Ford (NYSE: F) and ADT Inc. (NYSE: ADT) will invest in a new joint
venture called Canopy that combines ADT’s professional security
monitoring and Ford’s AI-driven video camera technology to help
customers strengthen security of new and existing vehicles across
automotive brands.
“The combination of our technologies and our deep security
experience creates a new category of protection for work and
personal vehicles,” said Elliot Cohen, ADT chief business
development officer. “Vehicles represent the second-most-valuable
asset for consumers, and helping to protect them extends ADT’s
safe, smart, and sustainable solutions far beyond the home.”
Canopy plans to launch industry-first, multi-sensor security
systems with available professional monitoring early next year. The
first products to be manufactured and sold will be available in the
U.S. and the U.K. for the industry’s highest-volume commercial and
retail pickups and vans – including the Ford F-150, F-150
Lightning, Transit vans and E-Transit – and will be easily
installable by customers to protect expensive work and recreational
equipment.
“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. Canopy is here for those who’ve had
enough of thefts that threaten their livelihoods,” said Franck
Louis-Victor, vice president, Ford New Business Platform. “Key to
Ford’s software-led transformation are new ideas such as Canopy and
collaborating with other innovators such as ADT, which brings to
vehicle security their leadership protecting families, homes, and
businesses.”
The FBI estimates1 that stolen work equipment cost more than
$7.4 billion in 2020 in the U.S., and theft of valuable work
equipment is believed to be underestimated in stolen vehicle
reports. Small business owners face even greater opportunity costs
with the deferral or loss of jobs while replacing stolen items.
Canopy also plans to begin integrating camera security solutions
in Ford vehicles next year for seamless protection inside and
outside vehicles. Canopy will seek factory-vehicle integrations
with other automakers over time.
Starting a Vehicle Security RevolutionCanopy’s
first smart vehicle security system accessory offering will make
use of acoustic sensors for vans, onboard cameras, radar, LTE, and
GPS. The initial product will have a camera that can be mounted in
either a van’s cargo area or on a pickup facing the bed. The
platform will use AI technology to identify and report credible
threats while reducing false alarm signals.
- Customers will be connected to the system via the Canopy app to
livestream video from the vehicle, get notified of suspicious
activity, or review past events.
- The system will trigger a smartphone alert of any indicators of
potential criminal activity, such as breaking glass, metal cutting,
or suspicious motion or sound near the vehicle.
- Customers can warn potential thieves they are being monitored
by speaking through the smartphone app, enabled by a two-way audio
feature that will be available by next year.
- The system’s AI is designed to distinguish true threats from
benign acts – such as a cat jumping into a pickup bed or
construction sounds near a vehicle – before alerting the owner or
ADT monitoring agents of potential theft.
- The system will alert ADT monitoring professionals if it
detects a person loitering around or breaching the vehicle.2
ADT monitoring agents can then contact customers, fleet
managers, or police to take additional measures to help prevent
theft. Credible threats will trigger additional responses,
including audible alerts and programmable voice recordings and
two-way audio in future updates.
The first-of-its-kind Canopy products will be sold through
vehicle dealerships, major retailers, and online. Ford Pro will be
an important launch partner delivering these solutions to
commercial and government customers of all sizes, helping drive
business forward and accelerate productivity at a global scale.
“Commercial customers around the world are laser focused on
protecting investments from costly replacements that can impact
their bottom lines,” said Ted Cannis, CEO, Ford Pro. “Canopy will
help Ford Pro deliver another service to fleets helping to improve
total cost of ownership by staying productive and avoiding downtime
associated with stolen tools and damaged vehicles – including the
majority with mixed fleets since Canopy technology will be
available across brands.”
More Innovation to ComeThe Canopy team has been
developing and testing its first technologies for two years as part
of Ford’s New Business Platform innovation incubation group. They
will now be headquartered in Detroit and London and led by Interim
CEO Christian Moran.
Canopy also will seek relationships with other automotive,
insurance, and technology companies to expand offerings, explore
insurance benefits for use of the technology, and co-create new
innovations.
Ford and ADT’s investment in Canopy is subject to certain
conditions, including regulatory approvals, and initial funding is
expected to close in the second quarter of 2022. The partners
expect to invest approximately $100 million during the next three
years.
For more information, visit www.canopy.security
Forward-Looking StatementsADT has made
statements in this press release that are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 and are made in reliance on the safe harbor
protections provided thereunder. These forward-looking statements
relate to our joint venture with Ford, its anticipated impact on
our business and cash flows, our anticipated plans and strategies,
our anticipated demand for smart vehicle security systems, our
ability to expand our offerings both within and outside of the
United States, and our ability to continually innovate to create
new demand and satisfy the needs of consumers. Forward-looking
statements can often be identified by the use of words like “will,”
“plans,” “intends,” “anticipates,” and similar words and are based
on currently available information and management’s current beliefs
and assumptions. ADT cautions that these statements are subject to
risks and uncertainties, many of which are outside of ADT’s
control, and could cause future events or results to be materially
different from those stated or implied in this press release,
including among others, risks and uncertainties relating to the
launch of a new joint venture, risks and uncertainties in
developing and innovating smart vehicle security systems and
products, risks and uncertainties in operating in markets outside
of the United States, and risk factors that are described in the
Company’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, including the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” contained therein. Any forward-looking
statement made in this press release speaks only as of the date on
which it is made. ADT undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
About Ford Motor CompanyFord Motor Company
(NYSE: F) is a global company based in Dearborn, Michigan, that is
committed to helping build a better world, where every person is
free to move and pursue their dreams. The company’s Ford+ plan for
growth and value creation combines existing strengths, new
capabilities, and always-on relationships with customers to enrich
experiences for and deepen the loyalty of those customers. Ford
designs, manufactures, markets and services a full line of
connected, increasingly electrified passenger and commercial
vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln
luxury vehicles. The company is pursuing leadership positions in
electrification, connected vehicle services and mobility solutions,
including self-driving technology, and provides financial services
through Ford Motor Credit Company. Ford employs about 186,000
people worldwide. More information about the company, its products
and Ford Motor Credit Company is available
at corporate.ford.com.
About ADTADT provides safe, smart and
sustainable solutions for people, homes and businesses. Through
innovative products, partnerships and the largest network of smart
home security professionals in the United States, we empower people
to protect and connect what matters most. For more information,
visit www.adt.com.
Media Contacts:
Ford CommunicationsWes Sherwoodwsherwoo@ford.com313-573-3530
ADT CommunicationsPaul Wisemanpaulwiseman@adt.com
561-356-6388
1 U.S. Department of Justice, Federal Bureau of Investigation,
Uniform Crime Report.2 Requires subscription to ADT professional
monitoring tier
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