Predictiv AI on track to profit from a more predictable future using artificial intelligence

Outfitting the new US fleet for Skelton Truck Lines with Alert Fleet app ThermalPass has received early validation from US schools and hospitals AI Labs Inc is the research and development business arm of Predictiv AI What Predictiv AI does: Predictiv AI Inc (TSX-V:PAI), formerly Internet of Things Inc, is committed to using its expertise to accelerate artificial intelligence (AI) innovation as it advances AI and machine learning solutions. The Toronto-based company’s AI Labs Inc subsidiary is its research and development business arm, which uses artificial intelligence sensor-based technology solutions to solve real-world problems. Predictiv AI also owns data-science company Weather Telematics Inc, which uses a vehicle-mounted mobile Internet of Things (IoT) sensor network and artificial intelligence system to generate historical, current, and forecasted weather conditions for road hazard risk alerts. The firm’s AI-powered Alert Fleet system enhances safety and reduces costs for North American fleet managers by providing real-time alerts of dangerous road conditions. Once deployed in a vehicle, the product will run on a software-as-a-service (SaaS) business model, providing Weather Telematics with monthly recurring revenue depending on the number of vehicles within a customer's fleet. Alert Fleet is designed to prevent the estimated 400,000 road accidents involving large trucks and vehicles which happen every year, according to the company. The coronavirus (COVID-19) pandemic-triggered a rush for temperature scanners so, inspired by AI Labs, the company and its joint venture partner Commersive Solutions created the high-capacity walk-through temperature scanning system calledThermalPass. ThermalPass has 24 sensors versus a single lens and provides a much wider temperature sampling with 1,200 readings per second. It can be assembled in minutes and looks like a thin-framed metal detector at building entrances, allowing touchless temperature checks from a distance as people enter a building. How is it doing: In July 2021, Predictiv AI said its board of directors had appointed chairman Jim Grimes as interim president and CEO following Michael Lende's resignation. The technology company said Lende made the “difficult decision” to step down as CEO and board director due to personal family matters. The company said Lende had agreed to be available for advisory and consulting services. Grimes, who will retain his role as chairman, previously opened and led the Canadian division of three early-stage Silicon Valley-based telecom start-ups, including Stratacom Inc (Cisco), Xylan Inc (Alcatel) and Access 360 (IBM). Grimes takes on the mantle of CEO at a time when ThermalPass has received early validation from US schools and hospitals. The company revealed in June that it is seeing a spike in demand from school districts in North America following a successful installation at one of the largest districts in the state of North Carolina in April. Earlier in the same month, the company installed multiple ThermalPass systems at one of the largest hospital chains in Florida - Memorial Healthcare System. The company said the initial roll-out of the units was completed at Memorial Regional Hospital, the flagship facility and one of the largest hospitals in Florida, and Memorial Regional Hospital South, home of the Rehabilitation Institute.  Predictiv AI is targeting the verticals where significant government and corporate funding have been allocated towards health and safety for school systems and hospitals in the US. These are areas where the company has received early validation and created a customer base. Based on industry indicators, thermal imagers will be a $7.6 billion market, up 76% from 2019, according to market research and technology analysis firm Yole Développement. In May, Predictiv AI said its channel reseller partner MCL Sustainable Cleaning Solutions (MCL), was showcasing ThermalPass as its anchor product in a product bundling offer to help offices, schools, sports arenas, and other closed spaces maintain a “healthy environment at an affordable entry price.” MCL has bundled eight specialized technologies for a monthly payment of $499 over a 60-month term, or discounted packaged pricing. There was more momentum for Predictiv AI as its Weather Telematics Inc subsidiary reported that it would outfit the new 70-vehicle US fleet for Skelton Truck Lines Ltd with its Alert Fleet Road Hazard mobile app. The Weather Telematics technology package transmits real-time data that provides hyperlocal, advanced road-weather hazard alerts to identify dangerous conditions, such as black ice, poor visibility and hydroplaning for drivers and dispatchers to mitigate accidents and reduce insurance costs. Predictiv AI also said that Weather Telematics is installing its proven ‘ground truth’ sensors in each of the new Skelton fleet vehicles. Weather Telematics has been conducting in-field testing of the ground truth sensors and collecting data for more than 10 years over some 100 million miles. Skelton's installation of the ground truth sensors is helpful for Weather Telematics which has secured a multi-year deal with Synoptic Data PBC for data provision services. Significantly, the licensing contract will generate seven-figure revenue over the term for Weather Telematics and will launch its next generation of weather and road temperature sensors, which turns vehicles into their own mobile weather stations, said the company. Inflection points: Securing additional agreements for the Alert Fleet system Accelerating sales for ThermalPass temperature scanners Advancing new innovations leveraging its partnerships What the boss says: Predictive AI chairman Jim Grimes signaled continuity when he became the interim president and CEO following Michael Lende's resignation at the end of July. "On behalf of the board, I would like to thank Michael for his dedication and stewardship of the company over the past 15 months. Predictiv AI will continue to pursue our business strategies and to build our business," Grimes said in a statement. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive