Medellin Startup bets on the Internet of Things

Ubidots is startup based in Medellin with cloud-based software that processes information from many different types of sensors (temperature, humidity, etc.) and taps into what a number of industry analysts (including consulting firm, McKinsey) call the Internet of Things. Among the company’s initial set of clients are three of the top 25 hospitals in Latin America.  Thanks to recently closed deals, the company is preparing for substantial growth in 2012.

A number of companies are similarly pursing this market.  For instance, UK startup, Pachube, was recently acquired by US-based LogMeIn for $15 million.  LogMeIn is a remote monitoring software company, with become public two years ago and is now worth almost $1B.  Like Pachube, Ubidots’ vision is to help users easily process data from sensors and connect to other software and devices through a RESTful API.

According to research firm GSMA, the number of mobile connected devices in the world will grow from 6 billion today to 12 billion in 2020.  More importantly, the proliferation of these connected devices will create a $1.2 trillion opportunity.  Already, large companies such as Pacific Gas & Electric (PG&E) are investing in deploying smart sensors to provide additional value to their customers (e.g., real-time energy consumption patterns).

In addition to customers in the healthcare industry, a recent sale to an energy provider to petroleum services companies should increase the company’s current data stream volume by a factor of 10 and make ample use of the platform’s cloud infrastructure.  Even though the product is still in beta (early pilots), the firm’s sales pipeline continues to grow.

Ubidots allows its customers to track specific metrics as well as to rapidly set up customized portals for different groups of users.  According to CEO, Agustin Pelaez, it is seeing a growing interest in its offering in Latin America as well as in other countries.

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