I have been following Skyfii for one year or so. Interesting product with several active customers. Looking forward to a CEO interview :)
Hi All,
Very keen to hear peoples thoughts on Skyfii, interesting article in AFR regarding an expanded trial with McDonalds USA...
Topline growing well, only $17mil marke cap ...
Cashflow breakeven 2H23, cash of $5mil at last financial year ....
Any thoughts strawpeople ?
I find their technology and use of data compelling - they have some excellent customers, maybe we could try and schedule an interview @Strawman
Article in the AFR Today
Technology editor
Nov 8, 2022 – 12.58pm
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Shares in ASX-listed customer tracking and analysis firm Skyfii soared on Tuesday, after it announced it has signed a three-year deal with fast-food giant McDonald’s, which will test whether it can use its light detection technology to speed up deliveries and save a fortune in wasted burgers.
The small-cap stock surged 63 per cent to 5.7¢ by the close, a welcome boost after it has been sold off – along with much of the tech sector – in the last year.
Skyfii CEO Wayne Arthur hopes the technology can become a recommended tool for all McDonald’s franchise owners.
Under the McDonald’s deal it will provide what it described as a real-time whole-of-restaurant monitoring and analysis solution, which it said would help the individual stores improve their operations, service efficiency and food freshness.
Skyfii initially gained market traction for its customer data intelligence services to shopping centres, restaurants and airports, by monitoring the movement and activities of customers who had logged on to its free WiFi networks.
However, the deal with McDonald’s builds on technology it acquired through the acquisition of a company called CrowdVision last year.
It is installing kit in restaurants that will use “Lidar” (Light Detection and Ranging) technology, alongside thermal imaging technology, as well as a bespoke algorithm to analyse the movement of staff and customers across McDonald’s service channels.
The technology has already been installed in four US restaurants, with four more to come over the trial period, which has netted Skyfii an initial $2 million.
Chief executive Wayne Arthur told The Australian Financial Review it was a big deal for the company because if it was able to prove itself, the technology would become a recommended tool for all McDonald’s franchise owners.
The deal came about after McDonald’s main technology partner, Halverson Group, contacted Skyfii out of the blue, seeking help with a problem where the company was losing money on home delivery orders through the likes of Uber Eats and Delivery Hero.
If a meal is delivered late or cold, and a customer complains, then McDonald’s ends up footing the bill. It was keen to find a way to monitor its processes to iron out the kinks and the Skyfii trial expanded from there.
Mr Arthur said the deal would help put it in the shop window to win deals with similar companies keen to improve their processes in handling perishable goods.
“We think this will scale and also we are not prohibited from taking this to Burger King or KFC or anybody else. So that’s the beauty and that’s why it’s significant to us,” he said.
“With McDonald’s, if the trial goes well, it would scale to 20,000-odd franchises around the world because the central company would rubber stamp us as an endorsed product.
“While they wouldn’t force franchisees to take it up, I’m told that with something that provides this sort of measurement, it becomes quite difficult to continue to be a franchise owner if you don’t take on board these types of recommendations.”