Honeywell International Inc., a United States-based multinational conglomerate with interests in several sectors, has made a strategic investment in Internet of Things (IoT) platform Trinity Mobility Pvt Ltd.
Bengaluru-based Trinity provides services that leverage IoT and artificial intelligence to drive digital transformation of cities. The company was set up by M Ashok Kumar in 2011.
In a statement, Honeywell said its investment will allow it to expand its own smart cities capabilities by gaining access to Trinity’s smart city solutions platform, which integrates information from various systems in a city and lets operators assess and manage infrastructure.
The two companies did not disclose the financial details of the transaction. The investment is subject to customary deal-closing conditions.
“The combined capabilities of Honeywell and Trinity can allow cities of all sizes to improve services and provide a better experience for their citizens,” Honeywell Building Technologies president and chief executive officer Vimal Kapur said.
“In addition, the data generated from these technologies can help improve cities' ability to plan, helping create a more hospitable and liveable environment for citizens,” he added.
Trinity says it has 230 employees working across several technology-based domains to build out smart city solutions through an intellectual property-led focus. According to VCCEdge, the data research arm of Mosaic Digital, the company reported net sales of Rs 31.56 crore for the 2018-19 financial year, with net profit of Rs 9.83 crore for the same period.
Investors in the company include Agnus Holdings Pvt Ltd and Chayadeep Properties Pvt Ltd, per VCCEdge data. In 2018, Trinity also took part in the Series A funding round of QuadGen Networks, a wireless solutions firm.
Honeywell is listed on the New York Stock Exchange. Its shares closed trading on Friday 0.36% down at $202 (around Rs 14,975.52 apiece) apiece. The company reported around $37 billion in sales for its 2019 fiscal.
It operates in sectors including aerospace, building and industry technologies, performance materials, and safety and productivity solutions.