Internet of Things Inc (TSXV: ITT) this morning announced the launch of a new product, referred to as Alert Fleet, which utilizes artificial intelligence technology to alert drivers to “down road” weather conditions and mitigate risk in real time. The technology is built upon the same platform that is integral to the firms ThermalPass fever detection system.
Alert Fleet has been designed for use by fleet owners, such as commercial truck fleets, roadside assistance, couriers, EMS, police, fire and a multitude of other operates to limit the risk posed by hazard road conditions while integrating into existing telematic portals. Through an integrated software and sensor system, the system generates hyperlocal, advanced road weather data which instantly provides real time alerts of any potential hazardous conditions such as black ice, fog, rain, slush, or snow for distances ranging from 200 metres to hundreds of kilometres in advance.
The system itself is based on AI technology, deep machine learning and data science techniques that are developed by ITT’s Weather Telematics subsidiary. The company is currently in discussion with numerous fleet management companies to install the Alert Fleet system on a proof of concept basis. Once deployed, the system will run as a software as a sales model, or SAAS, to generate monthly recurring revenue based on the number of systems installed within a clients fleet.
The cost of weather risk has a major impact on the transportation industry across North America, with over 10% of the US GDP directly affected by weather and climate change as per the National Bureau of Economic Research. Each year, there are approximately 400,000 accidents involving semi trucks, with the economic cost estimated at over $112 billion, of which 20% is attributed to weather.
Internet of Things Inc last traded at $0.055 on the TSX Venture.
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