- Universal mCloud unveils plan to launch new AI-powered energy saving features as part of its AssetCare™ offering for Smart Buildings
- New AI capabilities will set mCloud apart in making energy-intensive buildings such as quick serve restaurants and retail spaces energy smart
- First mCloud customers employing new AI capabilities targeted for Q2 2019
VANCOUVER, March 12, 2019 – Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) (“mCloud” or the “Company”), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence (“AI”), and analytics, today announced plans to launch new industry-leading energy savings technology for its Smart Buildings segment through mCloud’s flagship AssetCare platform. This technology, using proprietary AI capabilities, targets up to 20% reductions in wasted energy in commercial buildings.
The US Department of Energy reports approximately 30% of the energy consumed by commercial buildings goes to waste, totaling an estimated US$57 billion in unnecessary energy costs annually. As highlighted in an ARC Advisory research note about mCloud (September, 2018), restaurants and retail spaces are regarded as especially energy-intensive. mCloud’s AssetCare solution offers an innovative zero-upfront subscription model that creates operational savings to the customer while simultaneously creating a highly scalable recurring revenue stream for mCloud.
These new AI features enhance mCloud’s ability to save energy in commercial buildings. By analyzing numerous data sources such as space temperatures, outdoor weather, expected occupancy, and HVAC unit efficiency, the technology continuously pinpoints where a building’s energy is being wasted. These data are integrated into a real-time intelligence model that enables AssetCare to make decisions about how to best respond moment-to-moment to changing comfort conditions in a building, improving comfort while simultaneously curbing unnecessary energy use. This enables mCloud to seek energy savings that go beyond basic set point management and pre-set occupancy schedules.
“Our team at mCloud is excited about having the opportunity to apply the latest advances in AI and machine learning to make buildings smart,” said Dr. Barry Po, mCloud’s Chief Product Officer. “Through the use of AI, we believe it’s possible to create opportunities to make every building more sustainable.”
These new AI-powered features are expected to go live to all current and new AssetCare for Smart Buildings customers later this year. In advance of a global launch, mCloud plans to invite select customers to be part of an early access program enabling the use of these features in Q2 2019. Interested customers are encouraged to contact us for more information.
About Universal mCloud Corp.
Universal mCloud is creating a more efficient future with the use of AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Headquartered in Vancouver, Canada, with technology and operations centers in San Francisco, CA and Bristol, PA, mCloud takes advantage of IoT sensors to bring data from connected assets into the cloud, applying AI and analytics to maximize their health and performance. Today, mCloud offers complete asset management solutions to four distinct segments: smart buildings, wind energy, power utilities, and oil and gas. With over 100 blue chip customers and more than 28,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. For more information, visit www.mcloudcorp.com.
Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Universal-mCloud Corp
For further information:
Madelin Daviau, NATIONAL Capital Markets, T: 416-848-9833, firstname.lastname@example.org; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500