Publicly-listed internet of things start-up CCP has closed a $500,000 placement "corner-stoned" by Vocus Communications founder James Spenceley and Amcom founder Tony Grist.
Spenceley founded Vocus Communications in 2007 and built it up to become one of Australia's largest telecommunications providers, acquiring Grist's Amcom on the way to a merger with M2 Group to create a giant with a multibillion-dollar market capitalisation.
Grist and Spenceley both exited Vocus last October after an unsuccessful leadership spill.
Both have now moved into the finance space: Spenceley co-founded MHOR Asset Management and Grist is director of Albion Capital Partners.
CCP's system is aimed at food safety, and provides "smart 24/7 monitoring at an affordable price for any sized business".
Its fridge monitors and temperature data logging technology provides real-time alert notifications of any irregularities or malfunctions that could affect temperature. Use cases include commercial kitchens in bars and restaurants. It costs $15 a month per monitoring point.
"The internet of things space is one of the most exciting investment options in the market today and still an incredibly early stage," Spenceley said.
"For Tony and I, it is about finding the team that has the skills and ability to prosecute the opportunity that IoT presents.
"CCP has a talented team and importantly has skills in both hardware and software engineering. This separates them from most and will allow them to broaden their product range and application."
CCP chairman Leath Nicholson said the company planned to "call upon the experience and wisdom" of its new investors.