March 23 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said on Thursday that it will start developing its first customised chip for use in its Shelly-branded smart devices under a contract with China-based fabless semiconductor company Espressif Systems (Shanghai) Co Ltd.
Espressif will design and manufacture a microcontroller for Allterco's IoT devices of the Shelly brand, the Bulgarian company said in a press release.
The customised chip, which Allterco is developing, will have a larger memory to allow for future functionality enhancements and extensions, including network protocols and standards that enable interconnectivity between a wide range of smart home products within an ecosystem, the company explained.
“With its expertise in the design and production of microcontrollers, Espressif is the ideal partner for us to jointly develop a Shelly chip that not only offers the flexible solution our customers are accustomed to for modular and step-by-step automation, according to individual preferences but also opens up completely new possibilities for developers and users," Allterco co-CEO Dimitar Dimitrov said.
Listed on the Shanghai Stock Exchange, Espressif Systems provides wi-fi and Bluetooth solutions for AIoT devices. Its chips, modules and development boards are deployed in products such as home appliances, light bulbs, smart speakers, consumer electronics and payment terminals.
Allterco's revenue from sales of Shelly-branded smart home devices jumped by 60% on the year to 45.2 million euro ($49.1 million), preliminary results showed in January. Allterco is looking to expand its smart devices portfolio after advancing a deal to incrementally acquire Slovenian sector player GOAP.
($ = 0.9197 euro)