whereabouts and giving Stratus an exact time of when they get back on the ship.
"We've been in talks with the cruise industry for over six months now, and they obviously have a desire to get back in the game, but there are certain industry standards that they need to adhere to," Adams tells Business News Australia.
"And we've actually spoken with a number of governments within the Pacific that are very interested in this solution for their nations."
Canopy Tools plans ASX listing
If all goes to plan, Canopy Tools will be listing on the ASX in early-2022.
By that time, Adams hopes to have amped up recruitment at the company, launched more products to market, and entered into the US market via acquisition.
"If you look at the size of markets for IoT around the world and how they're growing, it's estimated in 2025 that there will be 75.5 billion devices that are connected in some way to the Internet," says Adams.
"But if you look at the market in Australia for instance, it's about an $8 billion market at the moment and going up to about $200 billion in the United States.
"It's one of the reasons why we're looking at the United States as a prime market for our product."
As for the listing, Adams says the ASX is the best platform to provide Canopy Tools' offering to the market.
"The ASX is actually recognised as one of the safer markets in the world, and certainly provides a very, very good return on investment for shareholders," says Adams.
"We chose the ASX simply because we're an Australian-based company, and we believe that it's the right platform for our shareholders to realise greater value.
"I think that the IPO ensures a realisation of the full value of the business. We think our future is very bright indeed."
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