2016 was another highly successful year for Motion Metrics. Looking back, we compiled what we think were the top ten moments this year:
1. Our first AI-based product
This year we launched LoaderMetrics™ 2.2 with thermal imaging, our camera lens cleaning system (LCS), and an advanced missing tooth detection algorithm using Deep Learning. The new system has already been installed on CAT993, CAT 994, LeTourneau L1850, and LeTourneau L2350 loaders at mines around the world and recently detected its first missing tooth! This product is an example of how we leveraged state-of-the-art machine learning technologies to address a tough challenge in mining. We will accelerate this trend in 2017. Read more here.
2. Employee Growth Participation Plan
We started the year by announcing the Employee Growth Participation Plan at Motion Metrics. This customized plan ensures that all dedicated long-term employees will benefit from growth of Motion Metrics in the years ahead. Indeed, “Ownership” is a new value added to the list of our values at Motion Metrics. Read more here.
3. Motion Metrics featured in Financial Times
In February, Motion Metrics President and CEO Dr. Shahram Tafazoli was interviewed by the Financial Times to discuss how technology can help the mining industry improve productivity in times of low commodity prices and rising production costs. Read more here.
4. MetricsManager™ Pro launch
In the Fall of 2016, we launched MetricsManager™ Pro, our latest data management platform. MetricsManager™ Pro gathers all the data collected by Motion Metrics systems online, allowing mine management to check real-time equipment status updates, tooth wear prediction reports, shovel productivity reports, and bucket-based rock fragmentation analysis. The product is very well received among our mining clients. Read more here.
5. PortaMetrics™ US patent
On August 16th, Motion Metrics received US Patent #9,418,309 for the PortaMetrics™ portable 3D imaging based fragmentation sensing system.
This is indeed the 8th patent rewarded to Motion Metrics and will prove critical to secure our position as a technology development leader in the mining industry. Read more here.
6. PortaMetrics™ subscriptions launch
At MINExpo 2016 in September, we officially launched subscription pricing for the PortaMetrics™ 3D imaging fragmentation analysis tablet. Under the new pricing model, users can purchase a yearly subscription for US$12,000 (North American pricing). The subscription includes the patented PortaMetrics™ 3D imaging tablet, complementary access to MetricsManager™ Pro, and ongoing support from our in-house team of fragmentation experts. Read more here.
7. MINExpo 2016
Because it only happens once every four years, we made the most out of MINExpo 2016, the world’s biggest mining tradeshow. With two booths and demos showcasing all our solutions, the convention was a huge success and we had no dull moments during the 3 epic days of the convention. Read more here.
8. AI Conventions in 2016
As machine learning is now an integral part of Motion Metrics, we participated in two premier AI conventions this year. In October, our team of 7 engineers, including the CEO, attended the Market for Intelligence conference in Toronto. We also showcased our projects that leverage deep learning technology to solve challenging problems at our booth. Later, in early December, our AI team leader attended the Neural Information Processing Systems conference- NIPS 2016 – in Barcelona, Spain. Held every year, this is the world’s premier technical conference. We plan to continue attending these exciting annual events in 2017 and beyond. Read more here.
9. Several big orders from mines in Chile and South Africa
2016 was a very successful year for our sales team with numerous orders from mines and quarries around the world. In addition to securing many regular orders, this year we received several large orders in Chile and South Africa. A large copper mine in Chile ordered 6 ShovelMetrics™ and 2 LoaderMetrics™ systems and a major iron ore mine in South Africa placed two large orders for ShovelMetrics™ systems. These orders also include multi-year maintenance contracts with our dedicated teams in Chile and South Africa.
10. Record numbers in a down market
We continued our streak of record numbers this year while the overall mining industry continued its slump. We now have more than 250 systems installed on shovels and loaders around the world. We also had a record year of sales for PortaMetrics™. Naturally, our revenue hit a record level this year with more diversification across products and in various regions around the world. The number of full-time employees at our headquarters as well as our offices in Chile and Africa exceeded 50 for the very first time as well. As the year wraps up, we are happy to see that the mining sector is reviving as commodity prices are going back up. This is good for all of our peers in this fundamental sector of the world economy.