Billionaire Dave E Shaw is investing more in BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB), according to SEC filing. Dave E Shaw, the founder and Chief scientist of DE Shaw & CO., L.P., is putting in more money on companies that boasts of connecting everyday objects from cars and refrigerators to IoT, says a report from Motley Fool.

Shaw investing in IOT stocks

Not known to many, but definitely Shaw is a popular name on the Wall Street. Shaw’s company has clocked in double digit returns since its inception, and at present is one of the largest hedge funds in the world with approximately $32 billion in managed assets.

In June, Shaw owned 4.5 million shares of BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) totalling to $45.8 million. The scientist is betting on CEO John Chen, who recently quoted that even though there are five billion handsets in the world that can be connected, there are another 500 billion such devices that offer a lucrative opportunity for an organization with the experience and track record of QNX.

The Canadian smartphone maker has plans of bringing in QNX in the Internet of Things with the Project Ion. BlackBerry’s QNX is already an advanced system compared to other players, and it is this expertise that is alluring Shaw to almost double the size of his stake in the company.

Huge potential for BlackBerry in IoT

Investors as of now might be in utter confusion over Shaw’s confident bet on BlackBerry as the company is a beleaguered smartphone maker. QNX and Internet of Things might help in reviving the company to some extent, but by large it is seen crawling compared to Apple Inc. (NASDAQ:AAPL) and Google.

Project Ion from BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) consists of three parts supporting an IoT environment, creating a secure platform to run QNX, and partnering with other top players in this emerging segment.

Primary goal of BlackBerry is to advance in the larger Internet of Things circulatory system. The company is focussed on building infrastructure for all the devices to interact with one another rather than creating an interface for consumers to interact with. There is an ocean of opportunity as over 99% of all devices in the world are detached from one another.