CLOUDASTRUCTURE: THE YEAR IN REVIEW 2023
Friday, February 9, 2024
Cloud video surveillance startup announces new technological advances and sales growth
MIAMI, Feb. 1, 2024 /PRNewswire/ -- Today, Cloudastructure held their annual shareholder meeting and featured the company's latest achievements in technology and sales, as well as discussed the path forward.
Remote Guarding
A year after completing the first and only fully integrated remote guarding software as well as launching a global guard service, the statistics on the seamless solution are bearing out the theory that AI surveillance and Remote Guarding can stop crime in real time:
-- AI surveillance sent 393,673 alerts in 2023
-- Of those, 7,816 required a Voice Down by guards
-- Of those 216 deemed to be threatening activity
-- 0 Voice Downs escalated to needing a law enforcement presence
Remote Guarding is one of the fastest growing areas of the company and continues to drive sales wins.
Sustainable Surveillance
Cloudastructure CEO Rick Bentley announced that Cloudastructure now has its own cloud for AI analytics inside a sustainable data center in Montana. The data center is owned and operated by Bentley's crypto mining business, Hydro Hash, and powered by orphan hydroelectric power in the state. The solution not only ensures cost-effective and renewable power generation, but is believed to be the first sustainable cloud solution in the AI surveillance industry.
AllStuff.AI
Bentley also announced a personal podcast he has launched "AllStuff.AI," where he examines AI from its inception to where it's going tomorrow. For more information about episodes, visit AllStuff.AI.
Rapidly Increasing Market Share in Multifamily
Chief Revenue Officer Lauren OBrien illustrated the company's proptech growth, noting that 50% of the top ten multifamily management companies in the U.S. now have Cloudastructure's AI Surveillance on some of their properties as well as plans to expand in 2024. Growth in core Saas services was up 191% in 2023, while the addition of a camera line in 2023 has helped to increase hardware sales by 451%, for a weighted average of 272% in the company's core services.
OBrien also noted the company's expansion into Canada, as well as the solution's continued recognition vis a vis the competition. Cloudastructure continues to be the most decorated AI Surveillance platform in the industry, and won "Residential Data Platform of the Year" at the Proptech Breakthrough Awards in August of 2023.
In closing, OBrien noted that January sales are already off to a record start: the sales team closed the company's largest single location deal, produced the highest invoicing month, and conducted the most site walks in the company's history. Moreover, the team is poised and ready for rapid expansion in 2024, possessing the ability to deploy at more locations, without the need for additional resources.
The Path Forward
CFO Greg Smitherman concluded with a discussion about Cloudastructure's finances and future. Given:
-- Core business invoicing is up 272% YOY
-- Remote Guarding invoices are up 1650%
-- 72% of the company's new proposals include Remote Guarding
-- Remote Guarding is already 42% of the company's SaaS business
-- And deployments are up 80%
Cloudastructure has a singular objective of emerging from the startup phase and becoming a cash flow positive company by the end of 2024, a feat that could be achieved by deploying to just 3% more of the portfolio properties of the existing customer base.
Conclusion:
In 2023, Cloudastructure fulfilled its mission to become the first and only seamless end-to-end AI Surveillance and Remote Guarding solution in the industry, delivered proof that the solution can stop crime in real time, and continued to expand its presence and reputation within the Multifamily market. With continued dedication in 2024, Cloudastructure can metamorphose from a startup into a revenue generating company while simultaneously making multifamily properties safer for the residents that call them home.
About Cloudastructure:
Headquartered in Miami, Florida, with R&D in Silicon Valley, California, Cloudastructure's advanced award-winning security platform utilizes a scalable cloud-based architecture that features cloud video surveillance with proprietary, state-of-the-art AI/ML analytics, and a seamless remote guarding solution. The combination enables enterprise businesses to achieve proactive, end-to-end security, and pairs that platform with an attractive value proposition that eschews proprietary hardware and offers contract-free, month-to-month pricing and unlimited 24/7 support. With Cloudastructure, companies can achieve unparalleled situational awareness in real time and thereby stop crime as it is happening, while simultaneously achieving up to a 75% lower Total Cost of Ownership than other systems. For more information, visit www.cloudastructure.com.
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SOURCE Cloudastructure, Inc
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