Artificial Intelligence
mCloud Technologies to Acquire Information and Visualization Tech Leader Kanepi and Announces C$10 Million Overnight Brokered Offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, British Columbia, June 25, 2020 (GLOBE NEWSWIRE) — mCloud Technologies Corp. (TSX-V: MCLD) (OTCQB: MCLDF) (“mCloud” or the “Company”), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence (“AI”) and analytics, today announced that it has signed a definitive agreement (the “Acquisition Agreement”) to acquire kanepi Group Pty Ltd (“kanepi”), an information, visualization, and analytics software technology company headquartered in Perth, Australia, with a development center in Singapore. The acquisition of kanepi, which will be made through a newly incorporated subsidiary of mCloud, will supplement mCloud’s customer base and accelerate the expansion of AssetCare™ to new asset classes.kanepi’s footprint in the southern hemisphere is expected to bolster mCloud’s presence in a variety of process industries including upstream and midstream oil and gas, offshore Floating Production Storage and Offloading (FPSOs), Liquefied Natural Gas (LNG), and mining facilities.kanepi provides advanced visual analytics solutions designed to deliver an immediate and positive impact on the industrial operations of asset intensive industries. Founders and Managing Directors Tim Haywood and Shane Attwell have led kanepi since its inception in 2014. Both have extensive experience in successfully creating and deploying software technology with prior endeavors at ISS Group, Apache, and Honeywell.The core technologies from kanepi are ready to be integrated into mCloud’s AssetCare™ cloud platform. Working prototypes have been well received by mCloud customers in North America. The kanepi technology is applicable to all AssetCare™ offerings, including the Company’s Connected Worker solution on RealWear headsets. The integration of kanepi’s technology is expected to grow mCloud’s ability to potentially connect tens of thousands of workers in Australia, Africa, and Southeast Asia.“The acquisition of kanepi will bring mCloud a strategic book of business including major customers in new geographies,” said Russ McMeekin, mCloud President and CEO. “These customers will immediately contribute to our AssetCare™ customer base for Connected Solutions, and kanepi’s technology will accelerate our technology roadmap.”“Joining mCloud is a winning formula all around,” said Tim Haywood, kanepi Founder & Managing Director. “This combination will accelerate our growth, expand the reach of our technology, and bring new value to our customers.”Based on kanepi’s recent financial performance and current contract velocity, the Company expects this acquisition to add C$2.4 million in annual recurring AssetCare™ revenues on a go-forward basis.As consideration for the acquisition of kanepi, the Company will: (i) pay to the sellers of kanepi an aggregate cash consideration of AUD$5,000,000 (the “Closing Cash Consideration”) plus a net cash distribution adjusted for working capital; and (ii) issue such number of common shares of the Company (the “Consideration Shares”) as is equal to AUD$7,000,000 based on a price per share equal to the volume weighted average trading price of the Company’s common shares (the “Common Shares”) on the TSX Venture Exchange (the “TSXV”) for the 15 trading days immediately prior to the closing date of the transaction, subject to compliance with the policies of the TSXV. All Consideration Shares will be subject to a 30-month lock-up, with 25% of the Consideration Shares released from the lock-up on the 12, 18, 24 and 30 month anniversaries of the closing date.In addition, subject to kanepi earning AUD$10,000,000 of revenue during the 12 month period following closing or AUD$14,000,000 of revenue during the 24 month period following closing, or kanepi meeting certain customer acquisition targets during such periods, the Company will potentially pay two additional payments to the sellers of AUD$1,000,000 each (the “Earn-out Payments”). If earned, fifty percent of each Earn-out Payment will be made in cash, with the remainder satisfied by the issuance of Common Shares based on a price per share equal to the volume weighted average trading price of the Common Shares on the TSXV for the 15 trading days immediately prior to the date on which the applicable earn-out condition is satisfied.The completion of the acquisition is subject to the satisfaction of a number of closing conditions, including receipt of Australian foreign investment regulatory approval and the approval of the TSXV.Brokered OfferingmCloud is also pleased to announce that it has filed a preliminary prospectus supplement (the “Preliminary Supplement”) to its short form base shelf prospectus dated April 28, 2020 for Nunavut and its amended and restated short form base shelf prospectus dated April 28, 2020 (together, the “Base Shelf Prospectus”) relating to a proposed underwritten overnight public offering of C$10 million of units of the