Ford Motor Company and ADT formed a $105 million joint venture to bring a new artificial intelligence-enabled vehicle security system to market.
Ford will hold a majority stake in Canopy, a start-up that was developed in the automaker's in-house start-up incubator, but its services are a key piece of the offering.
That makes it a big deal. We know what we know.
It's like a doorbell camera for your truck.
The system is similar to a doorbell camera for a vehicle. The system can monitor the vehicle's surroundings with a camera and sensors. If the system finds a credible threat, it will alert owners via a phone app.
The app allows owners to see and hear video and audio from the vehicle, summon police if needed, and to talk to people near the vehicle via vehicle-mounted speakers, as shown in this video released by Ford.
The system can be connected to the agents via a monthly subscription. If the system finds a potential threat, the agents can contact the customer, fleet manager, or the police if additional measures are needed to protect people or property.
The kit for the canopy system is designed to protect the cargo areas of the truck. Ford's new commercial-fleet unit, Ford Pro, will be marketed to commercial-vehicle owners worried about the potential theft of tools or cargo from their pickup or vans.
"Thieves have been even more active during the Pandemic and know business owners store valuable equipment in vehicles, often hauling more than $50,000 of gear," said Franck Louis-Victor, who leads Ford's new-business incubator. "Canopy is here for people who have had enough of theft."
The kit will be available through Ford dealers in the U.S. and UK, and online at Amazon. It will be an option on Ford's F-Series pickup and Transit vans, as well as on other Fords, in the future.
The upcoming F-150 Lightning Pro will be protected by canopy, an integrated option on Ford commercial vehicles. The image is from the Ford Motor Company.
The company is a joint venture between Ford and ADT.
FordX is an internal unit that functions like a start-up incubator for ideas that are conceived within Ford. The FordX technology was developed by the team at the Canopy in close consultation with the company.
In exchange for a 60% stake, Ford will invest $63 million in Canopy over the next three years. The remaining 40% of Canopy will be owned by ADT. The partners' initial investments are expected to close in the second quarter.
Ford said that Canopy will be based in Detroit and London. Christian Moran will be the interim CEO.
What does it mean for Ford investors?
I don't think Canopy is important because of revenue. It has the potential to be a nice business, but it probably won't be a huge one by Ford's standards. It shows that Ford can nurture and develop worthwhile new businesses in-house.
Ford's plans to offer more on-board computing power in its vehicles over the next few years will offer opportunities for new products and services that create revenue streams. The news shows that Ford has an in-house structure to identify and nurture ideas that could become new products and services.
It's another sign that Ford is doing what it needs to do to thrive and profit as the auto industry's transformation unfolds.
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