RIOT Wireless Announces $2.25 Million Series A Funding

Investment to help company scale production and delivery of industrial wireless IOT devices

LAS VEGAS - April 13, 2023 - RIOT Wireless, an early leader in developing industrial wireless IOT edge devices for large scale specialty applications, today announced it has secured $2.25 million in financing. The investment is part of a Series A round led by Community Development Venture Capital Alliance (CDVCA). The funding, made in connection with the Federal New Markets Tax Credit (NMTC) Program, will enable RIOT to scale production and delivery of its tank level monitors (TLM) used by producers of oil, gas and chemical products. Business Research Company estimates that the tank level monitoring system market size is expected to reach $1.2 billion by 2026.

"RIOT's team has developed a unique solution which is delivering a high return on investment in reduced upfront costs and labor deployment along with increased efficiencies and safety," said Tim Slifkin, founder of RIOT Wireless. "Our field deployments over the last 3 years have proven the efficacy of our products for customers. With this new investment, we are now in a position to rapidly scale product and delivery to the market."

RIOT produces highly accurate, reliable wireless integrated sensors, which operate in extreme weather, in the presence of caustic chemicals, and are intrinsically safe. They are a fraction of the cost of existing solutions which drives the ROI and supports a much larger market. RIOT devices are unique in being plug and play for fast installation and able to be maintained by untrained labor with no programming or calibration required. In addition to cellular and satellite connectivity, RIOT devices utilize LoRaWAN (long-range, low-power wide area networks), which allows companies to dramatically cut the costs of powering remote monitoring and data transmission. In addition to tank level monitoring, a variety of other RIOT sensors are being introduced to the market.

"Community Development Venture Capital Alliance (CDVCA) funds provide equity capital to businesses in underinvested markets, seeking market-rate financial returns, as well as the creation of good jobs, wealth, and entrepreneurial capacity in low-income communities," said Kerwin Tesdell, President, CDVCA. "RIOT epitomizes the type of company that CDVCA funds were designed to help."

RIOT is expected to add more than 25 well-paying Las Vegas-based jobs over the next three years, with roughly 40% of those jobs open to candidates with a high school education or equivalent. The company will also offer training and highly competitive benefits to employees.

To facilitate the investment, the Nevada Small Business Development Center (SBDC) at UNLV helped connect CDVCA and RIOT. The deal was also made in connection with the Federal New Market Tax Credit program-an economic development program that helps drive capital to small businesses in distressed communities.

"One of the ways SBDC helps to incubate and expand our growing technology ecosystem in the State of Nevada is through the development of public/private partnerships," said Albert Delgado, SBDC Project Manager for the UNLV Office of Economic Development. "We are glad to have introduced RIOT to this investment team to help them bring much needed technical and non-technical jobs to the state and its workforce."

The Benefits of TLMs

Oil and gas wells are typically found in remote areas with extreme weather conditions. Onsite tanks used to store processed chemicals require manual refilling. Any delays risk considerable expenses if production is shut down due to insufficient supplies. Without accurate information on which tanks are low and by how much, producers typically send fully loaded tanker trucks to the well site, often from outside the region, to be prepared for any scenario. This wastes money and manpower and increases risks to personnel and the likelihood of inaccurate field measurements.

TLMs are critical components for helping companies engaged in oil and gas efforts, water management, agriculture, and smart city goals. RIOT's TLMs help customers:

• Avoid production losses.
• Develop more efficient chemical delivery routes,
• Reduce carbon footprint through reduced vehicle usage,
• Ensure worker safety and minimizing spillage,
• Plug and Play installation, no wires, no calibration, no programming, No external antenna.
• Long term battery life and using highly efficient LoRa network.
• Deploy Human capital to more important task.

RIOT's team has over 35 years of experience deploying wireless sensor devices in rugged environments. For over three years, the company has had large-scale deployments including San Joaquin Valley, Balkans, Alberta, and Eagle Ford. RIOT is working with a Reno-based outsourced production partner allowing the core team to focus on product development and delivery.

For more information about RIOT, visit https://riotedgesolutions.com

Jim Jones
Chief Marketing Office
714-742-9462
jjones@riotedgesolutions.com

RIOT Wireless, develops and deploys wireless IOT edge devices for large-scale specialty applications. Suitable for HAZMAT, explosive, caustic, and acidic environments, the accuracy and reliability of RIOT products have been proven in large-scale deployments from the harsh environments of Alberta, Canada to the deserts of California. The company's wireless ultrasonic sensor is used to measure the volume levels of process chemicals used to facilitate crude oil extraction from existing oil wells. The RIOT sensor incorporates low power utilization, wireless operation, long-term battery life, durability at a low price point, and simple installation, solving many of the common problems with tank level monitoring.

About CDVCA

The Community Development Venture Capital Alliance (CDVCA) is the network for the field of community development venture capital (CDVC) investing. CDVCA funds provide equity capital to businesses in underinvested markets, seeking market-rate financial returns, as well as the creation of good jobs, wealth, and entrepreneurial capacity in low-income communities.