Internet of Things Inc (CVE:ITT) (OTCMKTS:INOTF) revealed that its subsidiary Weather Telematics Inc (WTX) is in talks with multiple fleet management groups over deploying its latest sensor system in vehicles to enhance safety and reduce costs.
The 'Alert Fleet' system is based on advanced artificial intelligence (AI), deep machine learning and data science, the tech firm said in a statement on Thursday.
READ: Internet of Things seeing interest in its fever detection system as business prepares for life after lockdown
Once deployed in a vehicle, the product would run on a software-as-a-service (SAAS) business model, providing Weather Telematics with monthly recurring revenue proportionate to the number of vehicles within a customer's fleet.
"Heavy vehicle accidents tend to have catastrophic consequences and are financially debilitating to fleet owners," noted Michael Lende, the CEO of Internet of Things.
"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."
According to data, Internet of Things said, there are around 400,000 accidents per year in North America involving 18-wheelers with the total economic cost topping US$112 billion, and more than 20% of those accidents being weather-related.
The potential for 'Alert Fleet' includes commercial truck fleets, tow trucks fleets, taxis, courier fleets, secure transport fleets, police and fire, and the insurance and risk management industry, the company added.
The system works by generating hyperlocal, advanced, road weather data which instantaneously provides real-time alerts of any and all hazardous road conditions, including black-ice, freezing rain, fog and snow.
The Alert Fleet system can be integrated into existing telematic service provider portals or made available as a standalone product.
Alerts are simultaneously delivered to the vehicle driver and to a dispatcher via E-Mail/SMS, mobile and web apps, said Internet of Things.
Lende said: "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."
On May 15, Internet of Things revealed it was seeing increasing interest in the newly developed ThermalPass fever-detection system as businesses and governments prepare for life after the coronavirus pandemic lockdown.
ThermalPass quickly and efficiently detects body temperatures as individuals pass through at a regular pace of movement and the firm is continuing discussions with large property management companies, nationwide retail chains and various levels of government, it said.
Shares shed around 9% in Toronto to C$0.050 on the day.
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