Artificial Intelligence
OMNIQ Corp. Reports Strong Sales of $15.8 Million for Third Quarter of 2020, up 21% Year over Year
- Strong sequential revenue growth of 25% over Q2 2020
- Received orders from companies and organizations in diverse sectors, including healthcare, food, logistics, public safety, and basic materials
SALT LAKE CITY, Nov. 12, 2020 (GLOBE NEWSWIRE) — OMNIQ Corp. (OTCQB: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced its financial results for the three- and nine-month periods ended September 30, 2020.
Third quarter and recent highlights include:
- Generated sales of $15.8 million for the third quarter of 2020, a 21% increase from the same quarter last year and a 25% increase from the second quarter of 2020
- Announced a partnership with Zebra Technologies that integrates OMNIQ’s AI-based machine vision technology with Zebra’s MotionWorks location solution for advanced logistics yard management
- Announced orders totaling $3.5 million from a worldwide leader in third-party logistics for the supply of mobile data collection devices for order fulfillment and warehouse management
- Announced a $4.0-million order from a leading healthcare and pharmaceutical supplier for the supply of mobile data collection devices
- Received an additional $1.0 million in orders from a leading U.S. supermarket chain
- Awarded a $1.0-million purchase order by a leading sales and marketing agency focused on supporting consumer packaged goods companies and retailers
- Awarded a $1.8-million project related to the implementation of an advanced delivery logistics initiative for a global metal solutions company
- Began deployment of AI-based SeeDOT™ systems for accurate, automated and real-time monitoring of commercial vehicles at weigh and safety stations in a Southern U.S. state
- Launched e-commerce platform targeting small- and medium-sized businesses
- Received order for AI-based machine vision solution for homeland security and public safety system applications for a Himalayan country
- Cash balance at September 30, 2020 grew to over $5.0 million from $1.6 million at December 31, 2019
“Our strong top-line growth in the third quarter, both year over year and sequentially, reflects the underlying strength, quality and reliability of our product offerings, combined with the quality and strength of our unique, diversified customer base,” said Shai Lustgarten, CEO of OMNIQ. “As we stated in our recent Letter to Shareholders in October, we are seeing traction in our Supply Chain Mobility and Smart City markets across multiple industries. Specifically, our “contactless” technologies apply to many organizations that are increasingly focused on productivity, health, and safety due to the ongoing COVID-19 pandemic. Our third-quarter results reflect the successful efforts of our sales team and the increasing interest in our technology solutions, and thanks to our investments in R&D in the area of advanced AI technology, we started the fourth quarter with increasing demand for our AI-based solutions that we expect to improve our gross margin in the near future as we work to take the Company towards profitability.
“Despite the economic uncertainties resulting from the pandemic, we remain steadfast in cementing our position as a supplier of choice for Internet-of-Things-enabled supply chain solutions, as well as advanced AI-based machine vision solutions powered by deep neural-network algorithms for Fortune 500 companies, institutions, government agencies and municipalities around the world. We pride ourselves in the accuracy and efficiency of our object identification technologies, and helping our growing roster of customers with a broad range of applications, from supply chain logistics, to parking and traffic management, to border control, to campus safety, to law enforcement, and many more. We see tremendous opportunity in our fast-growing target markets and our team at OMNIQ is working relentlessly to deliver growth and to create value for our shareholders. We also believe that our plan to uplist to a senior stock exchange, if completed, will increase investor awareness and broaden our institutional and stakeholder base.”
Third Quarter 2020 Financial Results
OMNIQ reported revenue of $15.8 million for the quarter ended September 30, 2020, an increase of 20.9% from $13.1 million in the third quarter of 2019. Sequentially, revenue increased by 25% from $12.7 million in the second quarter of 2020. The revenue increase reflects higher demand related to the COVID-19 pandemic from certain customers during the quarter as well as continued traction in our markets. The higher cost of goods sold in the third quarter of 2020, which reflects an unfavorable change in the product mix with large lower-margin orders related to the COVID-19 pandemic to certain large customers accounting for a greater percentage of overall sales, resulted in a lower gross margin than the third quarter last year. Total operating expenses for the quarter were $5.8 million, compared with $4.2 million in the third quarter of 2019. The increase was largely attributable to an increase in non-cash stock-based compensation awarded to professional service providers.
