IoTium CEO Ron Victor's mission is to solve the biggest problem facing the industrial internet of things (IIoT) market by securely connecting to the cloud industrial machines that were never before meant to be connected.
These include factories, oil rigs, X-ray machines, public transit, and even multistory buildings.
“We automate the whole thing,” Victor told FierceCEO.
The ability to connect, capture data and run insights helps companies increase productivity and energy efficiency, improve preventive maintenance and streamline operations, Victor said. The difference between IoTium and the growing number of other companies that are doing this is that IoTium’s solution is plug-and-play, connecting any industrial machine to any cloud, and is managed remotely, Victor said. Others, he said, require someone managing on premises.
With global IIoT deployment including 60 connected buildings, welding machines for oil pipelines, connected factories, and connected healthcare under its belt, IoTium has its sights set on expansion. The company raised $8.6 million in venture capital in 2017 and has been putting the funding into sales and marketing and building out its technology.
“I see an incredible growth path over the next 24 months,” Victor said. “And we see 2018 as the year we deploy at scale.”
New ventures and areas for expansion include manufacturing facilities, automotive, logistics and CT machines, he said.
Victor got into the IIoT field after a frustrating experience in the aluminum industry. He was business development chief at Wireless Industrial Technologies and was trying to reduce the energy consumption of aluminum smelting.
The effort “was very time-consuming and required a lot of manual IT effort,” Victor said.
He believed there could be a better way to streamline this kind of work and left Wireless Industrial to start IoTium in January of 2015.
Fast Five with Ron Victor
When did you know you wanted to be a CEO?
In 1999, when I started my second company, which connected video streams. I knew at that time that I wanted to lead, learn and make an impact.
What are the qualities of an effective leader?
Integrity, honesty and laughter. People should laugh a lot and have fun while working.
On a scale of 1 to 10 (1 lowest and 10 highest), how much of a priority do you place on the following things at your company: people, process and technology?
People-10, process-8 and technology-8.
When have you had to adapt and what did you learn?
We are a series A company: we’re testing our processes, systems and programs daily. It is important to adapt, learn and keep moving forward.
What's one tip for motivating employees?
Empower and encourage them to be the best.