Highlights
• Quantify Technology has been granted Patent protection for the Company’s technology in the United States of America.
• The United States of America is the largest smart home market in the world forecast to be US$44.79 billion by 2023.
• Patent approval gives a significant boost to Quantify’s plans, having commenced market entry via an Austrade program in San Francisco.
• The Patent provides a significant competitive edge in the US market
Quantify Technology Holdings Limited (ASX:QFY) (“Quantify Technology”, the “Company”) is pleased to announce it has achieved Patent protection for the Company’s technology in the United States of America (US). This approval coincides with Quantify Technology’s launch into the US market, with staff currently based in San Francisco furthering the Company’s preparations for entry into this market.
The US market is the largest smart home market in the world, with revenue of over US$27B in 2019, an annual growth rate of 13% (CAGR 2019-2023), growing to around US$45B by 20231. This figure does not include additional opportunities in the commercial space such as retirement and disability living, hospitality etc.
Patent approval of the Company’s technology provides a significant advantage over potential competitors in this market. A recent survey by the ³Ô¹ÏÍøÕ¾ Apartment Association2 suggests the number one factor for implementing smart home initiatives was ‘to attract and retain residents’. However, more than 41% of survey respondents ranked ‘future-proofing’ in the top two of seven challenges with smart home technology.
The Patent protects Quantify Technology’s unique selling proposition, which enables the Company’s products to evolve over time, without complete product replacement – dramatically reducing the lifetime cost of technology adoption. In mature technology markets, such as the US, this ‘future- proofing’ enables the Company’s products to stand out from the competition. This has been recognised as a significant advantage by the US companies that Quantify is already in discussions with. Combined with the ability to be retrofitted onto existing wiring, without the requirement for a neutral wire (yet another unique product feature), and 110V readiness, Quantify Technology’s products are well positioned for the US.
The Company has already shortlisted a number of US-based partners to sell into the US market via distribution agreements, product licensing, technology licensing or a blend of these three options. The distributors all have significant sales synergies meaning they can accelerate Quantify Technology’s entry without the investment required if the Company was to do this directly.
The US is the twelfth country to grant Patent protection, joining Australia, Mexico, China, Hong Kong, Indonesia, Morocco, the Republic of Korea, Singapore, South Africa, Japan and Israel. Patents are pending in 53 other countries / regions including the EU.
