Artificial Intelligence
Mitek Surpasses $100 Million in Annual Revenue and Sets Financial Records
SAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) — Mitek (NASDAQ: MITK, www.miteksystems.com) today reported record financial results for both its fiscal 2020 fourth quarter and full year ended September 30, 2020. Total fourth quarter revenue increased 22% and full year revenue increased 20% year over year. These results were fueled by an increase in demand for both mobile deposit and identity verification capabilities, as more people and businesses transact online.
Fiscal Fourth Quarter 2020 Financial Highlights
- Total revenue increased 22% year over year to $30.6 million in a record quarter.
- GAAP net income was $5.0 million, or $0.12 per diluted share.
- Non-GAAP net income increased 31% year over year to a record $11.4 million, or $0.26 per diluted share.
- Cash flow from operations was $6.7 million.
- Total cash and investments were $62.0 million at the end of the fiscal fourth quarter.
Fiscal 2020 Full Year Financial Highlights
- Total revenue increased 20% year over year to a record $101.3 million.
- GAAP net income was $7.8 million, or $0.18 per diluted share.
- Non-GAAP net income increased 66% year over year to a record $28.6 million, or $0.67 per diluted share.
- Full year cash flow from operations was $24.1 million.
Commenting on the results, Max Carnecchia, CEO of Mitek, said:
“Fiscal 2020 was another outstanding year for Mitek and our third consecutive year with record revenue for each quarter. Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners navigate this challenging environment as they accelerate their digital transformation.”
Mitek is committed to providing convenience while preventing fraud in the digital world. The company’s technology ensures that more businesses can transact digitally and secure their platforms through easy, fast and secure identity verification. Also, Mitek remains the clear market leader with its remote check deposit solution, with thousands of financial organizations using its products, and more than four billion transactions processed.
New Board Member
Today, Mitek announced the appointment of Kimberly S. Stevenson to its Board of Directors. Ms. Stevenson is a technology innovator who has transformed processes at some of the industry’s leading companies including Lenovo, Intel, DXC Technology, and IBM. She is currently a senior vice president and general manager at NetApp, Inc. In addition, she serves on the board of directors for Skyworks Solutions, Inc. and Boston Private Financial Holdings and previously held board positions with Riverbed Technology, Cloudera, and the National Center for Women and Information Technology. Ms. Stevenson has a Masters in Business Administration from Cornell University and a Bachelor of Science degree from Northeastern University.
Conference Call Information
Mitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the company’s financial results.
To access the live call, dial 800-353-6461 (US and Canada) or +1 334-323-0501 (International) and give the participant passcode 2685329.
A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company’s website at www.miteksystems.com. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay dial-in information, please click here.
About Mitek
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. Learn more at www.miteksystems.com. [(MITK-F)]
Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest blog posts here.
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the company’s long-term prospects and market opportunities are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the company’s ability to withstand negative conditions in the global economy, the extent to which the COVID-19 outbreak and measures taken in response thereto impact our business, results of operations and financial condition, a lack of demand for or market acceptance of the company’s products, the company’s ability to continue to develop, produce and introduce innovative new products in a timely manner or the outcome of any pending or threatened litigation and the timing of the implementation and launch of the company’s products by the company’s signed customers.
Additional risks and uncertainties faced by the company are contained from time to time in the company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019, and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Note Regarding Use of Non-GAAP Financial Measures
This news release contains non-GAAP financial measures for non-GAAP net income and non-GAAP net income per share that exclude stock compensation expenses, intellectual property litigation costs, acquisition-related costs and expenses, costs associated with our strategic process, executive transition costs, restructuring costs, income tax effect of pre-tax adjustments, and the cash tax difference. These financial measures are not calculated in accordance with generally accepted accounting principles (GAAP) and are not based on any comprehensive set of accounting rules or principles. In evaluating the company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the company’s ongoing operating performance. Further, management and the Board of Directors utilize these non-GAAP financial measures to gain a better understanding of the company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the company’s underlying business and provides a better understanding of how management plans and measures the company’s underlying business.