Net loss for the quarter was $3.8 million, or a loss of $0.83 per basic share, compared with a loss of $1.4 million, or a loss of $0.38 per basic share, for the third quarter of last year. The increase in net loss is mainly attributable to lower gross margin due to product mix and – in spite of slightly lower salary and employee benefits – higher operating expenses mainly attributable to non-cash stock-based compensation paid for professional services during the quarter, compared with the same period in 2019.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the third quarter of 2020 was a loss of $2.4 million, compared with a loss of $0.3 million in the third quarter of 2019. Adjusted EBITDA for the third quarter of 2020 was a loss of $0.9 million, compared with Adjusted EBITDA of $0.5 million in the third quarter last year.
First Nine Months 2020 Financial Results
OMNIQ reported revenues of $42.3 million for the first nine months of 2020, a decrease of 7.7% compared with the first nine months of 2019. The decrease was primarily related to stronger fulfillment and deliveries by the Company during the first nine months of 2019. The higher cost of goods, which reflects an unfavorable change in product mix with several large lower-margin orders related to the COVID-19 pandemic to certain large customers accounting for a greater percentage of overall sales, resulted in a decrease in gross margin to 19.9% from 25.6% in the first nine months of 2019. Total operating expenses for the first nine months of 2020 were $14.8 million compared with $12.6 million for the same period last year. The increase in operating expense was largely related to an increase in non-cash stock-based compensation granted to professional service providers as well as increased research and development spending.
Net loss for the first nine months of 2020 was $8.6 million, or a loss of $2.03 per basic share, compared with a loss of $2.6 million, or a loss of $0.64 per basic share, for the first nine months of 2019.
EBITDA for the first nine months of 2020 was a loss of $5.0 million, compared with EBITDA of $781 thousand for the first nine months of 2019. Adjusted EBITDA for the first nine months of 2020 was a loss of $2.3 million, compared with adjusted EBITDA of $2.1 million for the same period in 2019.
Conference Call Information
OMNIQ will host a conference call and webcast on Friday, November 13, 2020, at 11:00 a.m. Eastern Time to discuss financial results for the third quarter ended September 30, 2020.
To access the live webcast, please click on this webcast link to register, or go to the Company’s Investor Relations page by clicking on this OMNIQ IR link.
To participate in the call by phone, please dial (877) 407-9210 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8049.
A replay of the teleconference will be available until December 13, 2020 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 38548.
About OMNIQ Corp.
OMNIQ Corp. (OTCQB: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
Investor Contact:
888-309-9994
[email protected]
OMNIQ CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
For the three months | For the nine months | ||||||||||||||
ending September 30, | ending September 30, | ||||||||||||||
(In thousands, except share and per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Revenues | |||||||||||||||
Total Revenues | $ | 15,833 | $ | 13,097 | $ | 42,309 | $ | 45,843 | |||||||
Cost of goods sold | |||||||||||||||
Cost of goods sold | 13,024 | 9,601 | 33,886 | 34,123 | |||||||||||
Gross profit | 2,809 | 3,496 | 8,423 | 11,720 | |||||||||||
Operating expenses | |||||||||||||||
General and administrative | 837 | 727 | 2,414 | 1,941 | |||||||||||
