Canadian beverage manufacturer BevWorks Brands has signed a five year $10 million licensing agreement with industrial AI firm Fobi AI to carry out industrial digital transformation. Fobi will implement data-driven technologies to support BevWorks’ growth strategy among North American independent beverage manufacturers in alcohol and other beverage markets.

BevWorks specialises in in-house manufacturing across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, alcohol replacement, and more. The license agreement will provide BevWorks with licenses to various Fobi technologies, including, but not limited to, Fobi’s real-time data processing and artificial intelligence applications, mobile wallet pass technology, patented IoT hardware, advanced analytics and forecasting technology, as well as the Fobi Data Exchange (FDX).

Fobi’s platform will provide BevWorks with enhanced visibility into real-time measurement, attribution, and market insights, with the aim of enabling the manufacturer to make 100% data-driven decisions that optimise product selection and development, sales and marketing strategies, distribution models and strategic acquisitions. The use of Fobi’s various technologies is designed to allow BevWorks to evolve into a dynamic brand incubator and expand its position as a leading product and beverage manufacturing entity.

As part of Fobi’s growth and monetisation strategy, the company is making a concerted effort to address high-value industries through licensing and joint venture opportunities. Not only will such a strategy increase Fobi’s revenue, but it will also help maximise the company’s value to all industry stakeholders.

Andrew Harris, CEO of BevWorks, said: “We’re excited to partner with Fobi, a leading provider of AI and real-time data solutions, to streamline our operations and future-proof our business. BevWorks has extensive experience in the hospitality and liquor beverage industry, and we’re confident our partnership with Fobi will provide us with a competitive advantage. With their cutting-edge technology, we’ll optimise our processes and deliver greater value to our customers. By leveraging Fobi’s real-time data and AI solutions, we’ll develop products that exceed our customers’ expectations. Our partnership marks a significant milestone for our business, and we look forward to delivering innovation to the industry.”

Colby McKenzie, CRO of Fobi, said: “Agreements such as this one with BevWorks are one of the key reasons why I was so excited about joining Fobi as Chief Revenue Officer. I believe that this will be the first of many deals where Fobi exhibits conviction in a given industry vertical and leans into long-term, strategic initiatives with incredible domain experts.”

Rob Anson, CEO of Fobi, said: “The value and importance of big data and AI applications cannot be understated. This agreement today not only helps us solidify the value of our Fobi IP, but it also puts us in a strong position to continue driving the significant momentum our company has generated in the first quarter of 2023.”