MITEK SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(amounts in thousands except share data)
September 30, 2020 | September 30, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 19,986 | $ | 16,748 | |||
Short-term investments | 40,035 | 16,502 | |||||
Accounts receivable, net | 15,612 | 14,938 | |||||
Contract assets | 5,187 | 2,350 | |||||
Prepaid expenses | 1,338 | 1,487 | |||||
Other current assets | 1,968 | 2,105 | |||||
Total current assets | 84,126 | 54,130 | |||||
Long-term investments | 1,963 | 1,552 | |||||
Property and equipment, net | 3,610 | 4,231 | |||||
Right-of-use assets | 5,407 | — | |||||
Goodwill and intangible assets | 54,958 | 57,041 | |||||
Deferred income tax assets | 13,484 | 16,596 | |||||
Other non-current assets | 5,606 | 2,347 | |||||
Total assets | $ | 169,154 | $ | 135,897 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,909 | $ | 3,555 | |||
Accrued payroll and related taxes | 8,882 | 6,410 | |||||
Deferred revenue, current portion | 7,973 | 5,612 | |||||
Lease liabilities, current portion | 1,819 | — | |||||
Acquisition-related contingent consideration | 753 | 1,036 | |||||
Restructuring accrual | — | 1,526 | |||||
Other current liabilities | 1,020 | 1,909 | |||||
Total current liabilities | 24,356 | 20,048 | |||||
Deferred revenue, non-current portion | 1,597 | 736 | |||||
Lease liabilities, non-current portion | 5,327 | — | |||||
Deferred income tax liabilities | 4,649 | 5,555 | |||||
Other non-current liabilities | 982 | 2,225 | |||||
Total liabilities | 36,911 | 28,564 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding, as of September 30, 2020 and September 30, 2019 | — | — | |||||
Common stock, $0.001 par value, 60,000,000 shares authorized, 41,779,853 and 40,367,456 issued and outstanding, as of September 30, 2020 and September 30, 2019, respectively | 42 | 40 | |||||
Additional paid-in capital | 146,518 | 132,160 | |||||
Accumulated other comprehensive loss | (323 | ) | (4,061 | ) | |||
Accumulated deficit | (13,994 | ) | (20,806 | ) | |||
Total stockholders’ equity | 132,243 | 107,333 | |||||
Total liabilities and stockholders’ equity | $ | 169,154 | $ | 135,897 | |||
MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | |||||||||||||||
Software and hardware | $ | 17,972 | $ | 14,377 | $ | 54,152 | $ | 46,845 | |||||||
Services and other | 12,666 | 10,641 | 47,158 | 37,745 | |||||||||||
Total revenue | 30,638 | 25,018 | 101,310 | 84,590 | |||||||||||
Operating costs and expenses | |||||||||||||||
Cost of revenue—software and hardware | 1,045 | 1,121 | 3,303 | 3,711 | |||||||||||
Cost of revenue—services and other | 2,532 | 2,108 | 9,889 | 8,555 | |||||||||||
Selling and marketing(1) | 7,302 | 5,946 | 27,646 | 24,550 | |||||||||||
Research and development(1) | 6,096 | 5,141 | 22,859 | 21,873 | |||||||||||
General and administrative | 5,902 | 4,118 | 22,284 | 19,861 | |||||||||||
Acquisition-related costs and expenses | 1,691 | 2,202 | 6,575 | 7,563 | |||||||||||
Restructuring costs | — | (147 | ) | (114 | ) | 3,067 | |||||||||
Total operating costs and expenses | 24,568 | 20,489 | 92,442 | 89,180 | |||||||||||
Operating income (loss) | 6,070 | 4,529 | 8,868 | (4,590 | ) | ||||||||||
Other income, net | 61 | 350 | 541 | 602 | |||||||||||
Income (loss) before income taxes | 6,131 | 4,879 | 9,409 | (3,988 | ) | ||||||||||
Income tax benefit (provision) | (1,135 | ) | (1,597 | ) | (1,595 | ) | 3,264 | ||||||||
Net income (loss) | $ | 4,996 | $ | 3,282 | $ | 7,814 | $ | (724 | ) | ||||||
Net income (loss) per share—basic | $ | 0.12 | $ | 0.08 | $ | 0.19 | $ | (0.02 | ) | ||||||
Net income per share—diluted | $ | 0.12 | $ | 0.08 | $ | 0.18 | $ | (0.02 | ) | ||||||
Shares used in calculating net income (loss) per share—basic | 41,770 | 40,252 | 41,410 | 39,341 | |||||||||||
Shares used in calculating net income (loss) per share—diluted | 43,101 | 41,635 | 42,533 | 39,341 |
(1) September 30, 2019 consolidated statements of operations reflect reclassifications to conform to the current year presentation.
