Predictiv AI debuts real-world problem solver, a fever detection system called ThermalPass
“If you can predict the future, you can profit from it…”
All you good capitalists out there should be salivating at that comment. It’s from the homepage of Predictiv AI Inc. (TSXV: PAI | OTC: INOTF | FRANKFURT: 71TA) and as you may have surmised, their business is the business of artificial intelligence (AI). Predictiv AI “is a technology company which helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques.”
The global AI market is expected to grow in leaps and bounds – by as much as 40-50% per year – in the next decade or so. This makes it a market that could be in the trillions of dollars – there is money to be made and Predictiv AI is positioned to be a part of that. End users of AI include almost anything – the automotive industry (self-driving vehicles especially), the healthcare industry, banking, finance, insurance, manufacturing and agriculture to mention just a few that are important in our daily lives.
Predictiv AI has two subsidiaries – AI Labs (the R&D arm of the company) and Weather Telematics. As big as the AI market is (think the “Internet of Things”), the team’s deep experience was in part responsible for the company’s current focus.
AI Labs uses proprietary artificial intelligence to build solutions for the public safety and security markets, a subsector that is projected to reach more than US$900 billion by 2027 and is part of a larger overall sector that also includes energy management, smart buildings, mobility, technology, infrastructure, and healthcare, which are expected to total US$1.56 trillion by 2025.
AI Labs is currently building solutions for real-world problems and has successfully developed a patent-pending fever detection system (ThermalPass). Since the start of the coronavirus pandemic, the way the world now operates will be forever changed. As announced earlier in October, Predictiv AI, via a joint venture with Commersive Solutions Corp., has transitioned from the prototype phase into the commercialization phase. An Ontario Canada-based trucking company was the first to deploy the system commercially on October 13, 2020.
The ThermalPass Fever Detection System detects body temperature using multiple touchless, infrared, thermal medical grade sensors to identify potential at-risk carriers. The device is efficient and can process up to 60 people per minute without any need for people to do anything but walk normally through the sensor system. It is approved by Health Canada as a class 1 medical device and is a critical real-time detector that can help companies everywhere in the fight against the spread of the coronavirus. The uses for this product are everywhere that people go in public and the market is massive.
ThermalPass is arguably the best, most effective and simplest temperature scanning system available. It is also the least expensive, when compared to competitors in China and the US and has a patent pending. Currently made in Canada, it is easy to assemble, there are stationary and mobile versions available, and the company has secured leading Canadian and US suppliers to contract manufacture the units. Also, ThermalPass has the supply chain in place to rapidly scale production to meet demand. Notably, the US government has put a ban on Chinese thermal-camera based systems, limiting competition to the ThermalPass system particularly in the US.
Temperature scanners will probably become a fact of life – the ability to provide a better mousetrap such as the ThermalPass product, means that the world should beat a path to company’s door, based on ease of use, reliability of the technology and lower than average price.
The second significant product line comes from the Weather Telematics subsidiary. The company has a product called “Alert Fleet”, which uses advanced AI and deep machine learning to generate hyper-local advanced road weather data using Weather Telematics patented sensors. This is a critical piece of technology that could save the trucking industry significant time (and money) by being to avoid serious weather conditions, winter and summer.
Alert Fleet can generate real-time road alerts 200-300 meters ahead, 1 km ahead and 100s of kilometers in advance of hazardous road conditions and can provide up to 72 hour advanced proprietary predictive weather data using patented AI and sensor technology. It can alert to winter conditions (snow, ice, black ice), hydroplaning/flooding risk, low visibility (fog) risk as well as wind, hail and lightening risks. It can be a standalone product, can be integrated into existing telematics service provider portals and can be delivered inside the vehicle as well as to a dispatcher via text messaging, email or mobile app integrations.
The company has a market capitalization of approximately C$19.5 million and just completed a share consolidation in August 2020, along with the changing of the company’s name to Predictiv AI Inc. (previously Internet of Things Inc.). The company has a small amount of debt ($311,000) mostly in the form of a demand loan, but in early October 2020 closed a nonbrokered private placement of $1.5 million primarily to fund the ThermalPass production planning and manufacturing as well as providing capital to AI Labs for ongoing R&D. While it is still early days for investors in this company, there appears to be a particularly bright future ahead in an ever changing world.