27% Sales Increase, 95% Customer Renewal Rate and Reduced Costs Highlight FY2023 

In fiscal year 2023 infinitii ai inc. (“infinitii ai” or the “Company”) secured the Company’s largest-ever recurring revenue contracts exceeding $1M each with large-scale water treatment facilities based on robust adoption of new machine learning software products. This momentum drove a 27% increase in sales, and 33% growth in monthly average revenue from contracted and subscription customers. An impressive 21% of recurring revenue was contributed by new customers. infinitii ai also experienced an exceptional overall customer renewal rate of 95% – a Software as a Service (SaaS) renewal rate above 90% is considered excellent. The Company did this while controlling expenses and preparing for more product introductions in additional vertical markets, which will help further increase revenue and drive continued growth.

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Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a machine learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade County, Montreal, Boston, Dallas, Region of Peel, York Region and Los Angeles County, among others. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial and SCG Flowmetrix.

infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it’s real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn’t matter where the data originates, infinitii ai transforms raw data into actionable information.

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After you review our investment opportunity here, we invite you to further explore our Press Releases, News Coverage, Board of Directors, and Shares, Listings and Filings pages.

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New CEO Hired to Undertake Transformation 

After serving as a consultant for two months to evaluate its growth potential, in January of 2021 Jean Charles Phaneuf was invited into the Company as CEO by its previous CEO Greg Johnston and the Board of Directors. Phaneuf brought over 25 years of experience with a demonstrated history of leadership success in the technology and investment banking industries.

 

Financial Foundation Established 

In February of 2021, Phaneuf led new funding to establish a strong financial foundation, and the Company announced an over-subscribed Private Placement of $5,601,288, convertible debentures of $250,000, and a $2,000,000 Line of Credit. Some of this funding was used to convert $1,491,000 of corporate debt.

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New Management and Simplified Corporate Structure

In March of 2021 Phaneuf recruited a seasoned management team including a VP of Sales and VP of Marketing. He has since added to that team and Johnston remains with the Company as its President, taking on roles in product evangelism, product management advisory and strategic business development.

 

Phaneuf also simplified a corporate structure that had separate operating companies and subsidiaries with siloed management and financial reporting. The Company now operates as a single operating entity with an associated reporting structure led by the new management team. The objective is faster time to market on new products as well as more rapid progress on business development, sales and revenue results.

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Digital Technology Supercluster Project

In November of 2021 the Company successfully delivered a two-year-long Fresh Water Data Commons ("FWDC") project. The project was led by infinitii ai and funded by Canada’s Digital Technology Supercluster in collaboration with Microsoft, Teck Resources Ltd., Living Lakes Canada, the University of Victoria and Genome BC. This project provided infinitii ai with the means to increase its Intellectual Property ("IP") portfolio.

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New Technology Offering New Revenue Streams

New technology based on this IP was announced at the Company's Annual General and Special Meeting (“AGSM”) of shareholders held on November 24, 2021. There, the Company demonstrated new products that build upon its existing flowworks real-time reporting and analytics software for municipal and industrial and infrastructure. These new software products were supplemented with IP developed during infinitii ai's engagement leading the FWDC project. 

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​Major Sale to Los Angeles County

On March 9, 2022 the Los Angeles County Sanitation Districts ("LASD") selected infinitii ai's software for real-time reporting and analytics on a wastewater system that services 5.6 million people. The California agency has awarded a two-year contract after which it is renewable on an annual basis. This represented the largest sale in the Company's history to date. 

 

LASD engineers stated they look forward to exploring new Artificial Intelligence (AI) and Machine Leaning (ML) capabilities once data migration and standardization is complete, also saying they have a big push for this advanced technology.

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Company Changes Corporate Name to infinitii ai

On Oct. 4 the Company, formerly named Carl Data Solutions Inc., announced it had rebranded and changed its company name to infinitii ai. The new brand supports a multi-product predictive analytics software portfolio focused on Machine Learning (ML) capabilities. On Oct. 7, infinitii ai’s new stock ticker symbol on the CSE changed from CRL to iai. The infinitii ai name embodies an extensive product portfolio for Machine Learning and signals exciting business transformation. The revitalized brand reflects a new era of growth for the Company as it markets innovative AI-driven software that empowers customers and partners to make their data smarter.

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Core & Main Adopts infinitii flowworks for Core+ Platform

On December 19, 2022, the Company announced it signed a U.S. distribution agreement with Core & Main Inc., which had USD$5 billion in revenue in its FY21. Core & Main's president stated that its national metering team had been actively engaged with infinitii ai over 14 months before choosing infinitii flowworks software for its our Core+ wastewater solutions. Core and Main's senior director of National Sales also stated that the data neutrality provided by infinitii flowworks gives a required level of comfort to Core & Main's other technology and manufacturing partners that allows Core & Main to truly innovate with their technologies versus being locked in or locked out from utilizing strategically important data.