Salary and employee benefits | 2,581 | 2,700 | 7,666 | 7,763 | |||||||||||
Depreciation and amortization | 594 | 536 | 1,696 | 1,620 | |||||||||||
Professional fees | 1,818 | 268 | 3,018 | 1,226 | |||||||||||
Total operating expenses | 5,830 | 4,231 | 14,794 | 12,550 | |||||||||||
Loss from operations | (3,021 | ) | (735 | ) | (6,371 | ) | (830 | ) | |||||||
Other income (expenses): | |||||||||||||||
Interest expense | (744 | ) | (618 | ) | (1,957 | ) | (1,769 | ) | |||||||
Other (expenses) income | (16 | ) | (90 | ) | (318 | ) | (9 | ) | |||||||
Total other expenses | (760 | ) | (708 | ) | (2,275 | ) | (1,778 | ) | |||||||
Net Loss Before Income Taxes | (3781 | ) | (1,443 | ) | (8,646 | ) | (2,608 | ) | |||||||
Provision for Income Taxes | |||||||||||||||
Current | – | – | – | – | |||||||||||
Total Provision for Income Taxes | – | – | – | – | |||||||||||
Net Loss attributable to OMNIQ Corp. | $ | (3,781 | ) | $ | (1,443 | ) | $ | (8,646 | ) | $ | (2,608 | ) | |||
Foreign currency translation adjustment | (16 | ) | 12 | (30 | ) | 12 | |||||||||
Comprehensive loss | (3,797 | ) | (1,431 | ) | (8,676 | ) | (2,596 | ) | |||||||
Reconciliation of net loss to net loss attributable to common shareholders | |||||||||||||||
Net loss | (3,781 | ) | (1,443 | ) | (8,646 | ) | (2,608 | ) | |||||||
Less: Preferred stock – Series C dividend | (32 | ) | (48 | ) | (158 | ) | (141 | ) | |||||||
Net loss attributable to the common stockholders | $ | (3,813 | ) | $ | (1,491 | ) | $ | (8,804 | ) | $ | (2,749 | ) | |||
Net (loss) per share – basic | $ | (0.83 | ) | $ | (0.38 | ) | $ | (2.03 | ) | $ | (0.64 | ) | |||
Weighted average number of common shares outstanding – basic | 4,588,944 | 3,879,159 | 4,339,634 | 3,865,647 | |||||||||||
OMNIQ CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of | |||||||
September 30, 2020 | December 31, 2019 | ||||||
(In thousands, except share and per share data) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 5,066 | $ | 1,615 | |||
Accounts receivable, net | 9,901 | 6,694 | |||||
Inventory | 1,671 | 1,889 | |||||
Prepaid expenses | 782 | 362 | |||||
Other current assets | 9 | 65 | |||||
Total current assets | 17,429 | 10,625 | |||||
Property and equipment, net of accumulated depreciation of $555 and $2,195, respectively | 332 | 463 | |||||
Goodwill | 14,695 | 13,921 | |||||
Trade name, net of accumulated amortization of $1,156 and $2,932, respectively | 1,156 | 1,458 | |||||
Customer relationships, net of accumulated amortization of $4,885 and $6,578, respectively | 4,885 | 6,012 | |||||
Other intangibles, net of accumulated amortization of $1,104 and $185, respectively | 1,104 | 1,138 | |||||
Cash, restricted | 533 | 533 | |||||
Right of use lease asset | 91 | 131 | |||||
Other assets | 106 | 172 | |||||
Total assets | $ | 40,331 | $ | 34,453 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 28,480 | $ | 18,694 | |||
Line of credit | 3,235 | 1,365 | |||||
Accrued payroll and sales tax | 1,542 | 1,556 | |||||
Notes payable, related parties – current portion | 480 | 1,025 | |||||
Notes payable – current portion | 6,997 | 6,497 | |||||
Lease liability – current portion | 38 | 54 | |||||
Other current liabilities | 1,267 | 1,599 | |||||
Total current liabilities | 42,039 | 30,790 | |||||
Long term liabilities | |||||||
Notes payable, related party, less current portion | 774 | 1,172 | |||||
Accrued interest and accrued liabilities, related party | 50 | 76 | |||||
Notes payable, less current portion | 352 | 143 | |||||
Lease liability | 57 | 80 | |||||
Other long term liabilities | 220 | 384 | |||||
Total liabilities | 43,492 | 32,645 | |||||
Stockholders’ equity (deficit) | |||||||
