The need for quarantine tracking and wearable safety technology has taken off in the age of the coronavirus, and TraceSafe Inc. (TSF:CSE) has cutting-edge technological solutions for both designed to help business and government get back to work.
The firm's quarantine management technology, IMSafe, is being used by the government of Hong Kong to enforce its mandatory 14-day quarantine for anyone entering the area. At the airport, all travelers receive a Bluetooth wristband that connects to GPS either via a cell phone or a gateway, enabling the government to monitor whether the person is maintaining quarantine. The battery has a limited life, so longer-term privacy concerns are allayed. TraceSafe reported on August 26 that in the last two quarters it has shipped more than 180,000 wristbands to a single government customer, and the average size of orders from governments has increased 4X from Q1/20.
As important as quarantine management is at the moment, it should be relatively temporary, and it is dwarfed by the demand for non-quarantine contact tracing and physical distancing, which could be needed for a long time, especially in industries hard hit by the pandemic, such as cruise ships and sports stadiums.
That's where TraceSafe's wearable safety tech come in. "We're really defining the wearable safety tech category," TraceSafe CEO Wayne Lloyd told Streetwise Reports. "The core thesis is that the pandemic has created the catalyst for companies to explore wearable technology; it's giving a reason for wearable technology to be deployed in a more widespread way. TraceSafe is not a Covid play per se, but a wearables play, and because of the pandemic, wearables are going to play a vital role in workplace safety going forward.
"The smartest companies in the world are all looking to prepare themselves for what comes next with regard to the pandemic and making sure they have systems in place to safeguard the workers at their offices or facilities," Lloyd said. "Employers feel a responsibility to deliver that kind of health and safety focus to their employees and in some cases their governments are mandating them to do it."
According to industry estimates, quarantine technology could be a $1 billion market, but private enterprise contact tracing—workplace and public venue safety—is a $23 billion opportunity.
"Safety tech was here before Covid but the pandemic has proved to be an accelerant of trends," Lloyd said. "Just like we're seeing an explosion of teleconferencing apps like Zoom, we're going to see more location aware devices, where technology is used to tackle workplace health and safety. People want to feel safe at their workplace and in the public places that they go. Our product is something that gives people a sense of security and safeguards them by giving them more information about who and what they've come into contact with."
Offices, hospitals, schools and universities, construction sites, factories and production facilities, sports stadiums and cruise ships are all areas where contract tracing is needed. TraceSafe has developed wearable technology beyond wristbands, a clip small enough to hang on a lanyard or mount on a hardhat, that uses GPS to keep track of one's position. If and when there is a confirmed positive case of Covid, people exposed can be quickly identified. In addition, these wearables are only tracked when on the specific premises, allaying privacy concerns.
"TraceSafe is an enterprise product with medical-grade data security and end-to-end encryption," Lloyd said.
"Companies are thinking of contact tracing technology from a business continuity perspective," Lloyd said. "If a company has a Covid outbreak, the health authority could shut it down if the firm doesn't have the technology to show which people may have been exposed to quarantine them."
In Singapore, the government has mandated companies to have technology-based contact tracing solutions in place on active construction sites. TraceSafe, at the end of June, started a pilot agreement with a major construction firm in Singapore, Boustead Projects E&C Pte Ltd., to use its wearable devices and cloud management software to manage contact tracing during the pandemic. In addition to being able to quickly trace any potential exposure to Covid, the device sounds an alarm if social distancing requirements are not maintained.
TraceSafe recently also inked a partnership deal with India tech start-up Spykke Innovations to deploy TraceSafe's technology in Bengaluru, India's fifth largest city.
In many locales, sports stadiums need to have contact tracing systems in place for them to reopen safely. TraceSafe has partnered with Toronto Wolfpack RLFC, a professional Rugby Super League team, to provide its contact tracing system for Lamport Stadium. The system will serve as a showcase for expanding the company's presence to other stadiums. The firm also has formed a partnership with Elite Event Management to provide wearable safety technology at stadiums in the United Kingdom and Ireland.
At the end of May, the company announced that Gordon Zeilstra joined the company as chief revenue officer. The company highlighted that Zeilstra, formerly of SAP, Taleo and Monster.com, has spent 25 years "working with start-up tech firms to assist in building their global profile, sales and delivery excellence. He has helped transform both consumer and B2B tech companies into billion dollar brands."
"Gord has been a part of global launches of enterprise software companies and TraceSafe has such a big enterprise HR component that Gord is really the perfect person to lead our global expansion. Gord was instrumental in growing the sales teams for multi-billion dollar businesses and he sees TraceSafe in the same vein that you're selling into the HR function of these major corporations," Lloyd said.
TraceSafe has approximately 31 million shares outstanding, 61 million fully diluted, which includes up to 23 million shares in payments to technology inventor Wisilica Inc. if certain milestones are met.
Technical analyst Clive Maund wrote on August 10 that the company's shares "have a deep reaction within an overall strong uptrend, which is thus regarded as presenting an excellent buying opportunity for anyone not already long the stocks. We therefore stay long and it looks most attractive here for new buyers."
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Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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CliveMaund.com
Clive Maund does not own shares of TraceSafe Inc., and neither he nor his company has a financial relationship with the company.
