Connected IO (ASX:CIO) has revealed that the trials of its custom category 1 routers have been successful and signed off by a U.S. based cyber security company.
The company has received an upfront payment of $235,000 and the parties are now proceeding to complete a formal contract.
Connected IO’s largest contract to date
The unnamed cyber security company offers cloud based “payment card industry data security standard” (“PCI DSS”) solutions to large franchise merchants in the U.S. and internationally.
Significantly, the cyber security company is expected to purchase $6.9 million worth of units over a three year period, making it Connected IO’s largest contract to date.
Connected IO has its operations in Silicon Valley, U.S. and is a wireless technology manufacturer operating in the multi-trillion-dollar IoT (Internet of Things) sector.
Last year, the company successfully raised $3 million via a share placement to be used as working capital to meet its increasing purchase orders.
The company also crossed a major milestone last year by delivering its ER1000 routers to more than 3,000 Burger King stores across the U.S.
Cisco predicts there will be 50 billion connected devices by 2020.
Connected IO’s share price has increased circa 12% over the past one month, last trading at $0.029.