Series A Preferred stock; $0.001 par value; 1,000,000 shares designated, 0 shares issued and outstanding | – | – | |||||
Series B Preferred stock; $0.001 par value; 1 share designated, 0 shares issued and outstanding | – | – | |||||
Series C Preferred stock; $0.001 par value; 5,000,000 shares designated, 2,145,030 and 4,828,530 shares issued and outstanding, respectively | 2 | 5 | |||||
Common stock; $0.001 par value; 15,000,000 shares authorized; 4,634,637 and 3,960,405 shares issued and outstanding, respectively. | 5 | 4 | |||||
Additional paid-in capital | 50,710 | 46,861 | |||||
Accumulated (deficit) | (53,849 | ) | (45,063 | ) | |||
Accumulated other comprehensive loss | (29 | ) | 1 | ||||
Total stockholders’ equity (deficit) | (3,161 | ) | 1,808 | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 40,331 | $ | 34,453 | |||
OMNIQ CORP.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED)
For the three months | For the nine months | ||||||||||||||
ending September 30, | ending September 30, | ||||||||||||||
(In thousands, except share and per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
EBITDA Calculation | |||||||||||||||
Net loss | $ | (3,781 | ) | $ | (1,443 | ) | $ | (8,646 | ) | $ | (2,608 | ) | |||
Depreciation & amortization | 594 | 536 | 1,696 | 1,620 | |||||||||||
Interest expense | 744 | 618 | 1,957 | 1,769 | |||||||||||
Income taxes | – | – | – | – | |||||||||||
EBITDA | $ | (2,443 | ) | $ | (289 | ) | $ | (4,993 | ) | $ | 781 | ||||
Adjusted EBITDA calculation | |||||||||||||||
Net loss | $ | (3,781 | ) | $ | (1,443 | ) | $ | (8,646 | ) | $ | (2,608 | ) | |||
Depreciation & amortization | 594 | 536 | 1,696 | 1,620 | |||||||||||
Interest expense | 744 | 618 | 1,957 | 1,769 | |||||||||||
Income taxes | – | – | – | – | |||||||||||
Stock compensation | 1,522 | 670 | 2,275 | 1,093 | |||||||||||
Non-cash penalty on conversion agreements | – | – | 260 | – | |||||||||||
Nonrecurring one-time income/expenses | 16 | 117 | 169 | 180 | |||||||||||
Adjusted EBITDA | $ | (905 | ) | $ | 498 | $ | (2,289 | ) | $ | 2,054 |
Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
MulteFire Market by Device (Small Cells, Switches, Controllers), Application (Industrial Manufacturing, Commercial, Transportation, Public Venues, Healthcare, Oil & Gas and Mining, Power Generation, Hospitality), and Geography – Global forecast 2025
Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
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Artificial Intelligence
atNorth Wins ‘Colocation Provider of the Year’ and ‘Digital Infrastructure Project of the Year’ at Industry Award Events
AtNorth recognized at the Electrical Review & Data Centre Review Awards and the Tech Capital Awards.
REYKJAVÍK, Iceland, May 24, 2024 /PRNewswire/ — atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider has today announced further acknowledgement in the industry as it wins two significant awards.
The business has been awarded the `Colocation Provider of the Year’ award at the Electrical Review & Data Centre Review Awards. atNorth has undertaken a significant expansion strategy in recent years, that has ensured that the business can offer high performance infrastructure at speed and scale. This award reflects the business’ growth journey as it continues to innovate and adapt to technological advancements and client requirements.
atNorth has also won the `Digital Infrastructure Project of the Year’ at the Tech Capital Awards for its work with client, Shearwater Geoservices. The global marine imaging and processing leader achieved a 92% reduction in CO2 output and an 85% reduction in cost by moving a portion of its UK HPC infrastructure to one of atNorth’s Icelandic data center sites.