Company (the “Units”). Each Unit will consist of one Common Share (a “Unit Share”) and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a “Warrant”), with each Warrant being exercisable to acquire one Common Share.The Offering will be led by Raymond James Ltd. (the “Lead Underwriter”) with a syndicate of underwriters that will include Eight Capital Corp. and Paradigm Capital Inc. (together with the Lead Underwriter, the “Underwriters”). The Offering will be priced in the context of the market, with the offering price of the Units and the term and exercise price of the Warrants to be determined at the time of entering into an underwriting agreement for the Offering.The Underwriters will be granted an option to purchase up to an additional 15% of the Units offered pursuant to the Offering on the same terms and conditions for a period of 30 days following the closing of the Offering. The over-allotment option may be exercised by the Underwriters to acquire Units, Common Shares and/or Warrants.The Company will apply to list the Units Shares, the Warrants and the Common Shares to be issued upon exercise of the Warrants on the TSXV. Listing will be subject to the Company fulfilling all of the requirements of the TSXV.The net proceeds of the Offering will be used, in part, to satisfy payment of the Closing Cash Consideration under the Acquisition Agreement, with the remaining net proceeds to be used for working capital and general corporate purposes. Closing of the Offering will be subject to a number of customary conditions including, but not limited to, receipt of all necessary regulatory approvals and stock exchange approvals, including approval of the TSXV and the entering into of an underwriting agreement with the Underwriters.The Preliminary Supplement has been filed with the securities commissions or similar securities regulatory authorities in each of the provinces of Canada and in Nunavut. The Preliminary Supplement and the Base Shelf Prospectus contain important detailed information about the Offering. Copies of the Preliminary Supplement and the Base Shelf Prospectus will be found on SEDAR at www.sedar.com. Copies of the Preliminary Supplement and the Base Shelf Prospectus may also be obtained in Canada from Raymond James Ltd., 5300 – 40 King Street West, Scotia Plaza, P.O. Box 415, Toronto, Ontario, M5H 3Y2, Attn: Sara Minatel ([email protected]), Tina Seifert ([email protected]), or Matthew Cowie ([email protected]). The securities referenced herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the 1933 Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any such securities in the United States, nor shall there be any sale of any such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.About mCloud Technologies Corp.mCloud is creating a more efficient future with the use of AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud’s AI-powered AssetCare™ platform, mCloud offers complete asset management solutions in five distinct segments: commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.Headquartered in Vancouver, Canada with offices in twelve locations worldwide, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare™. With over 100 blue-chip customers and more than 48,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.mCloud’s Common Shares trade on the TSXV under the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud’s convertible debentures trade on the TSXV under the symbol MCLD.DB. For more information, visit www.mcloudcorp.com.SOURCE mCloud Technologies Corp.For further information:Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, [email protected]; Chantal Schutz, Chief Financial Officer, mCloud Technologies Corp., T: 604-669-9973Forward-Looking Information and StatementsThis press release contains certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein includes, but is not limited to, information related to the proposed completion of the kanepi transaction, the recurring revenue and customer growth which the Company may achieve as a result of the acquisition of kanepi, the completion of the Offering and the proposed use of the net proceeds of the Offering.By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.An investment in securities of the Company is speculative and subject to a number of risks including, without limitation, the risks discussed under the heading “Risk Factors” in the Company’s annual information form dated June 24, 2020. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. A number of risks, uncertainties and other factors could cause actual results to differ materially from the results discussed in the forward-looking information contained herein.In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions, including, but not limited to the following: the Corporation will be able to successfully consolidate kanepi’s operations and technology with the Company’s operations and technology; the Company will be able to realize synergies with kanepi’s business; kanepi’s customers and employees will remain customers and employees, respectively, of the Company following the completion of the transaction; the Company will remain in compliance with regulatory requirements; the Company will have sufficient working capital and will, if necessary, be able to secure additional funding necessary for the continued operation and development of its business; key personnel will continue their employment with the Company and the Company will be able to obtain and retain additional qualified personnel, as needed, in a timely and cost efficient manner; and general economic conditions and global events, including the impact of COVID-19.Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Artificial Intelligence
