The Internet of Things is building an increasingly connected world. Driven by dramatically falling costs of connectivity, data, and hardware - sensors, connected devices, and a constant stream of data is making operations more streamlined, efficient, and traceable. Of the many startups in the IoT area, Overdrive IoT is making long strides towards success. What started out as a simple car fleet management solution is now evolving rapidly to meet changing customer needs.
Founded in 2015 by Aston Chia and Zen Chin, Overdrive IoT connects moving assets, people, sensors, and devices. Extracting data from these connections, their platform enables businesses to build an interconnected data-sensing environment on the go. This data is then processed and analysed to help businesses track and monitor assets in real-time, get alerted when situation deviates from normal, and visualize operations from any location. The platform is already in place for companies such as Nanyang Technological University, FedEx, Ascendas, as well as Volkswagen and Mazda in Malaysia via its local partner.
Overdrive has built a powerful and dynamic platform in allowing any devices and sensors to communicate with each other and with data and video capabilities.
- Aston Chia, CEO, Overdrive IoT
So what makes Overdrive IoT different from other startups in this domain? The company maintains that their USP lies in its open architecture and the ability to tweak things at device level. This robust and scalable platform has already enabled Singapore’s Ministry of Manpower to set up a RFID based fleet sharing system. They have also helped along Singapore’s Smart Nation agenda through their School Bus Project. This fleet management system tracks 1,000+ children as they board the bus and alerts parents when they arrive at school. It even helps the bus service provider worry less about operations and focus more on parameters such as road safety.
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Their fantastic story has attracted investor interest and they have recently completed a US$2.9 million Series A round, solely funded by Tin Men Capital. The company intends to use these funds to scale up industrial asset tracking tech for supply chain, construction, and facilities management.
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