Meet Mission 2: Entopy17th January 2019
“Our ultimate ambition is to be the data collection and management platform for IoT devices in supply chains and industrial environments.”
Toby Mills, Founder and CEO of Entopy
Entopy is an IoT software solution used to provide customers with real-time visibility over the supply chain. It tracks location, temperature, speed and shock, providing rich and accurate data as to where and in what condition their stock is in. First and foremost, Entopy is a software company but has had to create their own proprietary hardware to provide their platform with information of a high enough standard.
Originating as an IoT solution for tracking pets, a highly saturated market, it soon became apparent that using this technology to track the efficiency of a supply chain had huge applications.
By trialling Entopy’s technology, supermarket giant Sainsburys discovered they had a larger than expected error margin across the supply chain; a number they were able to bring down as a result of their solution. It is clear this visibility can lead to dramatically beneficial results.
For Toby as a young entrepreneur, Space Camp offered both visibility to investment and an ability to rub shoulders with like-minded individuals.
We spoke to him about his experience of the accelerator programme:
“In terms of what I got from Space Camp, it was really quite profound. In the first hour of being there, I started to get a real deep dive on what VCs look for and how the process works. The way that I approach investors is now much more diligent and structured. We’ve also fundamentally changed the product position off the back of the advice and coaching we’ve had.”
A key highlight of the programme for Toby and his team was the discovery day at Airbus’ Stevenage site:
“On the way back from our trip to Airbus, the guys mentioned that it was really amazing to see the scale of what Entopy could be and who we’re talking to. I think it was really, really powerful. It is so important to have moments like that to build momentum in a team and create the right mentality inside a business like ours.”
Entopy took their product to market during the accelerator and it’s clear they are on a marked upwards trajectory. Having secured contracts with Vodafone, Intergreen, Retail Asset Solutions and Fortune 500 company, Techdata; Entopy’s TRACCA solution is currently in use across 5 countries in Europe and the company have the potential to reach £100m in revenue by 2021. They were also able to beat out the likes of Panasonic and Tyco to win ‘The Most Innovative Cross Functional Solution’ at the 2018 Fraud Awards
Toby has high hopes for the future:
“We find ourselves in a very unique position. We have an ecosystem around us who are becoming ever more interested in what we’re doing as a vehicle for them to achieve what they need to achieve.”
We will be watching with keen eyes as the demand for their solution exponentially grows.