OAK BROOK, IL / ACCESSWIRE / October 21, 2021 / Affluence Corporation (OTC PINK:AFFU), a diversified technology company focusing on innovative Edge Cloud, IoT and 5G enhancing technologies announced today that the company is bringing to market an Industrial IoT solution through its pending acquisition of Saamarthya. Affluence will enter the $9.2 billion Supervisory Control and Data Acquisition (SCADA) market with a closed loop process automation solution. The Closed Loop Process Automation solution offers a unique IoT technology bringing unprecedented efficiencies and cost optimization in the manufacturing sector with real time data acquisition, analytics and instruction data feedback to the computer-controlled processes including various digitalized equipment and machines for action.
"The Affluence Industrial IoT solution is unique to the market as it is a fully integrated and intelligent closed loop solution versus the disparate islands of automation that currently exist in the market," said James E. Honan, Jr. Affluence's Global Chief Executive Officer. Our solution does more than just collect data and operate devices. The Affluence Industrial IoT solution utilizes artificial intelligence (AI) to analyze data and make decisions in a cloud-based environment so that SCADA monitoring and control can be accomplished remotely using tablets and smartphones. This solution has been successfully deployed at Solar Power generation farms at more than 70 locations in India, the Middle East and Asia. Further, there are multiple projects under discussion at solar and wind power generation farms, machine components manufacturing units and the pharmaceutical manufacturing industry. The Affluence Industrial IoT - SCADA solution is deployed as a Software-as-a-Service (SaaS) model. Currently we charge a one-time fee and an on-going monthly charge of $10 per machine. Our current forecast calls for installations on over 50,000 machines in India over the next twelve months with additional units throughout North America and Europe as we ramp up our global Industrial IoT business," continued Honan
"The global SCADA market is valued at $9.2 billion in 2021 and is projected to grow at a CAGR of 7.6% and will reach $13.2 billion by 2026," said Avinash Bector, President & CEO, Affluence Corp for Asia & Africa markets. "The growth of the SCADA market is driven by continued IoT, AI and 5G adoption. There is a very high demand for industrial mobility solutions for efficient process management, especially those that utilize IoT and AI software platforms. This is a complimentary product to our OneMind Smart City Software product, and we plan to take advantage of this synergy in the market," said Mr. Bector.
About Affluence Corporation
Affluence Corporation (AFFU.PK) is a diversified technology company focused on innovative cloud solutions that capitalize on IoT, AI and 5G technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet.
About OneMind Technologies SL
OneMind Technologies SL is a wholly owned subsidiary of Affluence Corporation. The OneMind Intelligent IoT solution builder is used to create applications for smart construction and smart city operations. Functioning as systems of systems, OneMind connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. https://www.onemindtechnologies.com
About Saamarthya Management Consultancy P. Ltd.
Saamarthya is operating in India as an "ACCELERATOR" enabling scaling up of Startups and existing businesses in Industrial IoT space. Mentoring and Guidance includes - Refining concepts and aligning them with present and future Industry needs and facilitating industry & investment tie ups enabling business expansion
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.
For further information contact Affluence Corporation Investor Relations at 720-295-6409.
SOURCE: Affluence Corporation
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