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Universal mCloud's AssetCare solution strongly endorsed by customer

The offering uses artificial intelligence (AI) to monitor critical HVAC (heating, ventilation, and air conditioning) systems

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The firm describes itself as an IoT-connected asset-care cloud solution company

Internet of Things and cloud solutions provider Universal mCloud Corp (CVE:MCLD) has had its technology endorsed by a customer, which says it has led to significant energy savings.

Jonmar Inc, which operates six Dairy Queen franchise locations in Las Vegas, Nevada, was one of the early adopters of the group's AssetCare.

READ: Echelon analyst Ralph Garcea bets on Universal mCloud’s “unfair advantage”

The offering uses artificial intelligence (AI) to monitor Jonmar's critical HVAC (heating, ventilation, and air conditioning) systems.

Universal started the implementation of the tech at Jonmar in 2017 and has reported a total energy savings of over 15%.

Jonmar now plans to extend AssetCare to all its stores this year, it said.

"mCloud has delivered on their promise and commitment of reducing our energy costs," said Jim Adison, operation manager at Jonmar Inc.

"We were surprisingly pleased with the insights into our stores' HVAC operations in ways that we hadn't imagined."

Russel McMeekin, president and chief executive of mCloud, added: "mCloud has built a cloud-based solution, which leverages AI and analytics, whereby algorithms continuously learn and adapt to accurately represent the energy asset.

"Once the AI algorithm is trained, AssetCare optimizes real-time operation while maintaining the desired comfort level, providing 24-seven vigilance and systematically identifying the smallest deviation in asset performance."

mCloud said this was the 15th branded chain using the AssetCare solution.

"These results are in line with the patterns observed by other mCloud clients," it said.

"Once the reduction in cost is demonstrated in one location, implementation of AssetCare across the entire franchise is the next logical step."

Shares closed Monday at C$0.32.

Quick facts: mCloud Technologies Corp

Price: 2.51 CAD

TSX-V:MCLD
Market: TSX-V
Market Cap: $62.3 m
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