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Universal mCloud closes NGRAIN deal, ramping up capabilities

Universal mCloud (CVE: MCLD) CEO Russ McMeekin tells Proactive Investors it has now completed the purchase of NGRAIN, which uses artificial intelligence to assist in damage assessment in the insurance, aerospace, and defense industries

The acquisition will now enable mCloud to go live in Q2 with NGRAIN’s AI-powered damage assessment technology, deploying drones to inspect wind turbine blades for damage; this data goes to the cloud, the NGRAIN technology interprets the data, and the AI technology can assess if there is damage, and what corrective actions need to be taken.

McMeekin says the acquisition puts them in a differentiated position because of their precise cloud technology newly acquired patents from NGRAIN puts them in a strong barrier to entry position.

McMeekin says last reported they are around 8,000 connected assets and the CEO says they are on track to be 20 – 25,000 connected assets by year end.

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