Checkit PLC on Monday said it is launching a machine learning-focused product as it reported new contract wins.

The Cambridge, England-based workflow management software provider said it signed new contracts with two existing customers worth at least £417,000 in total lifetime revenue over their three-year terms.

One new contract is with an integrated energy company aimed at providing real time operations management capability to 50 franchises in the UK valued at £252,000 over three years. They will be installed in tranches over the course of the current financial year that ends on January 31, 2025.

Further, Checkit signed contracts with a multinational outsourced food service company for the provision of its connected automated monitoring and connected workflow management products to end users in four additional locations. The contracts are worth a total of £165,000 over three years.

Finally, the company launched a new product named Asset Intelligence, which is aimed at applying advanced analytics and machine learning to Internet of Things data to help enhance customer sustainability and reduce costs while boosting revenue.

‘Asset Intelligence analyses the condition of monitored appliances to predict issues before they escalate. It also identifies operational inefficiencies and provides greater visibility of asset performance,’ Checkit explained.

Chief Executive Officer Kit Kyte said: ‘The release of Asset Intelligence marks an exciting chapter in the evolution of our product offering and our integrated end-to-end platform. We expect Asset Intelligence to provide a strong catalyst for future software growth. Asset Intelligence demonstrates the power of machine learning on the proprietary data sets provided by our platform and sensor ecosystem, to deliver meaningful savings and sustainability benefits to our customers.’

Checkit shares rose 8.1% to 22.70 pence each on Monday morning in London.

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