IoT startup Binary Tech, which started out tracking beer kegs, just raised a $1.8 million seed round

Wollongong Internet of Things (IoT) startup Binary Tech has raised $1.8 million in a seed round as it looks roll out supply chain IoT devices.

The round was led by Artesian Ventures, joined by Beachhead VC and angel investors including Dr. Craig Davis, Peter McKie and Nick McNaughton.

McNaughton will join the company’s board.

Founder Michael Burton originally developed his IoT monitoring devices for the beer keg industry – the $200 kegs often go “missing” – and has since developed a broader focus to assist with supply chain monitoring.

“After self-funding the company for the first couple of years it was time for us to accelerate our global growth and partner with experienced investors to help us on this journey,” he said.

“We secured initial funding from the iAccelerate Seed Fund, delivered by Artesian Venture Partners, and are delighted to have Artesian as a cornerstone investor for this round”.

Binary Tech creates mobile asset tracking solutions for sectors ranging from AgTech to fast-moving consumer goods, health, telecommunications and waste management.

Burton, a keen amateur brewer, originally develops his 5G IoT devices to stop beer kegs, which have become the new milk crate when it comes to home use, going missing. He then improved the devices to monitor everything from beer quality and temperature to when the keg is hooked up to the tap.

Artesian portolio manager Alexandra Clunies-Ross said they’ve watched Binary Tech go from a team with a vision through to a company with a blue chip client base with installations across the world.

“The market for 5G NB IoT solutions for supply chain monitoring, management and optimisation is accelerating as 5G is rapidly rolled out across the world,” she said.

Nick McNaughton said: “during due diligence it became clear that customers love the Binary Tech solution and team and the close working relationship between client and provider provides enormous scope for growth. In particular the actionable insights Binary Tech delivers provides immediate benefits to their customers”.

The company is based at iAccelerate the Innovation Campus of the University of Wollongong.

iAccelerate program manager John Kerr said they are delighted to see Binary Tech secure funding.

“We have watched the team grow from a concept through to a proof of concept solution now to companywide production deployments,” he said.

“They are a great example of what can be achieved from a University backed incubator and accelerator program”.