MultiSensor AI Holdings, Inc. builds intelligent multi-sensing platforms incorporating edge and cloud AI software solutions that are utilized by organizations to monitor and protect critical assets across a wide range of industries.
The company is a provider of sensing systems built around high-resolution thermal imagers along with visible and acoustic imagers, as well as vibration and laser spectroscopy sensors, that perceive and measure heat, sound, vibration, and gas in industrial assets and...
MultiSensor AI Holdings, Inc. builds intelligent multi-sensing platforms incorporating edge and cloud AI software solutions that are utilized by organizations to monitor and protect critical assets across a wide range of industries.
The company is a provider of sensing systems built around high-resolution thermal imagers along with visible and acoustic imagers, as well as vibration and laser spectroscopy sensors, that perceive and measure heat, sound, vibration, and gas in industrial assets and the surrounding environment, helping companies gain insight to efficiently manage their most important assets and infrastructure.
The company designs and manufactures turn-key multi-sensor solution platforms with edge and cloud-based software that to be high performing and attractively priced across each of the company’s four target markets: distribution & logistics; manufacturing; utilities; and oil & gas. The company’s core infrared sensor devices achieve a high degree of accuracy through proprietary calibration processes, which are the result of thousands of hours of engineering and research and development (‘R&D’). The company also offers a wide range of form factors for its sensor devices, ranging from small to large handheld designs with built-in displays and controls, to fixed-mounted single- and multi-sensor camera sensor systems, with or without displays and controls, to mobile multi-sensor payload and gimbal systems for unmanned aerial vehicles (‘UAVs’), and more.
The company’s digital multi-sensor technology platform positions the company at the center of a global revolution in thermal and related sensing, as the introduction of continuous streaming thermal data alongside other adjacent sensor data and coupled with automated insights replaces intermittent manual thermal and physical inspections, and cloud-connected thermal, visible, acoustic, vibration, and spectroscopy big data capture enables artificial intelligence and machine learning (‘AI/ML’) to elevate critical asset management to a new level. Partnering with several blue-chip multinational customers throughout the development process, the company has validated dozens of high-value use cases for its SmartIR and MSAI cloud-software across the company’s four core verticals.
The company’s revenue is distributed across four industry verticals, the largest of which represented approximately 40% of the company’s revenue for the year ended December 31, 2023. This revenue distribution illustrates both the flexibility of the company’s technology and the significant addressable opportunity across the company’s target markets globally.
The company’s thermal and multi-sensing technology has potential application across many industry verticals. The company defines its TAM as applications in the distribution & logistics, manufacturing, utilities and oil & gas markets in the United States, where the company actively engages and maintains customer relationships.
SmartIR & MSAI Technology
The company is continuing to develop and implement its SmartIR SaaS platform to support the company’s customers as they increasingly adopt continuous monitoring solutions and data driven analytics. And the company continues to add additional sensor modalities to the SmartIR platform as the company transitions to the MultiSensor AI (MSAI) platform branding. The company’s SmartIR & MSAI technology has been developed and continues to be refined primarily for use in four core industrial markets that are at the forefront of the transition to continuous monitoring thermal solutions: the distribution & logistics, manufacturing, utilities, and oil & gas markets. The company launched its SmartIR cloud-software product suite in the second quarter of 2023.
Products
Infrared Sensing Technology
Infrared is a portion of the electromagnetic spectrum that is adjacent to the visible spectrum, but is invisible to the human eye due to its longer wavelengths. Unlike visible light, infrared radiation (or heat) is emitted directly by all objects above absolute zero in temperature. Thermal imaging systems detect this infrared radiation and convert it into an electronic signal, which is then processed for display as a video signal or analyzed by sophisticated software to conduct temperature data analysis. Thermal sensors provide several benefits over ubiquitous visible, light-based sensing technologies, including the ability to measure temperature remotely and without touching the surface of the object, detect and image many types of otherwise invisible gases, observe in complete darkness, image through obscurants, such as smoke and fog, detect and discriminate living beings in an efficient and reliable way, and see over long distances with minimal atmospheric interference. For these reasons, the company feels the potential of its core technology to grow in prevalence and importance is significant, particularly as the cost of the technology continues to decline, opening up large new end markets.
Acoustic Imaging Technology
Audible and ultrasonic sounds across the mechanical wave spectrum have historically been detected and analyzed using single point microphones. Recently developed acoustic imaging technology combines an array of microphones surrounding a visible imaging sensor to both detect soundwaves and to estimate their source location within the camera’s field of view using sophisticated software. The software analysis of these soundwaves can then identify, quantify, and localize compressed air or gas leaks, as well as partial discharge in industrial equipment.
