Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF) revealed it had launched a second product into the TELUS Corp IoT Marketplace (TSE:T) (NYSE:TU) (FRA:BCZ), which it says, will significantly expand its sales distribution channels in Canada, where the IoT market is expected to hit C$21.8 billion by 2023.
As reported in October this year, Loop's first product accepted by TELUS was its venue tracing service, which has now received significant exposure to many of TELUS's largest customers.
Now, the second product accepted is its insights service and AI insights portal, which was initially used in a pilot program across three of TELUS's flagship retail locations in British Columbia.
READ: Loop Insights has been accepted into the TELUS IoT marketplace in Canada
"To be recognized by TELUS for our now second IoT product designation into their IoT Marketplace is of huge significance, given the fact they are clearly one of the most advanced IoT solutions providers in the world," said Loop Insights CEO Rob Anson in a statement.
"Their sales and marketing support will be invaluable in commercializing and distributing our technology to TELUS customers across Canada, as will their third party validation by providing us with even greater strength when speaking to potential IoT customers around the world."
Andrew Turner, TELUS vice-president (VP) of strategic operations, added: "After first successfully launching Loops venue tracing and management service on the TELUS IoT Marketplace, we are excited to deliver their Insights service. Now with two Loop services on our TELUS IoT Marketplace, we are eager to see where we evolve from here."
TELUS launched its marketplace to help Canadian businesses accelerate the adoption of Internet of Things (IoT) technology. It allows businesses to quickly deploy IoT solutions while acting as a lead generation and sales channel for developers.
In September, it was announced that Loop's Insights service, which consists of the company's IoT Fobi device, Loop Cloud API, and AI Insights Portal, would be deployed in a 90-day-proof-of-concept pilot across TELUS's three flagship retail locations.
Connected between the printer and point of sale, Loop's Fobi device's real-time capabilities are driven by AI and provide data-driven product suggestions and unique discount codes for future use, Loop enables TELUS's customers to increase revenues through increased spend per customer.
Loop Insights also noted that a second goal of the pilot was a rollout of the Insights service to all TELUS corporate stores. Loop will update on this goal when it becomes available, it said.
TELUS is a world-leading communications and information technology company with $14.6 billion in annual revenue and 14.2 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. Vancouver-based Loop delivers marketing, contact tracing, and contactless solutions to the brick and mortar space.
Loop shares surged over 24% on the day to trade at C$1.29 each
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Contact the author at giles@proactiveinvestors.com