AI Supercomputing Market Growing at +21% CAGR as Industries Evolve Data Analysis
USA News Group News Commentary
VANCOUVER, BC, April 23, 2024 /PRNewswire/ — USA News Group News Commentary – Numerous industries are making the shift towards using Artificial Intelligence (AI) supercomputers in leveraging powerful computing systems to address complex challenges, and analyze massive datasets. According to analysts at Markets and Markets the AI supercomputer market is projected to grow at a CAGR of 22% through 2028 to a value of US$3.3 billion. This high level of growth is echoed by analysts at Technavio, who are projecting nearly 21% growth through 2027, however, they are seeing the overall supercomputer market much higher, growing by US$17.6 billion along the way. Several international groups are with massive investments in the billions to evolve their operations to include AI supercomputing, including in Denmark, the UK, Japan, the UAE and the USA. Powering this shift behind the scenes are several tech developers, who this week have been updating the market with their current developments, including: Avant Technologies Inc. (OTC: AVAI), NVIDIA Corporation (NASDAQ: NVDA) (NEO: NVDA), Microsoft Corporation (NASDAQ: MSFT) (NEO: MSFT), D-Wave Quantum Inc. (NYSE: QBTS), and Rigetti Computing, Inc. (NASDAQ: RGTI, RGITW).
The article continued: Moving forward, new regulations and safeguards are being put into place, as seen in the USA when the Biden Administration enacted an AI Executive Order to create new standards for AI safety and security. As well, the Council of the European Union filed a proposal for the regulation of harmonized rules on AI in the EU.
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions
Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), an artificial intelligence technology (AI) company specializing in the development of advanced AI and data center infrastructure solutions, announced today that it’s introducing a state-of-the-art supercomputing network and comprehensive licensable dataset. Avant will be collaborating with its technology partner, Wired4Tech, to launch these pivotal developments, which are engineered to accelerate AI adoption and innovation across a broad spectrum of industries.
“Avant’s supercomputing network and our expansive licensable dataset will facilitate significant advancements in AI- driven solutions,” said Danny Rittman, Chief Information Officer of Avant of the launch. “By providing robust computational resources and a rich dataset, Avant is set to eliminate many of the technical and financial barriers that have traditionally hampered AI development. This initiative aims to empower developers with the tools necessary to create more sophisticated and efficient AI models, driving progress and innovation in innumerable fields.”
Highlights of Avant’s Offerings:
Versatile AI Dataset: Available from Q3, this dataset will be regularly updated to support a wide array of AI projects, providing a solid foundation for development, and reducing the time to market for AI solutions.Dynamic Resource Scaling: The network dynamically adjusts computing resources to meet real-time demands, maximizing efficiency and minimizing costs.Accelerated AI Processing: Utilizes cutting-edge distributed computing to dramatically reduce data processing times, enabling rapid iteration and deployment of AI models.Robust Security Measures: Top-tier security protocols are in place to ensure data integrity and compliance with stringent regulatory standards.Seamless Integration: Designed to integrate smoothly with existing AI development environments, minimizing disruptions and simplifying technology adoption.Avant is committed to advancing the AI landscape by providing scalable solutions that will benefit diverse sectors looking to harness the power of artificial intelligence.
CONTINUED… Read this and more news for Avant Technologies at: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
In other industry developments and happenings in the market this week include:
NVIDIA Corporation (NASDAQ: NVDA) (NEO: NVDA), a global leader in providing graphics and compute and networking solutions, recently received an investment of ~US$960 million from Japanese telecommunications company Softbank to enhance its supercomputing power and to support an ambitious generative AI (GenAI) strategy.
