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mCloud Technologies says platform gaining traction as firm bids to help businesses get back to work amid coronavirus pandemic

In an update on Tuesday, the tech group said it had grown connected assets on its platform to 48,672 in the first three months of the year

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"This AssetCare package is a great example of how IoT and AI can be used to make businesses resilient to the unexpected," the company said

mCloud Technologies Corp (CVE:MCLD) (OTCMKTS:MCLDF), the IoT and AI specialist, has reported an 18% increase in assets on its platform in the first quarter of 2020 compared to fourth quarter 2019 and revealed it has a new solution to help restaurants and retailers get back to business amid the coronavirus (COVID-19) pandemic.

In an update on Tuesday, the tech group said it had grown its count of connected assets to 48,672 in the first three months of the year, having reported at the end of March that it had connected assets of over 41,000 by year-end 2019.

READ: mCloud Technologies connects 41,000 assets in 2019, has C$8M in remote AssetCare oil and gas subscriptions

The company also told investors it has launched an extension to its AssetCare for Connected Buildings solution, which has features such as remotely controlling air quality sensors and smart thermostats, which drive clean air inside to mitigate the risk of infection from airborne volatile organic compounds (VOCs).

The tech also offers refrigeration sensors to protect food spoilage. In addition, occupancy sensors measure building capacity and automatically verifying businesses are complying with local social distancing guidelines.

"mCloud is proud to be helping restaurant and retail owners that have been especially hard hit by COVID-19," Dr Barry Po, mCloud's president, of the firm's Connected Solutions business and the group's chief marketing officer said in a statement.

"Since the middle of March, we have helped owners and operators at 15 restaurant and retail brands put numerous closed locations into energy hibernation across Canada and the United States, helping them curb their energy costs by up to 50%"

"We now want to use our AI and IoT capabilities to help retail and restaurant owners get back to work as quickly as possible, helping them ensure they comply with their local guidelines and assure their customers that their establishments are safe to be in when they are permitted to open their businesses again. This AssetCare package is a great example of how IoT and AI can be used to make businesses resilient to the unexpected," he added.

Via mCloud's AI-powered AssetCare platform, the company offers management solutions for three distinct segments: smart facilities, power generation, and process industries including oil and gas.

IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.

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Price: 3.56 CAD

TSX-V:MCLD
Market: TSX-V
Market Cap: $73.24 m
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