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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
New Record $1.5 Million Sale, Quebec market entry
On June 28, 2023, infinitii ai announced its largest sales contract ever with another large Canadian municipality. 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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