Connected Devices

This Research Note examines Airthings, a Norwegian IAQ device monitoring firm that faced a combination of financial pressures, strategic recalibrations, and a significant transaction that fell through at the last stage in 2025, followed by restructuring and headcount reduction. We assess the way forward for the company in 2026.  Underperformance of Airthings Business Segment The most […]

In this Research Note, we examine the lighting business of Signify, based on their 2025 annual results announced on 30th January 2026. We present financial highlights for the overall business and the Professional Lighting segment, before commenting on a notable UK partnership and a Canadian acquisition. Signify, headquartered in Eindhoven, the Netherlands, is a global […]

In this Research Note, we examine the Buildings business of Siemens, which operates within the Smart Infrastructure (SI) division, based on their Q4 earnings release and investor presentations of 13th November 2025 and the Capital Market Day presentation in December 2024. This article focuses on the latest financial results, divisional revenue mix and acquisitions, followed […]

In this Research Note, we examine the Johnson Controls building solutions business, based on 5th November 2025 Q4 earnings release, conference call and investor presentation, reporting financials year ending 30th September 2025.  We also highlight additional recent divestments not mentioned on the conference call and conclude with a view of progress in digital services and […]

This Research Note examines Neeve, the US startup offering an edge-cloud platform designed to enhance smart building operations by integrating operational technology (OT) systems into secure, connected environments. We highlight its founding as IoTium, before exploring its current offering, deployments, funding and partners, concluding with our view of the business. Neeve Profile Founded in 2015 […]

Commercial buildings are rapidly becoming software-defined assets. Cloud-based IoT platforms, expanding sensor networks and data-hungry applications are reshaping everything from HVAC and lighting to space utilization and tenant services. This digital shift promises measurable gains in sustainability and efficiency, but it also raises the stakes for networking, cybersecurity and lifecycle operations. What part will IT […]

This Research Note examines Utopi, a Scottish IoT device startup that has gained traction in the Purpose-Built Student Accommodation (PBSA) market.  We explore the firm’s software and hardware offerings, deployments, funding, and financial highlights. Utopi Profile Founded in 2019 in Lanarkshire, Scotland by Ben Roberts, Falk Bleyl, John Trower, and CEO Jonathan Burridge, Utopi Ltd […]

“I always say ‘tariffs’ is the most beautiful word to me in the dictionary,” said US President Donald Trump on numerous occasions. Barely three months into his second term as president, Trump may have made more tariff changes than any period in modern US history. Today, on “Liberation Day”, Trump is set to make a […]