Vibration Monitoring Technology
Mechanical vibrations of industrial equipment can be monitored using piezoelectric or accelerometer-based vibration sensors. Vibration sensor data can then be analyzed by sophisticated software to identify mechanical anomalies based upon frequency and intensity of detected vibrations and their position on the asset being monitored.
Multi-Sensor Technology
The company’s founders and engineering team have many years of infrared industry experience. By leveraging the company’s deep knowledge of infrared technology, as well as complementary sensor technology, the company has designed, manufactured, and sourced a range of industry-leading infrared and multi-sensor cameras and payloads. The company has also developed specialized software to ingest, store, and analyze this sensor data. The company often combines its sensor devices with its edge and cloud software to create tailored, end-to-end solutions for numerous industrial use cases. The company’s sensor, sensor hardware, and sensor software products separately or collectively create new solutions to challenging problems across the industries the company serves, and as a result, the company is well-positioned to compete in the large new end markets the company sees emerging in infrared and related sensor technology.
Sensor Devices
The company’s sensor devices cover a large range of the electromagnetic and mechanical spectrums, encompassing visible-light imagers, shortwave (‘SWIR’), midwave (‘MWIR’), and longwave (‘LWIR’) infrared imagers, ultraviolet (‘UV’) imagers, acoustic imagers, and tunable diode laser emitter-detector pairs for laser absorption spectrometry (‘TDLAS’). While the company’s sensor devices generally include an infrared imager as a core sensor technology, many of them are multi-sensor and include two or more of the aforementioned sensor devices.
Many of the company’s infrared sensor devices achieve enhanced accuracy as a result of the company’s proprietary calibration process, which corrects manufacturing variances inherent in infrared sensors and enables the company’s products to outperform those of some competitors. The company has invested thousands of hours of engineering R&D in creating and refining this calibration process and it to be a distinct competitive advantage in the infrared industry.
The company offers a wide range of form factors for the company’s sensor devices, ranging from small to large handheld designs with built-in displays and controls, fixed-mounted single- and multi-sensor camera systems with or without displays and controls, fixed-mounted pan-tilt-zoom (‘PTZ’) single- and multi-sensor camera standalone systems, and mobile multi-sensor payload and gimbal systems for UAVs and unmanned ground vehicles (‘UGVs’). A partial list of the company’s sensor devices follows below:
Fixed-Mount Infrared Cameras
FMX 400: Longwave Infrared (LWIR) Auto-focus Ethernet camera.
8640 P: Longwave Infrared (LWIR) Manual-focus USB camera.
Mirage: Cooled Midwave Infrared (MWIR) Optical Gas Imaging (OGI) camera.
Fixed-Mount Infrared + Visible & Multi-Sensor Cameras
APEX 200: Compact IP67-rated IoT Dual-spectrum Longwave Infrared (LWIR) + Visible camera.
FM 700XP: High resolution IP66-rated Dual-spectrum Longwave Infrared (LWIR) + Visible camera.
Fixed-Mount Acoustic + Visible Cameras
Sound Detect FM: Industrial IP54-rated 128-microphone Acoustic + Visible camera.
Handheld Infrared + Visible Cameras
T-Cam 600P: High resolution handheld Dual-spectrum Longwave Infrared (LWIR) + Visible camera.
Titan HD: Ultra-high resolution handheld Dual-spectrum Longwave Infrared (LWIR) + Visible camera.
IR-Pad: High resolution handheld IR Tablet PC with Dual-spectrum Longwave Infrared (LWIR) + Visible sensors with integrated edge processing software.
Handheld Acoustic + Visible Cameras
Sound Detect Pro: Handheld ATEX-certified IP54-rated 128-microphone Acoustic + Visible camera.
Unmanned Vehicle Multi-Sensor Payloads
Methane Mapper: Multi-sensor payload with TDLAS + Visible sensors and ICI edge processing device.
OGI Inspector Plus: Multi-sensor payload with Cooled Midwave Infrared (MWIR) Optical Gas Imaging (OGI), TDLAS + Visible sensors and ICI edge processing device.
Sensor Software
The company has developed a suite of edge and cloud software systems to ingest, store, analyze, and automatically activate responses to sensor data. The edge and cloud software systems can operate independently or be combined for maximum capability. The combination of the company’s edge and cloud software together creates a multitude of turn-key software solutions for the company’s customers that solve industrial problems in ways previously unavailable.
Edge Software
The company’s edge software is highly specialized because, in addition to performing standard, visible-light video processing, it also processes the raw radiometric data output from the company’s infrared sensors, consisting of high-precision absolute temperature values for every pixel in the sensor array. The company’s software is able to display a video image of the sensor output using customizable color palettes to represent temperature values and features automatic or adjustable minimum and maximum temperature values for this video image conversion. The company’s edge software is also able to perform analytics on the sensor output, with powerful data processing, capture, charting, and the creation of configurable temperature alerts and alarms for both the overall sensor array, as well as for customizable regions of the array, or Regions of Interest (‘ROI’).
