ThingLogix Announces Event-Based Pricing for Internet of Things Platform

LAS VEGAS, Nov. 28, 2017 /PRNewswire/ -- ThingLogix, Inc., a provider of cloud-based Internet of Things (IoT) solutions and services, announced today that it is introducing event-based pricing for Foundry, its cloud-based platform (PaaS) for Internet of Things applications. The company announced this change during the annual Amazon Web Services (AWS) conference, re:Invent 2017, where ThingLogix is showcasing its technologies in collaboration with AWS and its other business partners.

For ThingLogix, this change evolves the pricing model from a fixed annual subscription price for Foundry to a usage-based model. The new model allows customers to experience greater flexibility in terms of aligning costs with actual usage volume as they develop, test, deploy, scale, and evolve their smart, connected solutions architected on Foundry and AWS core infrastructure.

For the industry as a whole, this change reflects a significant shift in standard pricing practices, which tend to be opaque, based on arbitrary tiering structures, and misaligned with actual platform usage and the volume of data that deployed devices and solutions actually generate. Such pricing models often lead customers to pay for capacity and capabilities that they do not need. These typical pricing structures also fail to align with the non-linear cloud resource utilization of IoT applications as they evolve from test environments to mature, market-facing solutions.

"We're very excited to be taking this step, as event-based pricing is really the right thing to do for our customers," says Carl Krupitzer, Chief Executive Officer and Co-founder of ThingLogix. "ThingLogix has always sought to deliver phenomenal value and capabilities to our customers, and with event-based pricing, we're able to improve the flexibility they experience while using Foundry, as well as provide full transparency along the entire lifecycle of their smart, connected solutions. We like to say that this is pricing for a smart, connected world."

A key element of the new pricing structure is a free tier, which will allow companies just getting started with IoT, or companies seeking to compartmentalize their development and test efforts for new IoT solutions, freedom to conduct initial proof-of-concept testing without incurring platform usage charges. As they evolve their solutions from laboratory concepts in test environments to robust, market-facing solutions in deployed environments, they incur charges commensurate with the volume of events that their deployed solutions are generating. Pricing is denominated in micro-cents per event, metered on a monthly basis.

ThingLogix defines an "event" as a single communications transmission from a deployed device or application to Foundry, or from Foundry to the deployed device or application (i.e. events can be bi-directional). Events in Foundry are synonymous with events as AWS defines them in the context of its Lambda compute service. AWS defines Lambda as follows:

AWS Lambda is a compute service that lets you run code without provisioning or managing servers. AWS Lambda executes your code only when needed and scales automatically, from a few requests per day to thousands per second. You pay only for the compute time you consume - there is no charge when your code is not running.

AWS describes event types and the capabilities of Lambda as follows:

You can use AWS Lambda to run your code in response to events, such as changes to data in an Amazon S3 bucket or an Amazon DynamoDB table; to run your code in response to HTTP requests using Amazon API Gateway; or invoke your code using API calls made using AWS SDKs. With these capabilities, you can use Lambda to easily build data processing triggers for AWS services like Amazon S3 and Amazon DynamoDB process streaming data stored in Kinesis, or create your own back-end that operates at AWS scale, performance, and security.

"Event-based pricing aligns with IoT technology fundamentals," says John Mack, Chief Marketing Officer of ThingLogix. "The occurrence of a predefined event drives a predefined action or series of actions, triggering a metered price associated with the event. This creates substantial advantages for our customers: events trigger responses, systems become more self-aware and self-regulating, and IoT solutions become easier to measure and audit."

Event-based pricing for ThingLogix Foundry eliminates the traditional fixed annual subscription pricing model that ThingLogix has historically used and replaces it with a fully transparent pricing schema that scales with the needs of organizations developing and operating IoT solutions. The actual fee that a customer pays depends on the volume of events that the customer's smart, connected solution generates through Foundry, and will vary each month commensurate with usage. In addition to the free pricing tier (i.e. unit price equals zero), ThingLogix has defined four additional pricing tiers that align with event volume. If customer usage volume exceeds the range that defines a pricing tier, then the unit pricing resets at a lower price as stipulated by the volume range for that next higher tier of event volume. ThingLogix has defined the event volume ranges to accommodate the volume that most enterprises are likely to experience with their deployed IoT solutions at this stage of the market's evolution. If a customer's usage volume routinely exceeds the range that defines the maximum level of the highest volume tier by a significant factor, ThingLogix may suggest a lower, customized unit price unique to that customer.

Pricing for Foundry is as follows:

Lambda Events Per Month

"The event-driven nature of IoT will increasingly drive the centralization of events in enterprise platforms overall, not merely in IoT-centric platforms," says Rob Rastovich, Chief Technology Officer and Co-founder of ThingLogix. "This shift to event-driven architectures is due to the fundamental improvement in event-to-action cycle time that such architectures represent. I can envision event-based pricing taking hold in other enterprise contexts beyond IoT, as customers increasingly embrace the underlying concepts of transparency, scale, and value."

Event-based pricing is now standard for customers purchasing Foundry. ThingLogix customers who purchased Foundry prior to the introduction of event-based pricing have the option of maintaining their original annual subscription price for those Foundry instances already in operation or switching to the new event-based pricing structure.

About ThingLogix

ThingLogix is a provider of Internet of Things (IoT) solutions, solution components, development services, and advisory services. We offer Foundry, a proprietary cloud platform architected on Amazon Web Services (AWS), and Foundry Packages, a series of related component applications, to enable IoT solutions for multiple industries and use cases. Our technology enables sophisticated functionality, rapid time-to-market, simplified solution evolution over time, and extreme cost efficiency.

ThingLogix was founded in 2014, and was originally the services group of IoT platform provider 2lemetry. In 2015, AWS acquired 2lemetry, which became the basis for AWS IoT. ThingLogix has maintained a strong relationship with AWS, architecting Foundry to orchestrate all of the AWS services necessary for a complete IoT solution, and also certifying as an AWS Advanced Technology Partner.

We operate globally from our offices in San Francisco and Dubai. For more information, visit us at: www.thinglogix.com.

Press Contact:
Kathryn Hawkins, Eucalypt
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Related Links

ThingLogix website

SOURCE ThingLogix