Axiom Cloud Inc. and Turntide Technologies announced an agreement in which Turntide will become a minority investor in Axiom and license its technology. By removing technological barriers and providing ongoing support, Turntide will help Axiom Cloud accelerate its impact on retail grocery and other markets with commercial refrigeration assets.
As part of the agreement, Axiom will license portions of its IoT infrastructure to Turntide to support Turntide's mission to eliminate the 25% of global electricity consumption that is wasted by legacy motors.
Transforming commercial refrigeration
"We are thrilled to announce this new chapter for the Axiom team, with Turntide's support," said Amrit Robbins, CEO of Axiom Cloud. "Our mission remains the same: create a more sustainable future by transforming commercial refrigeration. However, we are now singularly focused on delivering scalable value through intelligent software and IoT systems."
It is clear that Axiom Cloud can create value for the grocery industry"
"It is clear that Axiom Cloud can create value for the grocery industry," said Ryan Morris, CEO of Turntide Technologies. "We are excited to work with Axiom, and we look forward to driving the synergies between Axiom and Turntide's HVAC and refrigeration solutions."
Painful refrigeration outages
Retail grocery customers can subscribe to one or more of Axiom Cloud's apps and experience a simple payback of under 1 year. ‘Virtual Technician’ autonomously predicts and prevents equipment failures before they cause painful refrigeration outages.
‘Virtual Battery’ transforms frozen inventory into an intelligent thermal battery to reduce energy bills and unlock new revenue streams. These apps run on Axiom Cloud's noninvasive IoT Platform. Axiom Cloud is currently serving multiple top-20 grocery chains throughout North America.