Generative AI is increasingly being incorporated into products and services across multiple sectors. A recent projection by Statista, a research firm based in Germany, predicts that the market for generative AI in Japan will expand to approximately $13 billion by 2030, representing a 17x increase from its size in 2023.
Microsoft Corporation (NASDAQ: MSFT) (NEO: MSFT), a global leader in developing and supporting software, services, devises and solutions recently announced it would be investing $1.5 billion into Abu Dhabi’s G42, the leading UAE-based AI tech holding company, to accelerate AI development and global expansion.
“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of G42. “This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally.”
G42 will operate its AI applications and services on Microsoft Azure, collaborating to offer advanced AI solutions to global public sector clients and large enterprises. Together, G42 and Microsoft aim to enhance AI and digital infrastructure across the Middle East, Central Asia, and Africa. This collaboration will help these regions gain fair access to services that address key government and business issues, while upholding the highest standards of security and privacy.
D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers recently announced the launch the first fast-anneal feature, available now on all of D-Wave’s quantum processing units (QPUs) in the LeapTM real-time quantum cloud service. The fast-anneal feature has been central to D-Wave’s key research achievements, as highlighted in publications in Nature Physics and Nature, showing how annealing quantum computing outperforms traditional algorithms in tackling complex optimization problems.
“Providing direct access to Fast Anneal, which has been at the heart of D-Wave’s recent advancements, represents a significant step forward in our mission to provide customers with the resources they need to drive innovation and achieve extraordinary results,” said Dr. Alan Baratz, CEO of D-Wave. “We believe it will further empower them to build industry-shaping applications with the most powerful quantum computing environment available today.”
With enhanced control allowing for notably quicker annealing times than before, this feature enables customers to replicate and expand upon D-Wave’s significant optimization results. Now widely available, this feature allows users to execute quantum computations at unprecedented speeds, significantly mitigating issues like thermal fluctuations and noise that typically disrupt quantum calculations.
Rigetti Computing, Inc. (NASDAQ: RGTI, RGITW), a pioneer in full-stack quantum-classical computing, recently announced the successful completion of its Innovate UK project with Oxford Instruments to launch one of the first UK-based quantum computers. The consortium also included the Quantum Software Lab at the University of Edinburgh, Phasecraft, and Standard Chartered Bank, with financial backing from the UK government’s Quantum Technologies Challenge, led by UK Research & Innovation (UKRI).
“Completing this project, with the end result being a useful 32-qubit quantum computer, is an exceptional achievement for all of the project partners,” said Dr. Subodh Kulkarni, CEO of Rigetti. “It takes a world-class team to build and deploy a quantum computer. The UK has become a world leader in quantum computing technologies, and we are excited to continue to contribute to its quantum computing capabilities. Additionally, Rigetti plans to leverage this experience to continue to develop our UK quantum computing leadership as we embark on deploying a 24-qubit Ankaa-class quantum computer at the NQCC’s Harwell campus.”
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:USA NEWS [email protected] (604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/ai-supercomputing-market-growing-at-21-cagr-as-industries-evolve-data-analysis-302124990.html
Artificial Intelligence
Artificial Intelligence Investment Soars to Trillions, Sparking Regulatory Interest
USA News Group Commentary
VANCOUVER, BC, April 23, 2024 /PRNewswire/ — USA News Group – In just a few years, the potential generated by the rise of Artificial Intelligence (AI) continues to entice investment to the tune of many trillions, with McKinsey & Company projecting generative AI to generate up to $7.9 trillion alone annually. It’s a sector that’s still in its early stages, and with that comes plenty of scrutiny, including the recent actions by US regulators regarding whether or not investors of OpenAI were misled, through an SEC inquiry launched in February. All the while, corporate AI investment is surging, with several companies benefitting including NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA), Meta Platforms Inc. (NASDAQ:META) (NEO:META), Apple Inc. (NASDAQ:AAPL) (NEO:AAPL), C3.ai, Inc. (NYSE:AI), and Avant Technologies Inc. (OTC:AVAI).
