Internet of Things Inc (CVE:ITT) told investors Tuesday it has tapped seasoned telecom executive Jim Grimes as its executive chairman and a director on its board, as well as the new chair of its investment committee.
A pioneer in Canada’s telecom industry, Grimes led and oversaw the growth of three early-stage Silicon Valley-based telecom start-ups from their inception: Stratacom Inc (acquired by Cisco Systems Inc), Xylan Inc (bought by Alcatel) and Access 360 (taken over by IBM). Grimes then went on to either set up or make key investments in a number of ventures, including Redline Communications Group, Chippery Inc and Concave Sports.
After delivering significant returns on his own capital, Grimes teamed up with the Cisco Canada leadership team to create the Cisco Canada Venture Fund – Cisco Global Ventures’ first fund outside the US - to drive investment in Canadian innovation.
Grimes now also advises companies, including Rogers Communications and Next Pathway, on their growth, acquisition and exit strategies.
“[Jim’s] remarkable career in the technology space is very advantageous for us as we look forward to significant profitable growth at Internet of Things Inc,” said Ron Shuttleworth, CEO of Internet of Things in a statement. “We place tremendous value on Jim’s experience and are excited to see his considerable talents put to use immediately.”
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As part of his incentive package, Grimes will be granted 1 million stock options at C$0.05. His appointment to the Internet of Things’ board is subject to the approval of the TSX Venture Exchange.
Headquartered in Toronto, Internet of Things is an investor in and operator of emerging technology companies, which specialize in IoT, artificial intelligence and blockchain capabilities.
The Toronto company owns Weather Telematics Inc, which offers artificial intelligence (AI) based predictive road condition weather analytics. It has also moved into China following the striking of a joint venture with Chinese conglomerate New Hope Data Technology. This deal has cracked the door open for the company to bring IoT solutions to New Hope factories and other manufacturing facilities across China.
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