Raya bags IoT deal with NASDAQ player
Raya Group’s (ASX:RYG) reverse takeover target Xped Holdings has bagged a non-binding memorandum of understanding with a NASDAQ-listed microchip player.
Coming out of a trading halt today, RYG told its shareholders that Xped had tied down a non-binding MOU with the chipset manufacturer with the aim of on-boarding manufactured chips with Xped’s ARDC (Auto Discovery Remote Control) firmware.
Xped’s play is to manufacture an ARDC which will allow users to control a raft of devices around the home from one app on users’ smartphones.
The latest non-binding MOU means that should it move forward, all devices containing chips manufactured by the unnamed company will be able to be tapped by Xped’s system – meaning all devices with said chips would be controllable.
Specifically, the partnership will be aimed at the manufacturer’s ARM-based microcontrollers.
The NASDAQ-listed chip manufacturer did not want to be named until the MOU moved to a binding agreement.
The non-binding MOU was reportedly signed on the back of a trade show in Singapore, with both Xped and the unnamed chip manufacturer setting up base there.
As part of the deal, Xped will be given access to the manufacturer’s latest tech to allow them to jointly explore new opportunities.
In other RYG news, it has now raised more than the allowable limit under an IPO arrangement. It was seeking to raise $8 million, but has received firm bids in excess of this.
The offer will be open until February 19.
In 2008 John Schultz, Chris Wood and Phil Carrig were working together on an electronics project that needed a phone to work with a new type of dock. They weren’t satisfied with the limitations of the plug-and-play systems that existed.
What they conceived was a new to communicate with devices which opened up opportunities beyond their first need, including fixing the limitations and frustrations of remote control systems.
Xped’s tech simplifies how users control and monitor devices, using a smartphone and a single, simple to use and intuitive App that works for all devices.
They wanted to create an IoT platform that was inexpensive and simple to use.
The operations of Xped now span from its original base in Adelaide across to Singapore where it recently setup its Corporate Global Headquarters. Further plans are currently underway to expand into the United States.