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SPYR Inc.’s (SPYR) GeoTraq Is Looking to Change the Narrative in the Location Based Services Market through the Development of Unique State-of-the Art IoT Modules

  • Technology company SPYR recently completed the acquisition of mobile IoT technology company GeoTraq, Inc. 
  • GeoTraq develops state-of-the-art mobile IoT modules, specifically designed to fit the unique and unmet needs of the low-end IoT market 
  • Major players have focused on developing and selling complex and expensive high-end IoT systems, with little attention paid to the larger low-end market
  • GeoTraq is targeting this underserved segment through uniquely-engineered products that are battery-compatible and easy to deploy

This year, the global location-based services (“LBS”) market is expected to reach a value of $70.16 billion, representing a CAGR of 25.5% from $55.92 billion last year. Projections further show that the market will expand by an additional 15.5% CAGR, reaching $114.9 billion by 2026 (https://nnw.fm/OohTU). The Report Linker analysis, however, mainly highlights major players, including but not limited to Apple Inc. (NASDAQ: AAPL), Cisco Systems, Inc. (NASDAQ: CSCO), Intel Corporation (NASDAQ: INTC), Microsoft Corporation (NASDAQ: MSFT), saying little of the role smaller players will play.

But GeoTraq, Inc., a mobile Internet of Things (“IoT”) technology company, and now a second subsidiary of SPYR (OTCQB: SPYR), is looking to change this narrative, having identified a large and untapped opportunity. Guided by the vision to create a simple, smart, and connected world, GeoTraq designs and develops self-contained, fully integrated, mobile IoT modules targeting a less crowded but fundamental niche that the major players largely ignore as they target the complex and costlier needs of higher-end segments of the LBS market. 

Buoyed by unmatched financial muscle, tech behemoths often focus on the same type of high-end products and target markets, involving elaborate software, hardware, and platforms, all involving expensive engineering support due to a heightened level of complexity. These solutions are designed around a lot of bandwidth and traffic, with myriad sensors, 4G/5G modules, and a larger size. 

The various high-tech components of such systems require plenty of power and are, therefore, mostly used in stationary applications such as high-speed large-scale operations that involve continuous high-volume tracking and communication. However, for things like mobile applications and lower-volume requirements, these power-hungry high-tech solutions represent a problem due to their unavoidable drain on any type of battery support.

Having established that there is a big market for compact and low-power battery compatible LBS solutions, GeoTraq began developing mobile IoT modules packaged in a form factor so small that it fits almost anywhere, tapping into any available outside battery source or its own internal battery. In fact, according to GeoTraq’s website (https://nnw.fm/CLvda), stand-alone modules are equipped with a 10+ year supply of battery life attributable to the implementation of a deep sleep state that ensures the product is in the rest mode 99% of the time, only activating to periodically monitor and send crucial location-based data as needed.

GeoTraq’s state-of-the-art engineering means modules that are plug-and-play and are capable of deployment in less than five minutes. In contrast, according to GeoTraq, the average high-end IoT deployment can take close to a year, requiring a handful of vendors as well as multiple complex components. GeoTraq’s plug-and-play attribute, coupled with their small form factor, makes the modules ideal for integrating into a variety of objects that a company may want to track, such as electric drills, mobile toilets, guns, and shipping containers, just to mention a few, adding easy and cost-effective intelligent asset tracking and remote monitoring capabilities. 

“GeoTraq addresses the large LBS market segment that is currently underserved with existing solutions due to high deployment costs (hardware, service, logistics), limited battery life, and large form factor. We believe there is a large, underserved portion of the LBS market that is not addressed by existing solutions. RFID and Wi-Fi require proximity for asset tracking, while GPS is too bulky and uses too much power for many needs. GeoTraq addresses the white space in-between by designing wireless transceiver modules with technology that provides LBS directly from global mobile IoT networks,” commented GeoTraq Project Engineer Chris Chammas in a recent news release announcing the outcome of a patent application (https://nnw.fm/4nrsD). 

GeoTraq has already identified two existing markets for its unique low-power mobile IoT modules: the retrofit market and the disposable market. The former involves use cases involving tracking of battery-powered equipment that has space to fit the module and an antenna. The latter encompasses applications that do not have a battery, allowing the module to use its own small disposable battery.

In addition to the hardware, GeoTraq also develops WebTraq, a backend platform that lets users activate and manage GeoTraq-enabled devices. WebTraq also boasts API integration with other IoT platforms or legacy systems, ensuring convenience, versatility, and seamless reporting (https://nnw.fm/wZpa8).

GeoTraq is actively involved in protecting its valuable intellectual property. In a recent announcement, SPYR reported that its subsidiary had been granted a patent (Patent No. 10,182,402) that covers various aspects of the operation of the GeoTraq mobile IoT wireless modules.

For more information, visit the company’s website at www.Spyr.com.

NOTE TO INVESTORS: The latest news and updates relating to SPYR are available in the company’s newsroom at https://nnw.fm/SPYR

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