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ONTARIO, CA - Focus Universal Inc. (NASDAQ:FCUV), a micro-cap technology company with a market capitalization of $28.3 million, has signed a contract with Shenzhen Donghui Precision Mold Manufacturing Co., Ltd. to commence mold tooling design for its Universal Smart Internet of Things (IoT) platform, according to a press release statement issued Friday. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.25x.
The company’s platform aims to simplify IoT development by providing a 90% pre-built foundation that allows different IoT devices to share the majority of hardware and software components, potentially reducing development costs.
Focus Universal’s Ubiquitor device can reportedly connect to multiple sensors without theoretical limits, with the company claiming that as more sensors are added, the average cost per sensor decreases.
The company stated that its Universal Smart Software Platform eliminates the need for multiple device-specific applications, allowing engineers to avoid building separate apps for each IoT product.
After two decades of development, Focus Universal indicated this contract represents a significant step toward full-scale production and commercialization of its IoT technology.
The IoT market was valued at $0.54 trillion in 2022 and is projected to reach $3.30 trillion by 2030, according to figures cited in the company’s announcement.
Focus Universal, which currently trades on Nasdaq, describes itself as a provider of patented hardware and software design technologies for IoT and 5G, with 26 patents in various phases of development.
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