Announced on February 27, 2019, AssetCare developer, Universal mCloud (TSXV:MCLD) (OTCQB:MCLDF), has signed a lucrative three-year deal with Fulcrum Automation Technologies (Private).
The agreement allows Fulcrum to license and distribute mCloud’s AssetCare technology across the oil, gas and refining industries. It will be targeting $15 million USD in AssetCare subscriptions as per the agreement.
Effectively, Fulcrum has global exclusivity to AssetCare technology once it signs up $5 million USD worth of subscribers annually.
About Universal mCloud
According to the press release: “mCloud is a leading provider of Artificial Intelligence and Analytics solutions for IoT-connected asset care technology.”
With a portfolio of 15 patents that cater to industries such as aerospace, defense, and healthcare, the company is “creating a more efficient future by tackling the world’s toughest energy problems.”
Its solution is AssetCare technology; implemented on energy infrastructures such as HVAC units, wind turbines, and distribution transformers, it maximizes their health and performance.
The Universal mCloud President and CEO, Russ McMeekin sat down with Proactive Investors Canada and talked to Steve Darling about how the deal is set to create a new “gold standard” for Industrial A.I.
So where does Universal mCloud go from here and how will the deal work? Let’s take a look.
The Science Part
Firstly, AssetCare technology tracks the performance of energy assets deployed in the field. It uses industrial-grade IoT sensors and 4G/LTE connectivity to do this, gathering data from the assets as they operate.
It then continuously transmits the data to AssetCare in the cloud where “special predictive models and intelligent algorithms developed by mCloud” are applied to the data.
Identifying asset-specific operational adjustments in real-time, it can make adjustments to that asset’s performance. This ensures the business is getting the maximum and most efficient performance out of its asset.
As the website details further, this technology is universal:
“For any given asset, hundreds of variables may be monitored, tracking every aspect of an asset’s health and performance.”
Full-Circle of Care
To keep the team in the loop, AssetCare delivers a full-circle of care by connecting all those who operate, benefit, or care for an asset. It does this through its “AI-driven control and optimization” as detailed above, but also by delivering management capabilities across smartphones, tablets, and digital eyewear.
The End Result
All-in-all, by tapping into the analytical data (and with machine learning capabilities), AssetCare helps businesses to use the data from their own assets to implement optimum performance levels. The result is cost-saving, energy-saving and provides, as the company aims for, a “more efficient future.”
Partnership with Fulcrum
Now, as stated, mCloud has signed a three-year agreement with Fulcrum Automation Technologies, allowing it global exclusivity of AssetCare technology.
Fulcrum Automation Technologies will deliver the platform to its Oil & Gas customers globally, focusing on blue-chip oil, gas, and refining companies. With exclusive rights to the technology, it will be a “decisive technology differentiator for Fulcrum and its customers.“
Russ McMeekin, President and CEO of mCloud, said of the deal:
“We created AssetCare with the objective to serve a diverse portfolio of critical assets […] The application of AssetCare in the oil, gas and refining markets presents a strong opportunity for mCloud to broaden its reach, achieve higher margins and address the industry’s need for deep energy analytics. mCloud will leverage its Founders’ decades of experience working with many of the global Fortune 50 companies in the market and will greatly benefit from Fulcrum’s strong presence in the industry.”
As McMeekin suggests, the deal should place mCloud’s technology in the hands of new users across the globe and further its goal of creating a more efficient future. It already counts major brands such as Starbucks (NASDAQ:SBUX), DQ (NYSE:DQ), and Telus (NYSE:TU) as clients, but who do you think will be next to use AssetCare?
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