ByteDance Invests In Smart Water Management Firm iReadyIT
Summary
The environmental protection and water industrial internet company iReadyIT received a new round of financing, led by ByteDance, followed by Baidu Ventures. After 3 years and investments of hundreds of millions of yuan, it has established industry advantages in solid waste and water management with the usage of big data and artificial intelligence. On this basis, iReadyIT helps users get through information flow, complete the construction of the digital infrastructure, and monitor the entire life cycle of the business to achieve integrated management. From the perspective of the implementation process and profit model of the project, iReadyIT’s products are highly standardized and can be deployed within 1-2 months after making some adjustments based on user needs. In addition to high barriers in technology research and development, iReadyIT has also avoided competition in first-tier cities in market strategy, which has kept the company’s revenue growth at 100% in recent years.