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Ground-Truth, Weather-Based Software to Enhance Safety and Reduce Costs for North American Fleet Management Market
TORONTO, May 21, 2020 /CNW/ - Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF) (FRANKFURT: 71T) ("ITT Inc." or the "Company") www.iotintl.com, a software and solutions provider in the artificial intelligence and industrial IoT markets, is pleased to announce that its wholly-owned subsidiary, Weather Telematics Inc. ("WTX"), is preparing to launch Alert Fleet, a cost-saving software/sensor system that will provide fleet owners with the tools they need to run significantly safer and more efficient fleets.
The Alert Fleet system is based on advanced artificial intelligence, deep machine learning and data science techniques that are at the core of Weather Telematics' legacy business. The system is built on the same pre-existing WTX technology platform that is integral to ITT Inc.'s recently announced ThermalPass fever detection system. (www.thermalpass.com). Weather Telematics is in discussions with multiple fleet management companies to install Alert Fleet on a POC basis, with candidates to be selected in the coming weeks. Once commercially deployed, the Alert Fleet system will run as a SAAS model with a monthly recurring revenue component proportionate to the number of vehicles within a customer's fleet.
"Allowing fleet operators to incorporate powerful telematics data with our AI-enhanced analytics enables drivers and dispatchers to mitigate risk and react to adverse "down-road" weather conditions in real-time," stated Michael Lende, President & CEO of Internet of Things Inc. "Heavy vehicle accidents tend to have catastrophic consequences and are financially debilitating to fleet owners. Even avoiding one single incident is likely to lead to considerable savings in terms of potential vehicle damage, personal injury and insurance premium adjustments. With that in mind, Alert Fleet was designed to accurately deliver instant road weather alerts in response to imminent risks facing fleet vehicles and drivers, 24-hours a day, 365 days a year. Our Weather Telematics technology is the key to our multi-vertical AI driven strategy which includes our ThermalPass fever detection system. We are developing a full suite of AI and data driven solutions based on our core technology which is designed to provide affordable solutions that mitigate risk while driving costs down and increasing efficiencies for real world challenges"
How Alert Fleet Works:
Using patented sensor hardware installed on fleet vehicles, in combination with artificial intelligence and proprietary data sets, the Alert Fleet system generates hyperlocal, advanced, road weather data which instantaneously provides real-time alerts of any and all hazardous road conditions. When the system detects surface conditions such as black-ice, freezing rain, fog, hydroplaning risk, slush or snow – immediate alerts are issued. Alert Fleet will provide warnings of oncoming, higher-risk conditions from 200 metres to hundreds of km in advance. The Alert Fleet system can be integrated into existing telematic service provider portals or available as a standalone product. Alerts are simultaneously delivered to the driver inside the vehicle and to a dispatcher via E-Mail/SMS, mobile and web app integrations.
Weather risk is a major cost factor affecting North America's transportation industry. More than 10 percent of US GDP is directly affected by weather and climate change1. As extreme weather events become more commonplace, the demand for hyper local weather data is enormous. There are approximately 400,000 accidents per year involving 18-wheelers2 with the total economic cost topping $112 billion3, and more than 20 percent of these accidents being weather-related4.
The market for Weather Telematics' Alert Fleet includes: commercial truck fleets; roadside assistance and tow truck fleets; taxis; courier fleets; secure transport fleets; telematics service providers; EMS, police and fire, and the insurance and risk management industry.
About Weather Telematics Inc. www.weathertelematics.com
Weather Telematics Inc. is a data science based company who, through its distinctive patented artificial intelligence and sensor technology, provides government, insurance, agriculture, public safety, fleet management & outdoor sporting event industries with up to 72-hours advance predictive hyperlocal weather data. Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI deep machine learning to generate historical, real-time and predictive road weather conditions for road hazard risk alerts and dynamic routing applications. Their industry leading Predictiv RC and Predictiv SA platforms mitigate weather risk, reduce traffic congestion and make connected and autonomous navigation safer in all types of road conditions.
National Bureau of Economic Research: https://www.nber.org/papers/w26167
Truck Accident Attorney Network: https://www.truckaccidentattorneynetwork.org/truck-accident-statistics/
For more information on Internet of Things Inc. visit: www.iotintl.com and follow ITT on:
About Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF) (FRANKFURT: 71T)
Internet of Things Inc. is a technology company which helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques. Its Weather Telematics Inc. subsidiary uses patented air quality monitoring sensors to provide predictive weather risk information to the insurance, logistics, fleet management and public safety sectors. The Company's R&D division, AI Labs Inc., develops new products that solve real-world business problems. The joint venture with Commersive Solutions Corp. is developing innovative technologies for use in various public spaces, starting with the ThermalPass™ fever detection system.
Cautionary and Forward-Looking Statements:
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: ThermalPass and Alert Fleet achieving the commercial results anticipated by the Company; market demand for ThermalPass and Alert Fleet; and, other factors referenced in the Company's other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
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SOURCE Internet of Things Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/21/c1854.html