Home Startup News Pay For What You Use Instead Of Buying The Product

Pay For What You Use Instead Of Buying The Product

Pay For What You Use Instead Of Buying The Product 1

All the houses these days need gadgets like grinder, washing machines, water purifiers, refrigerators etc. These gadgets are expensive and depreciate with use and some gadgets are rarely used but are necessity and over all these they have to be maintained regularly and one can imagine the trouble of sifting the things in case transfers and house shifting. How often do we wish that we could have the gadgets only when we need? When the gadget breaks and needs repairing, looking for mechanics and running after them is time consuming and very hard and many a times we wish that we knew that the gadget needs repair well before it actually breaks down so we could arrange for the maintained to avoid inconvenience.

Now here is a good new iBot which is head quartered in Los Vegas has found a solution for this problem. This startup is founded by Ravi Subramanyam who is a SAP employee. iBot developed a smart chip that attaches our gadgets to clouds and makes it smart. iBot developed a smart chip in Bangalore and is named iQu and the chip is being manufactured in China. iQu is an IoT – Internet of Things is being used to make homes smart. iBot is planning to sell iQu to the manufacturers and Original Equipment Manufacturers promising them better sales, eradication of discounts and customer satisfaction. iBot plans for payment for utility scheme to replace owning the gadget concept in the long run in which the consumers would actually prefer pay per use model. iBot signed around twelve clients including Eureka Forbes, Luminous Power Technologies and Atlantis the tea vending machine makers and they are experimenting the use of iBot powered machines to rol them into market.  The smart chip installed in machine connects it to the manufacturer giving the usage pattern.  This could be a good opportunity for the manufacturers to  connect to consumers rather than depending on middle men.