Software developed by startup can controls factory operations via smartphones
Phan Thanh Huy Cuong, the founder and manager of IoT Dai Viet, appeared on Shark Tank to call for VND2 billion in investment in exchange for 10 percent of the startup’s shares.
Dai Viet specializes in providing IoT solutions and software that monitor the operation of industrial equipment.
The solutions allow factories and contractors to control electricity, water, power, CO2, waste treatment stations, clean water and refrigeration system of central buildings. All of these things can be implemented with just a smartphone.
According to Cuong, in 2019-2020, his company helped contractors and water plants to treat saline water in Mekong Delta, including supervising the operation of all the equipment that turns saltwater into fresh water and improving water quality.
The startup now has clients in the US, Saudi Arabia, Indonesia and Myanmar. The firm has also developed hardware products which have fast connections with systems such as water meters and water quality controllers.
Cuong’s team began researching and developing solutions in 2018. In 2020, he set up a company.
Dai Viet’s products are researched and developed at the hi-tech incubator belonging to the HCM City Department of Science and Technology. It began developing business in March.
Nguyen Thanh Hung, a shark of the Shark Tank, said this is a good product but success will depend on the professional capacity of the team.
In reply to questions about the total costs for establishing a network, from hardware to sensor to installation and operation, Cuong said all the water plants and treatment stations have control cabinets, sensors and network nodes.
The startup will create connections in the hardware infrastructure and put it on the server. This will help optimize maintenance and production as well as set KPIs in the fastest way.
According to Cuong, a gateway hardware kit (protocol converter) is currently being developed by his company for VND3-3.5 million. Each device can control about 100 water stations. So, the whole water plant needs an investment of VND40-60 million.
At present, the startup’s clients include 30 contractors and 200 users in water and waste water quality treatment, refrigeration systems, and water systems.
Regarding financial capability, since 2018, the startup has invested VND3.5 billion. It plans to obtain revenue of VND10 billion in 2022 and profit of 30-35 percent.
Although noting that the product is impressive, all the 'sharks' refused to invest in the startup.
Nguyen Hoa Binh, one of the investors, chair of Nexttech, said the startup should seek capital through loans rather than via shares.