Las Vegas-based Company Uses Technology to Disrupt a Stagnant Industry
Las Vegas-based company Riot Wireless has secured $2.25 million in funding to develop its Internet of Things (IoT) edge devices for industrial sectors such as energy, water quality, and agriculture. The funding, led by Advantage Capital, will be used to grow the development of Riot’s products, particularly its tank level monitors.
Tank level monitors are sensors with a single internal battery that can be screwed onto storage tanks and transmit data to oil, gas, or chemical companies that run them. With nearly 5,000 units already in the field, Riot Wireless has established itself as a leader in the IoT edge device market, providing innovative solutions to traditional industries.
“Having access to local players that have an interest in equity funding is a big deal,” said Tim Slifkin, founder of Riot Wireless. “Whatever we can do to help motivate access to capital in our local area, we would continue to try and push that because there are so many people who want to do stuff and just can’t get there because they can’t finish the funding here. It’s a challenge. But we did, and we’re off to the races. So it’s exciting.”
The funding comes from the Nevada New Market Jobs Act and Federal New Markets Tax Credit, which are programs designed to provide capital to businesses in historically underfunded areas. The aim is to promote economic development in low-income communities and create jobs.
“We’re looking for businesses that have significant workforces. We typically look for businesses that actually create products,” said Kerwin Tesdell, president of Community Development Venture Capital Alliance, a nonprofit and lead investor in partnership with Advantage Capital. “So, with that lens and then understanding the financial opportunity that [Slifkin] presented, this was a perfect kind of business for us.”
Advantage Capital initially encountered the Riot Wireless team through Nevada’s Small Business Development Center, and was immediately impressed by the company’s potential and how it was deploying its technology in a tough industrial environment.
“We’re so excited to see what Riot will do as it continues to grow and to disrupt what has been a sometimes sleeping industry,” said Leah Hendricks, vice president at Advantage Capital. “And this level of innovation is happening in Nevada.”
Riot Wireless is committed to being additive to the Las Vegas community by creating jobs and engaging with locals to build its enterprise. The company plans to establish an intern program through UNLV and hire graduates who want to work in technology while staying in Nevada.
“We’ve got a team that’s got a lot of experience,” said Slifkin. “So we’re bringing a lot of innovation into an industry that hasn’t seen all that much innovation in the past 50 years.”
Riot Wireless aims to bring innovation to an industry that has seen limited innovation in the past 50 years. The company is poised to be more reactive to customer requirements than larger IoT edge device developers, providing a competitive edge in the market.
By bringing a high level of technology at a low cost, Riot Wireless has opened up the market for IoT edge devices in the industrial sector. With its innovative solutions and commitment to community development, Riot Wireless is poised for continued success and growth in the IoT industry.