Digital transformation has opened up new avenues for companies to specialize in and truly take advantage of the evolution. Eseye, a London-based machine-to-machine (“M2M”) technology and service provider, has been one of the companies that have been able to carve itself a large part of the digital pie with customers in 96 countries. As proof of its growing prominence, the company was invited to become a part of the steering committee for CISCO’s prestigious Internet of Things World Forum in 2014.
The basic premise of Eseye is simple: it connects devices to the Internet via cellular technology so that the machines become “smart” and can be controlled remotely. The company achieves this via selling hardware (such as SIM and modems) and managing and analyzing the data. Its proprietary technology AnyNet SIM is highly secure and can be routed into most cellular network operators globally. Furthermore, the unique features of the SIM allow the customers of Eseye (who are the providers of the devices to be controlled) to control their devices in hard to reach locations in emerging markets, thereby opening up new geographies for these customers. Eseye sells a suite of products that complement the SIM and create a seamless and reliable ecosystem for the customers.
As an example, Eseye partnered with M-KOPA, a prominent pay-as-you-go solar unit provider in Africa, by embedding its chips into M-KOPA’s solar lamps. This technology allowed customers to pay upfront through their cell phone and “turn on” the solar lamp for access. This is critical for M-KOPA’s business model of low cost, high volume production that targets the base of the pyramid in Africa, which is unable to access credit to pay for these kinds of services. Moreover, M-KOPA can now monitor its units remotely and fix most issues without needing to send in a repairman. With its vast impact on development and the base of the pyramid, Eseye has been able to raise financing from leading impact investors such as Accion’s Frontier Investments Group to enable the company to scale and fully realize its vision of connecting the world.
By literally embedding itself to the customer’s business, Eseye makes its customers extremely sticky with high switching costs. Its devices, which perform well globally and are controlled from a central location, can be deployed to new geographies easily, which allows the company to scale rapidly. Eseye’s customers now range from pay-as-you-go electric vehicle charging network Charge Your Car to medical refrigerator provider Dulas, which worked with Eseye to create a system to report the temperature inside its refrigerators.The company prides itself on connecting 12% of UK’s streetlights and 90% of UK’s pre-paid smart meters.
M2M is a large component of the Internet of Things (“IoT”), which McKinsey Global Institute has named as one of the top 12 most disruptive technologies for the next 10 years. Eseye looks like it has positioned itself to be one of the key figures leading this disruption: a clear winner of digital transformation.