Australian IoT start-up, Freestyle Technology, has signed a deal to provide smart water meters to a county in South Korea.
According to the Australian Financial Review, Freestyle has won a AUD$5.8 million (£3.46 million) deal to provide smart meters and a management platform to the largely rural South Korean province of Gochang.
The deal marks the first new piece of business in South Korea for Macquarie Group-backed Freestyle since the company was founded in 2006.
Freestyle Technology is known for its machine-to-machine technology and operates across several markets, including utilities, healthcare, agriculture and finance.
In Gochang County, its smart water meter technology will help to detect water leaks, and should enable council workers to determine the best way to fix the problem based on the external environment and temperature.
The management platform will also alert the council of any anomalies or unexpected events. For example, if an elderly resident has not used water for a number of days, an alert will be issued and a member of the council staff sent out to the residence.
The deployment follows more than two years of trials and proof-of-concepts between Freestyle Technology and Gochang County.
Preparing for IPO
News of the deal comes as Freestyle Technologies prepares to list on the Australian Securities Exchange (ASX) later this year.
According to AFR, Freestyle has already raised AUD$50 million and was valued at AUD$85 million in 2014.
Commenting on its IPO prospects, the company’s CEO Mohan Jesudason said: “It’s time to accelerate growth. We’ve done the work, built out the platform and the bespoke products on top of that and we have real customers.”
“We’re approaching a range of professional lead managers with a request for information. That will kick off the process and we will take their advice and then form a view as to the precise timing, valuation and size of the raise.”
Jesudason also noted that the deal with Gochang County was significant due to competition from Korean companies.