MITEK SYSTEMS, INC.
NON-GAAP NET INCOME RECONCILIATION
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended September 30, | Twelve Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | 4,996 | $ | 3,282 | $ | 7,814 | $ | (724 | ) | ||||||
Non-GAAP adjustments: | |||||||||||||||
Acquisition-related costs and expenses | 1,691 | 2,202 | 6,575 | 7,563 | |||||||||||
Intellectual property litigation costs | 1,186 | 515 | 3,217 | 849 | |||||||||||
Insurance settlement received(1) | — | (1,000 | ) | — | (1,000 | ) | |||||||||
Costs associated with strategic process | — | — | — | 1,224 | |||||||||||
Executive transition costs(2) | — | — | — | 251 | |||||||||||
Stock compensation expense | 2,439 | 2,346 | 9,551 | 9,637 | |||||||||||
Restructuring costs | — | (147 | ) | (114 | ) | 3,067 | |||||||||
Income tax effect of pre-tax adjustments | (1,067 | ) | (879 | ) | (4,267 | ) | (4,851 | ) | |||||||
Cash tax difference(3) | 2,173 | 2,426 | 5,832 | 1,264 | |||||||||||
Non-GAAP net income | 11,418 | 8,745 | 28,608 | 17,280 | |||||||||||
Non-GAAP income per share—basic | $ | 0.27 | $ | 0.22 | $ | 0.69 | $ | 0.44 | |||||||
Non-GAAP income per share—diluted | $ | 0.26 | $ | 0.21 | $ | 0.67 | $ | 0.42 | |||||||
Shares used in calculating non-GAAP net income per share—basic | 41,770 | 40,252 | 41,410 | 39,341 | |||||||||||
Shares used in calculating non-GAAP net income per share—diluted | 43,101 | 41,635 | 42,533 | 41,259 |
(1) | The insurance settlement received in the fourth quarter of fiscal 2019 relates to the recovery of litigation costs incurred in prior fiscal years. This amount is included in general and administrative expenses in the consolidated statements of operations. |
(2) | Comprised of costs associated with the transition of the company’s former executive officers. Our non-GAAP financial measures exclude these transition costs as we believe that such expense is inconsistent with the normally recurring operations of our company and the inclusion of these costs makes it difficult to make period-to-period comparisons of our operating performance. |
(3) | The company’s non-GAAP net income is calculated using a cash tax rate of 0% and 3% in fiscal years 2020 and 2019, respectively. The estimated cash tax rate is the estimated tax payable on the company’s tax returns as a percentage of estimated annual non-GAAP pre-tax net income. The company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, the utilization of research and development tax credits, and the utilization of loss carryforwards which currently have an overall effect of reducing taxes payable. The company believes that the cash tax rate provides a more transparent view of the company’s operating results. The company’s effective tax rate used for the purposes of calculating GAAP net income for the three months ended September 30, 2020 and 2019 was 19% and 33%, respectively. The company’s effective tax rate used for the purposes of calculating GAAP net income for the twelve months ended September 30, 2020 and 2019 was 17% and 82%, respectively. |
________________
Investor Contact:
Todd Kehrli or Jim Byers
MKR Group, Inc.
[email protected]
Artificial Intelligence
Dongfa Group’s Gas Scenario + Digital Twin Technology, Leads the Industry with New AI Trend
–Highlights of the 2024 Exhibition
SHANGHAI, May 23, 2024 /PRNewswire/ — From May 17 to 19, 2024, China(Shanghai) International Metrology Measurement Technology and Equipment Exhibition was held at the Shanghai World Expo Exhibition and Convention Center. Dongfa Group participated in the exhibition, showcasing its latest research achievements. At the expo, Chairman Liu Ming of Dongfa Group conducted the lighting ceremony and announced the official launch of the “Smart Gas Comprehensive Supervision Platform,” demonstrating the convenience and efficiency achieved through the smart management of municipal gas meters.