Additionally, powerful features like comparing temperatures between ROIs and measuring ROI temperature changes over time enable the company’s software to provide extended insight into industrial equipment and processes. Built-in report generation features enable easy documentation of findings for customers still performing manual inspections.
The company’s edge software also features multiple notification methods for communicating an uncovered anomaly, including automatic email and text message generation, as well as automatic light and sound generation. In addition, the company’s software features flexible integration with customer systems using various industrial protocols to enable automatic, anomaly-driven remediation, whether dynamically adjusting operating parameters, shutting down production lines at risk of imminent failure, or triggering fire suppression systems. Versions of the company’s edge software are also capable of capturing, storing, and analyzing sensor data from UV imagers, acoustic imagers, and TDLAS devices. Also, the company’s edge software designed for UAV and UGV usage enables partial to complete integration with the unmanned system’s control architecture to not only capture sensor data, but also control gimbal devices and communicate with the unmanned system’s flight or ground controls.
A variation of the company’s edge software is designed to measure human skin temperature in order to identify individuals who have an elevated body temperature. This software features artificial intelligence (‘AI’) capabilities and includes computer vision modules to automatically detect and locate a temperature reference source, automatically detect one or more human faces in the scene, and determine if a hat, glasses, or face mask is being worn so that appropriate actions can be taken. This edge software can generate notifications via multiple communication channels in response to elevated body temperature detection. It also can identify employees via badge-worn QR codes, validate employee status, perform temperature checks, and grant facility access only upon proper compliance, thus functioning as an access-control system.
The company’s edge software can be run on many types of edge devices, generally any PC, workstation, or server, and can be run on either Windows or Linux operating systems. Customer implementation needs will determine the type and location of the edge device relative to the sensor device.
Cloud Software
The company’s cloud software, which runs on the Amazon Web Services platform, communicates bilaterally with one or more devices running the company’s edge software via any suitable internet connection, including via mobile and satellite networks, thereby receiving and storing sensor data from the company’s sensor devices, including metadata, such as ROI temperature values and generated ROI temperature alerts, full frame temperature data, and streaming video. In addition to receiving and storing this data, the company’s cloud software provides a rich dashboard that enables users to simultaneously view live data and video streams from multiple sensor devices, as well as related ROI temperature values and ROI temperature alerts. For customers with multiple facilities distributed geographically, this central monitoring capability provides a new and powerful tool for thermal anomaly detection and management.
The company’s cloud software is distinguished by its capability to not only transmit metadata and streaming RGB video from the edge to the cloud, but also transmit radiometric image data. This radiometric capability enables the full analytical power of infrared cameras to be harnessed in the cloud, as well as at the edge. In particular, this cloud radiometry enables vastly broader AI/ML capabilities, as models can be trained on radiometric data from enormous infrared datasets gathered from every camera connected at the edge. The company expects this ‘big data’ capability to be a significant competitive advantage as the company continues to develop transformative computer vision models for all of its customers’ use cases.
The company’s cloud software can also receive acoustic imager RGB video and metadata streams from the company’s edge software, enabling remote monitoring and analysis of fixed-mount acoustic imagers. Additionally, the company’s cloud software can receive vibration monitor data from 3rd-party wireless vibration sensor product solutions. Incorporating acoustic, vibration, thermal, and visible imager data into one ‘single-pane-of-glass’ monitoring solution provides enhanced value for the company’s customers.
The company’s cloud software features comprehensive user access management and security protocols to enable flexible and secure provisioning of sensor data access and visibility for multiple users across a company’s platform. The company’s cloud software also features customizable Enterprise Asset Management (‘EAM’) integrations to automatically generate work orders in the customer’s EAM system when an alert is triggered.
A variation of the company’s cloud software is designed to provide centralized monitoring of employee health and safety across facilities by communicating with edge devices running the company’s elevated body temperature monitoring software, leveraging the same core infrared cloud architecture that underpins the company’s industrial monitoring software. This software provides robust analytics for measuring and responding to health trends and features AI capabilities, including computer vision modules to automatically track the location of employees who display elevated body temperature.
Product Roadmap and Development
The company’s sensing platforms integrate multiple sensors into sensor devices paired with edge and cloud software to create solutions that protect critical industrial assets in multiple end markets. The company’s product development is therefore focused on improving and expanding the company’s sensor portfolio to include sensors with superior performance, price, or sensing capabilities, improving the company’s sensor device portfolio to incorporate superior form factors with improved performance, including handheld, fixed, and mobile device forms, and improving the company’s edge and cloud software to incorporate superior performance and additional functionality, with a particular focus on utilizing AI to automate and improve industrial anomaly detection and response.