Looking to help unlock the full potential of AI, Avant Technologies Inc. (OTC:AVAI) is pursuing its stated mission to build the nation’s first supercomputing network to provide big data and AI software companies with a faster, more powerful, and more cost-effective compute infrastructure. Recently Avant signed a co-development agreement with Wired4Tech, Inc. to create high-density compute infrastructure and supercomputer network software to move the company closer to achieving this mission.
“The technological innovations that we expect this collaboration to yield will help to usher in a new era of performance, cost efficiency and environmental sustainability for AI and Big Data,” said Timothy Lantz, CEO of Avant. “We have made exciting progress in the past several months, and we believe this partnership will further help to accelerate speed-to-market of our next generation solutions.”
The Wired4Tech collaboration aims to assist in the final stages of development and testing for Avant’s new high-density private cloud infrastructure solution. Additionally, it will start to establish the groundwork for Avant’s proposed AI supercomputing network. Avant expects to launch its next-generation infrastructure solution sometime in the first half of 2024.
“We’re at an inflection point where accelerated computing and generative AI have come together to speed innovation at an unprecedented pace,” said Paul Averill, Founder and CEO of Wired4Tech. “Our partnership with Avant Technologies will help AI companies accelerate their work with infrastructure, software and services that drive efficiency and reduce costs. There is no AI without the right infrastructure and Avant will lead the way with its unique and innovative and cost-effective AI platform.”
The collaboration was a follow-up to Avant’s announcement that the company is set to leverage its proprietary AI to drive proactive, next-generation data center security, through its enhancements to Avant! AI™, that seamlessly integrates with industry-standard data science tools and algorithms, enabling organizations to harness the power of data for deeper insights and informed decision-making.
“The rapid advancements in AI are unlocking tremendous opportunities and potential across almost every facet of our lives, but those same advancements can also pose an increased threat when used by those with an intent to harm,” said Lantz. “In today’s digital world cybersecurity is of paramount importance and Avant is committed to providing our customers with the necessary tools to ensure the safety and security of their information and that of their end-users.”
The planned improvements in Avant’s proprietary gen AI are designed to achieve two main goals: to provide early detection of potential security vulnerabilities and to offer recommendations for proactive measures to strengthen cybersecurity baselines, reduce risks, and ensure compliance in the ever-changing digital environment.
Under the hood of many of the biggest AI setups today are products from NVIDIA Corporation (NASDAQ:NVDA) (NEO:NVDA), which has seen its market cap surge to more than $2 trillion based upon an insatiable AI chip demand. This includes mega investments from some of the largest tech companies on the planet, including Meta Platforms Inc. (NASDAQ:META) (NEO:META) which is spending billions of dollars on Nvidia’s AI chips.
Shared through an Instagram Reels post by CEO Mark Zuckerberg, Meta’s “future roadmap” for AI requires the construction of “an absolutely massive amount of infrastructure.” By the end of 2024, Zuckerberg mentioned that this infrastructure will comprise 350,000 H100 graphics cards from Nvidia—which were being sold for more than $40,000 on eBay as recently as last April.
The ramp up of GPUs for Meta is projected to cost as much as $18 billion by the end of 2024. The ambitious loading up of infrastructure is similar to Meta’s $13 billion spent on Reality Labs, its metaverse division in 2022.
Competition for computing power will be ramping up, as Apple Inc. (NASDAQ:AAPL) (NEO:AAPL) has signalled the company will be investing significantly in generative AI, as it moves away from its self-driving electric car project. So far, Apple CEO Tim Cook hasn’t launched any competing products to models like OpenAI’s GPT or Google’s Gemini, but he has already teased a major announcement that the company will “break new ground” in GenAI coming later this year.
“AI is woven into our users’ lives for all sorts of tasks, from the everyday to the essential,” said Tim Cook. “AI allows Apple Watch to help you track your workouts, automatically detecting whether you’re taking a walk or going for a swim. It enables your iPhone to call for help if you’re in a car accident.”
While Cook’s sentiments hint towards Apple moving more towards AI investment, the company’s investors have grown impatient with the tech giant after lagging behind its mega-tech peers who have shared much clearer AI strategies.
