Building Internet of Things

In this Research Note, we examine the Bemsiq AB business, based on their 2024 financials and the Year-End Report of their parent company presented on 11th February 2025 and the development of their buy and build strategy. Bemsiq Profile Bemsiq, with headquarters in Gothenburg, Sweden, consists of a group of 9 companies and 615 employees […]

In this Research Note, we examine Airthings ASA, a Norwegian public company focused on indoor air quality sensing. This analysis highlights their Q4 and Full Year 2024 financial report, including financials for their operating segments offering consumer devices and air quality solutions to schools, offices and other commercial buildings. Airthings Profile Airthings produces IoT devices […]

This Research Note examines 75F, a Minnesota-based provider of IoT building management systems. We highlight their product portfolio, deployments, regional expansion, external funding, and partnerships with established HVAC and building automation firms. 75F Profile Founded by CEO Deepinder Singh in 2012, 75F delivers AI-driven HVAC automation based on sensors and controls. Unlike traditional building management […]

This Research Note examines the announcement of a new Honeywell Automation public company which will be formed from the spinoff of Building Automation (BA) and Industrial Automation (IA) businesses, reported in their Q4-2024 earnings call, on 6th February 2025. We also review the FY 2024 results and outlook for the Building Automation segment, highlighting its […]

In this Research Note, we examine the commercial HVAC business of Trane Technologies. This article is based on the announcement of their Q4 and full-year 2024 results, investor presentation, and transcript of 30th January 2025. We also highlight the progress of Trane’s digital building services through connected buildings and assets, its recent acquisitions, and its […]

In this Research Note, we examine the lighting business of Signify, based on their 2024 annual results announced on 24th January 2025 including the revised organization of four verticalized businesses, implemented in April 2024 and their guidance for 2025. Signify, headquartered in Eindhoven, the Netherlands, is the global vendor of conventional lighting, LED, and connected […]

In this research note, we examine Shelly Group SE, a public company that provides IoT and smart building solutions based in Bulgaria. This article reviews their product portfolio, a Capital Markets Day presentation of 5th November 2024, preliminary 2024 financial highlights of 9th January 2025, and guidance for 2026. Shelly Group Profile Shelly Group AD is […]

In this Research Note, we examine Smart Spaces, a UK-based vendor of smart building software for commercial real estate. We take an in-depth look at the origins of the firm, it’s deployments, and growth aspirations. Smart Spaces Origins Smart Spaces was established in 2010 as D2 Interactive Ltd, founded by Dan Drogman and his brother […]