The company’s product roadmap has expanded significantly over the past several years as the company has transitioned from a transactional device and edge software focus to a comprehensive subscription service approach incorporating devices, edge software, and cloud software in combination to offer unprecedented turn-key infrared technology solutions to numerous industrial challenges. The company’s product roadmap now also includes significant development efforts in AI/ML on top of the company’s sensor, device, and software platform, enabled by the company’s revolutionary new infrared solutions approach.
Customers
The company primarily targets four markets globally: distribution & logistics, oil & gas, manufacturing, and utilities. For the year ended December 31, 2023, one customer accounted for 44% of total net revenue.
Distribution & Logistics
The company’s customers in the distribution & logistics market are generally engaged in the maintenance and upkeep of facilities and their critical assets. This includes conveyor systems, transportation and machinery, facilities and building envelopes and electrics, and much more. Traditionally, target users include mechanical engineers and maintenance and facilities professionals. The company’s data driven solutions will expand the user base to include operations and safety executives, process engineers, and other process- oriented leaders.
Manufacturing
The company’s customers in the manufacturing market are numerous and include automotive and vehicle manufacturers, chemical and paper manufacturers, and aerospace and defense manufacturers, among other complex systems manufacturers. The company’s target users in the manufacturing market traditionally include mechanical engineers and facilities and maintenance professionals. As the company’s software solutions continue to evolve, the company is increasingly targeting process design, safety, and operational leaders whose priorities involve process waste reduction, enhanced safety protocols, and improved consistency and quality in manufacturing outputs.
Utilities
The company’s customers in the utilities market include all organizations involved in electrical power generation, transmission, and distribution. Target applications include transformer and substation monitoring, power generation monitoring, and electrical line maintenance. The company also targets organizations involved in green energy production, including wind and solar power generation. Traditionally targeting linemen, substation managers, and maintenance professionals, the company’s data driven solutions have expanded this user base to include operations, safety, environmental and reliability leaders.
Oil & Gas
The company’s customers in the oil & gas market leverage its technologies for a wide variety of uses, including facilities maintenance, asset performance assessment, tank level monitoring, leak detection, pipeline monitoring, and processing safety. This market includes commercial businesses as well as some governmental agencies. Traditionally, the company’s solutions have been sold to maintenance professionals, safety professionals, and engineers. The company’s data driven software and all-encompassing solutions will expand users to include operational and manufacturing leaders, as well as other organizational leaders involved in enterprise-level sales.
Growth Strategies
The key elements of the company’s growth strategy are to expand the company’s sales and marketing presence; increase investment in SaaS solution; execute on the company’s product roadmap; grow Wallet Share with enterprise customers; expand the company’s distribution network; and pursue strategic acquisitions.
Manufacturing
The company leverages its expertise in infrared and related sensors and devices to design, develop, source, and manufacture a variety of engineered products. The company has developed a flexible manufacturing strategy combining contract manufacturing for high-volume products and in-house manufacturing for lower- volume specialized products. For its in-house manufacturing the company purchases many subcomponents pre- assembled, including certain detectors, coolers and optics, as well as other sensors. These components are then assembled into finished systems, calibrated and tested at its primary production facility located in Beaumont, Texas. For both of these manufacturing approaches, the company often applies its proprietary calibration process as part of final assembly, in order to achieve superior sensor accuracy than competitors.
Sales and Marketing
The company plans to expand its sales and marketing efforts to attract new customers and grow orders from existing customers. The company maintains a global sales presence and sell directly to the majority of the company’s customers. Members of the company’s sales team are technical and understand use cases and value drivers across the company’s four core vertical target markets.
While the company maintains direct relationships with the majority of its customers, the company has also developed a global network of active direct dealers and distributors to sell, install, and support the company’s solutions. The company collects feedback directly from its customers to generate insights that drive the company’s business and innovation strategies. The company will continue to expand and optimize its dealer network to ensure that the company has sufficient geographic coverage across both existing and new markets.
The company takes a targeted, data-driven marketing approach to each of the company’s four focused markets. The company develops and publishes digital content, including blogs, webinars, videos, and other digital solutions to educate potential customers and expand the company’s reach. The company leverages a full technology stack, including a CRM system, marketing automation platforms, and account-based marketing tools to optimize target end user interactions and to drive efficient digital marketing efforts. The company also actively pursues thought-leaderships opportunities to present and speak at market-specific conferences, executive events, trade shows and industry events to further develop the company’s brand and reputation. These opportunities also allow the company to showcase its technology and attract additional customer interest. The company also sponsors universities and other non-profit organizations to increase awareness of the company’s technology and demonstrate its capabilities.
The company sells a portion of its products through third parties such as distributors and manufacturers representatives.
History
MultiSensor AI Holdings, Inc. was founded in 1995.
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