Kryptonite parent takes stake in IoT mobility developer

Allegion, the parent to Kryptonite and Trelock, among others, has made an equity investment in Conneqtech, a European Internet of Things mobility platform developer.

Based in the Netherlands, the business has thus far developed connected mobility solutions, GPS and rental tracking, as well as other IoT solutions for bicycles. Conneqtech has already partnered with one of Allegion’s leading portable security brands, AXA, to develop the AXA Connect. The solution allows cyclists to stay in touch with their bicycles via a smartphone. Bicycles can be followed live, traced and protected against theft using a personalized app.

The second of Allegion’s investments in IoT this year, President of EMEIA Lúcia Veiga Moretti suggests the investment will build upon the firm’s reputation for mechanical solutions adding an intelligent element.

“We are excited to be working with another pioneer in the European IoT markets – Conneqtech,” Veiga Moretti said. “Allegion’s Global Portable Security business is a leader in the marketplace with the continued innovation of our trusted AXA, Kryptonite and Trelock brands. As we look for new ways to provide increased value for our customers, complementing our strong mechanical heritage with intelligent solutions is at the top of the list.”