Dandong Dongfa (Group) Co., Ltd., established in 1962 and headquartered in Singapore, was formerly known as Dandong Thermal Instrument Co., Ltd. As an integrated group company engaged in research, production, and operations, Dongfa Group is dedicated to the development and application of instruments and meters. Its product range includes IC card gas meters, wired direct-reading remote diaphragm gas meters, wireless direct-reading remote diaphragm gas meters, NB-IoT IoT meters, and ultrasonic gas meters. These products incorporate the technical features of similar domestic and international products, offering high accuracy, reliability, and stability, making the company a leading smart gas meter manufacturer in China.
At the expo, Dongfa Group showcased its Smart Gas Comprehensive Supervision Platform, which integrates AI, IoT, cloud computing, and big data. This platform connects the topological structure of all aspects of gas operations and consolidates all relevant data involved in production management and operation maintenance. This integration enhances the comprehensive research and development and operational maintenance capabilities of the big data governance system.
At the same time, Dongfa Group is empowering comprehensive management and control with digital twins, AI, and big data. By leveraging digital twins, AI models, and 5G technology as data elements, the company is constructing a unified citywide network and a digital twin map of the gas pipeline network. This enables deep integration of AI monitoring, pressure and leakage detection, smart terminals, and other sensing devices with gas operations, ensuring the comprehensive safety and supply of urban gas.
Digital twin gas technology not only provides auxiliary support for pipeline design, but also plays a crucial role in intelligent emergency response and precise distribution. Especially in the operation of gas stations, it enables comprehensive real-time monitoring, intelligent integrated operation scheduling, proactive warning, emergency event command plans, and other effects, thereby improving the efficiency and safety of gas management.
However, there have been numerous incidents of data leakage involving smart AI devices in recent years. Sensitive data is being collected or even sold by malicious actors, leading to the disclosure of confidential information, resulting in significant economic losses and even legal risks.
To ensure the security of both enterprise and user data, Dongfa Group utilizes Digital Envelope technology to encrypt and decrypt data packets during data collection and distribution. This approach combines the advantages of both symmetric and asymmetric encryption technologies for secure information transmission, enabling fast, efficient, and secure encryption and decryption processing for the smart gas digital business sector. This ensures the security and integrity of data during transmission.
Visitors at the expo showed strong interest in the new products and technologies exhibited by Dongfa Group. Dongfa Group has always been committed to driving the development of the smart instrumentation industry through technological innovation. Through this exhibition, the company not only showcased its technical prowess but also strengthened communication and collaboration with industry peers. Looking ahead, they aim to join hands in opening a new chapter in the smart instrumentation industry.
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View original content:https://www.prnewswire.co.uk/news-releases/dongfa-groups-gas-scenario–digital-twin-technology-leads-the-industry-with-new-ai-trend-302153974.html
Artificial Intelligence
QNAP S3-compatible Storage Solution “QuObjects” Certified as Veeam® Ready – Object with Immutability
TAIPEI, May 23, 2024 /PRNewswire/ — QNAP® Systems, Inc., a leading computing, networking, and storage solution innovator, today announced that its S3-compatible object storage solution “QuObjects” has qualified as Veeam® Ready – Object with Immutability, applicable for QNAP NAS with QTS and QuTS hero operating systems. This certification underscores the reliability of QuObjects as a secure object backup solution for enterprises, enhancing data management efficiency and upmost security.
QuObjects is the S3 object storage solution for QNAP NAS, boasting read/write speeds 20 times faster than conventional cloud services, along with a highly flexible and scalable architecture to ensure efficient transmission and flexibility in object storage. From object service development to demanding workloads like machine learning and data lakes, QuObjects assists enterprises in achieving diverse application needs with higher cost effectiveness.
QuObjects supports Object Lock to ensure data immutability, further safeguarding against ransomware threats, cyberattacks, or human error. Coupled with access controls and authentication features, it provides comprehensive protection for object data security.
Jimmy Tam, Product Manager of QNAP, stated “Data security is critical for enterprises. With QuObjects certified by Veeam Ready – Object with Immutability, we empower organizations leveraging Veeam solutions to confidently opt for QNAP NAS for on-prem S3 object storage and backup, enjoying rapid transmission, extensive scalability, and steadfast security.”
