AIQ India Expansion Begins With 1 Million-Camera Deal
AIQ has signed a contract to deploy 1 million cameras to an unnamed Indian oil and gas conglomerate as part of a bid to expand beyond the UAE artificial intelligence company’s home market.
The cameras will be used in refineries, fuel stations and stores. They will use CCTV to read licence plates, AIQ chief executive Dennis Jol said. AIQ’s AI will provide the Indian company with information such as what products need restocking in its fuel stations and shops.
What AIQ does
AIQ designs artificial intelligence systems that make energy operations more efficient. Its tools can alert companies to parts that might fail in oilfields and advise what equipment warehouses should stockpile.
Newsletter
The corridor, every morning.
Funding rounds and cross-border capital moves, one email, five minutes.
AIQ is a joint venture between Abu Dhabi National Oil Company, the UAE state-backed energy group, and Presight AI, which is part of artificial intelligence and cloud computing specialist G42. Set up in 2020, the company’s customers include US oilfield services companies SLB and Baker Hughes.
About 5 percent of AIQ’s business comes from overseas customers. It began exporting its technology more than a year ago and is working in countries including Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait.
More in Market Move