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Major Sale to Region of Peel Starts 2023

On January 23, 2023, through a strategic partnership with SCG Flowmetrix Technical Services, infinitii ai made the first sale of its infinitii flowworks pro Machine Learning software as part of the project for the Region of Peel, Ontario. This sale represented a record seven-figure transaction for infinitii ai as part of the SCG Flowmetrix contract to provide Consulting Services for Flow and Rainfall Data Delivery. The Region of Peel provides water and wastewater services to 1.5 million residents and over 175,000 businesses in the City of Brampton, City of Mississauga and Town of Caledon, Ontario, and handles 240 billion litres of water per year, equivalent to 263 Olympic swimming pools each day, through 3,723 kms of pipe.

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The Region of Peel is also deploying infinitii auto qa/qc to perform Quality Assurance and Quality Control on any sensor data outliers that may distort results or trigger false alerts, and infinitii auto i&i for detailed analysis of storm events. Due to this record sale, infinitii flowworks pro will be operational in one of Canada’s fastest-growth municipalities.

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Record $1.5 Million Sale in Ontario + Quebec Market Entry 

 

On June 28, 2023, infinitii ai announced its largest sales contract ever with another large Canadian municipality in Ontario. The five-year $1.472 million contract with an existing municipal customer adds infinitii auto i&i, infinitii auto qa/qc and infinitii face pro Machine Learning products to a previous license for infinitii flowworks data monitoring software. And on July 6, 2023, the Company announced it had entered the Quebec market with two new large-scale customers ­– the Montreal Metropolitan Community (“CMM”) and the City of Montreal.

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Sales win with AECOM for City of Hamilton Starts 2024

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On Jan. 24, infinitii ai announced its partner AECOM won a competitive bid that installs infinitii flowworks real-time data monitoring software as part of the City of Hamilton’s Wastewater Quality Management System (WWQMS). With a population of 569,000, Hamilton is one of Canada’s fast-growth cities. And with the recent opening of its $340 million Woodward Wastewater Treatment Plant Upgrade project, the city is making significant progress on reducing wastewater pollution, improving water quality and managing wet weather conditions.

 

The City of Hamilton sought a qualified proponent to provide a Combined Sewer Overflow (CSO) Outfall Flow Monitoring program for a 2-year period at 17 locations throughout the city. The scope of work may also be expanded to provide design support services for the retrofit and future implementation of some of the temporary monitoring locations as permanent monitoring locations.

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Professional Services Attracts Business in New and Established Vertical Markets

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infinitii ai's professional services initiative is founded on a trend reported on by the Globe and Mail that more than one in four, or 27% of Canadian organizations are struggling to find skilled talent with an AI/machine learning background. The US-based talent search firm Careerlist similarly claims that almost every legacy software business is looking to integrate or build some kind of AI model and the talent market for AI engineers and leaders is incredibly tight. In the case of every professional services engagement entered into by infinitii ai, the Company seeks synergies with its own ongoing product development efforts and recurring revenue momentum. 

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On Jan. 31 infinitii ai signed a professional services and go-to-market agreement with TREKK Design Group, LLC (“TREKK”) to integrate PreView, TREKK’s patented sewer and storm surveillance monitoring system with infinitii flowworks. This strategic integration with infinitii ai will allow TREKK’s customers across the USA to see PreView images as they are produced in near real time alongside sensor data in the infinitii flowworks time-series viewer. The combination of images and sensor data allows users to better understand the impact of storm events on wastewater infrastructure, and introduces infinitii ai to an entirely new customer community in the United States. 

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And on Feb. 6, the Company secured a professional services contract in a new market vertical with Inverite Insights Inc. (“Inverite”). Vancouver-based Inverite is a leading AI-driven software provider that leverages real-time financial data for businesses to better transact with consumers.  Inverite is contracting with infinitii ai to develop machine learning capabilities and new data models based on algorithms that predict probability to repay and/or likelihood to default on loan applicants. The contract encompasses professional services, continuous maintenance, optimization, and solution development fees. Additionally, the contract licenses infinitii ai’s intellectual property, establishing a new source of recurring revenue outside its traditional smart city and industry infrastructure markets. This project validates the versatility of the Company's AI expertise and the transferability of its machine learning technology as it expands into new vertical markets.

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Sales wins with City of Markham and Halton Region Establish Dominance in Greater Toronto and Hamilton Area

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On March 13, with engineering services partner AECOM, the Company won a competitive bid that installs infinitii flowworks real-time data monitoring software in a contract from the City of Markham for flow monitoring, data collection, data delivery and related consulting engineering services. The contract runs through 2024, and city staff is authorized to exercise the option to renew the contract for four more additional years from 2025 to 2028.

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And on March 25, through a strategic partnership with SCG Flowmetrix Technical Services Inc. (“SCG Flowmetrix”), the Company won a contract for the wastewater flow monitoring program for The Regional Municipality of Halton (“Halton Region”). Halton Region has the option to renew this contract for eight additional one-year terms to supply infinitii flowworks. With this latest contract award, infinitii ai software now serves more than 90% of the Greater Toronto and Hamilton Area (GTHA) population, which includes the cities of Toronto, Hamilton, Markham, plus Peel, York and Halton regions. This track record of sales success in the GTHA offers the Company a strategic framework which is being applied to similar urban markets across North America, where both prospects and our customer base lies, paving the way for growth.

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