QNAP is the preferred partner for Veeam object backup solutions. Learn more at Veeam Ready Object Partner and QNAP QuObjects- S3 Object Storage.
For more information and to view the full QNAP NAS lineup, please visit www.qnap.com.
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View original content:https://www.prnewswire.co.uk/news-releases/qnap-s3-compatible-storage-solution-quobjects-certified-as-veeam-ready–object-with-immutability-302148872.html
Artificial Intelligence
Tencent Announces Winners of Flagship CarbonX Program to Combat Climate Change
SHENZHEN, China, May 23, 2024 /PRNewswire/ — Tencent (00700.HK) is awarding 13 exceptional teams that won the first phase of its groundbreaking CarbonX Program, which is aimed at boosting promising new climate technologies. The winners, which emerged from a pool of 30 finalists and more than 300 initial applications, will receive a total of around RMB 100 million (US$14 million) in financial support from Tencent. It showcases the company’s commitment to driving sustainable social innovations in the fight against climate change.
CarbonX was launched in March 2023 to advance the next generation of low-carbon technologies. Tencent has committed RMB 200 million (US$28 million) in catalytic funding over the next three years to innovative ideas that might otherwise languish or fail to gain traction.
CarbonX’s first phase focused on carbon capture, utilization, and storage (CCUS), as well as technology-based carbon removal. These solutions were chosen for their unique ability to curb emissions from hard-to-abate industries such as steel and cement, mitigate the continued reliance on fossil fuels, and reduce legacy emissions created from decades of industrialization.
Backed by Tencent’s mission of Tech for Good and an alliance of like-minded industry partners, CarbonX aims to help these cutting-edge technologies make the leap from the research or early startup stage to commercial scale. The ultimate goal is supporting them in making a significant impact toward the targets outlined in the Paris Agreement, which includes a 45 percent reduction in emissions by 2030 and achieving net-zero emissions by 2050.
Dr. Hao Xu, Tencent’s Vice President of Sustainable Social Value and Head of Tencent’s Carbon Neutrality Lab, said: “Technology innovation serves as the driving force to accelerate our progress toward achieving carbon neutrality. CarbonX program is aimed at fostering the growth of these technologies, driving positive impact across society, and laying the groundwork for a more sustainable future.”
Professor Jerry Yan, Chair Professor of the Hong Kong Polytechnic University and Co-chairman of the CarbonX expert committee, said: “To pave the path for a greener economy, we must champion the development of cutting-edge low-carbon technologies. Just as solar and wind power were nurtured in their infancy, emerging solutions like CCUS and tech-based carbon removal demand our early support.”
The program assembled a panel of experts from academia, industries, and the investor community as the jury, and welcomed submissions from diverse participants across three distinct tracks:
CarbonX Lab: Designed to incubate research institutions, universities, or labs that bring in game-changing climate solutionsCarbonX Accelerator: Designed to accelerate the growth of climate-tech startups that exhibit commercialization potentialCarbonX Infrastructure: Designed to support capacity building to facilitate industry developmentThe finalists comprise four projects from the Lab track, six from the Accelerator track, and three from the Infrastructure track. These projects explore innovative solutions, such as using steel slag to capture and store carbon directly from furnace exhaust, converting CO2 into sustainable aviation fuel and valuable chemicals through electrochemical reactions or microorganisms, and employing new approaches to directly capture CO2 from the atmosphere with the hope of slashing the cost to less than US$150 per ton.
Meanwhile, Tencent is also collaborating with Tsinghua University to develop a comprehensive system of Measure, Reporting and Verification (MRV) tools to accurately gauge progress toward decarbonization.
Aside from receiving financial and advisory support, several projects will also have the opportunity to collaborate with industry partners and test their research beyond the laboratory setting.
Building upon the success of the first phase, Tencent is poised to launch the second iteration of CarbonX globally as early as later this year in pursuit of early-stage climate tech innovation.
View original content:https://www.prnewswire.co.uk/news-releases/tencent-announces-winners-of-flagship-carbonx-program-to-combat-climate-change-302153596.html
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