Enterprise AI application software company C3.ai, Inc. (NYSE:AI) is coming off of a healthy Q3 2024 financial results announcement, where they saw total revenue grow 18% year-over-year to $78.4 million, exceeding their guidance range. Perhaps more importantly, C3 AI saw its customer engagement grow 80% year-over-year, and a 23% increase in subscription revenue.
“Generative AI use cases continue to influence customer engagement, with 17 of 29 total pilots signed in the quarter driven by generative AI,” said Kingsley Crane, analyst at Canaccord Genuity, about C3 AI in a report. “So far, the company has been converting pilots into full-time customers roughly near the assumed spend levels of $210,000 per quarter, even if some pilots have pushed a bit beyond the initially planned six months and started a bit lower than $500,000 contribution over two quarters. If C3 can continue the sequential growth in product revenue we’ve seen over the past three quarters, the firm is on track to grow over 30%.”
Among the customer base that C3 AI has been working with is biotech giant Genentech, to improve the complex biologics manufacturing process with AI. Genentech began using the AI application in 2021 to ensure centrifuges in their facility remained operational, with patients benefitting by receiving their medicines on time. In 2022, the biotech developer would go on to expand its use of C3’s assets beyond centrifuges, to around 200 pieces of equipment in total. Now Genentech has nearly 200 users including data scientists and facility managers who are trained to use the C3 AI platform, and regularly use the AI application to evaluate equipment health and maintain manufacturing operations.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:
USA News Group
[email protected]
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/artificial-intelligence-investment-soars-to-trillions-sparking-regulatory-interest-302124950.html
Artificial Intelligence
SCHNEIDER ELECTRIC, LEADER IN THE DIGITAL TRANSFORMATION OF ENERGY, ANNOUNCED AS FOUNDING PARTNER OF 3RD PLATFORM GLOBAL 2024
Keynote by Ms Gwénaelle Avice Huet, Executive Vice President of Europe Operations – and Member of the Executive Committee at Schneider Electric
LONDON, ANTIBES, France and GRENOBLE, France, April 23, 2024 /PRNewswire/ — Platform Global, the region’s foremost networking and business deal making forum for datacenter and digital infrastructure players and investors is delighted to again announce Schneider Electric, the leader in the digital transformation of energy management and automation as Founding Partner of the event.
It is also announced that Ms Gwénaelle Avice Huet, Executive Vice President of Europe Operations – and Member of the Executive Committee at Schneider Electric will keynote at the event.
Platform Global is the annual transactional marketplace for investors in datacenters and digital infrastructure and a premium C level international meeting. Its curated content remains the strongest and foremost among events in Europe and the MEA region.
Hosted at the Palais des Congrès Antibes 10-12 September, the event will generate influential content through the discussion and ideas of more than 100 experts and top thought leaders and offer effective high-end networking in a year of transition, shifting the industry from cloud into the AI era.
“AI, sustainable energy transformation and ESG will be top of the agenda in 2024. The opportunity to bring Schneider Electric’s impressive market understanding across these key drivers to an influential audience amplifies our global role in these important debates,” commented Vincent Barro, Vice-President Datacenter & Secure Power and Board Member DACH, Schneider Electric.
Schneider Electric was also recently included in the Dow Jones Sustainability World Index for the 13th consecutive year. With an ESG score of 88 out of 100 awarded by rating company S&P Global in their 2023 Corporate Sustainability Assessment, Schneider Electric ranked #1 in its industry and secured its place in the Europe index (score date: October 27, 2023).
Platform in Antibes attracts C level executives (55% in 2023) investment principals (30%) and the leadership of colo and hyperscale businesses (19%) primarily from the EMEA region who form the majority of delegates and supports its reputation for value with remarkable high-end networking.
“We are delighted once again to include Schneider Electric as our Founding Partner,” commented Gregory Gerot, Managing Director, Platform Markets Group. “This year’s programme focuses on the sustained investment in digital infrastructure, land, power and decarbonization in the year ahead.”
Media contact: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/schneider-electric-leader-in-the-digital-transformation-of-energy-announced-as-founding-partner-of-3rd-platform-global-2024-302124942.html
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