Fueled by the abundant renewable power sources of the Nordics, atNorth`s services deliver performance and efficiency for high density workloads in a sustainable way that enables clients to decarbonize their IT footprint and reduce overall costs.
Winners are voted for by a panel of industry experts for both awarding bodies in a process that aims to recognize the outstanding achievements within the digital infrastructure industry.
“We are thrilled to receive these acknowledgments for our data center services”, says Eyjólfur Magnús Kristinsson, CEO at atNorth. “atNorth has experienced significant growth over the last couple of years and this industry recognition is a testament to our dedication to delivering excellence across the board. We are determined to continue decarbonizing the world’s most demanding workloads in an efficient, sustainable, and cost-effective way.”
The news follows atNorth’s announcements of colocation clients Crusoe, BNP Paribas and Advania. The business has also received recent recognition from multiple other awarding bodies including; the Datacloud Global Awards, the Energy Awards, TechRound’s Sustainability60 and the UK Green Business Awards.
About atNorth
atNorth is a leading Nordic data center services company that offers sustainable, cost-effective, scalable colocation and high-performance computing services trusted by industry-leading organizations. The business acquired leading High-Performance Computing (HPC) provider, Gompute, in 2023 enabling a compelling full stack offering tailored to AI and other critical high-performance workloads.
With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. The tailor-made solutions enable businesses to calculate, simulate, train and visualize data workloads in an efficient, cost-optimized way.
atNorth is headquartered in Reykjavik, Iceland and operates seven data centers in strategic locations across the Nordics, with additional sites to open in Helsinki, Finland and in Denmark in Q4 2024, as well as its tenth site ready for operation in Kouvola, Finland in 2025.
For more information, visit atNorth.com or follow atNorth on LinkedIn or Facebook.
Press Contact:Caroline BruntonKite Hill PR for atNorth+44 (0) 7796 274 [email protected]
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Artificial Intelligence
Titans of Tech: GP Bullhound releases its annual report on the European tech ecosystem
LONDON, May 24, 2024 /PRNewswire/ — Titans of Tech: Unrivalled era of A.I. led innovation for European Tech – No more excuses. GP Bullhound is proud to announce the release of its Titans of Tech 2024 report. For the tenth year in a row, GP Bullhound has released its annual Titans of Tech report, highlighting and analysing the growth trends in Europe’s tech ecosystem. This comprehensive analysis underscores the resilience and growth of Europe’s tech sector, setting the stage for a new era of innovation and investment.
Key takeaways from our report include:
The funding frenzy is over, but the new normal is very healthy: Funding levels have normalised, averaging €15Bn per quarter over the last year, which is ~50% higher than 2019.The value of the ecosystem is growing despite the failures: 14 new unicorns were created in the last 12 months. Europe and Israel now have 323 unicorns, up from 311 a year ago and 283 the year before. The ecosystem’s total valuation has grown to $1.2Tr, an ~11x increase in billion-dollar companies and a ~14x increase in aggregate valuation since our first report in 2014.Megarounds are fewer but larger and still accessible: Access to capital rounds exceeding $50 million has tightened, but investors remain interested in supporting innovators. The deal count dropped 68% over the last two years due to a focus on profitability and conservative planning. Only 17% of European unicorns raised capital in 2023, as 93% had already raised funds during the 2021-2022 bull market.Software innovation continues, shaping the way we live and work: Despite funding challenges, technological developments, especially in artificial intelligence, continue to drive automation and cost savings. European AI companies received over €11Bn in funding in the last year, with 36% of new unicorns being AI/ML businesses.Category leaders and geographies: This year, the UK and France lead the startup arena with three unicorns each. The UK’s unicorns are valued at $3.4Bn, with significant contributions from AI leaders Synthesia and Builder.ai. France’s trio reaches a collective valuation of $7Bn, highlighted by innovators like Mistral AI. Germany, Israel, and the Netherlands each added two unicorns, while Sweden and Italy added one unicorn each.Europe’s most promising startups: GP Bullhound has analysed more than 100 European startups for scale, velocity, and sentiment, and ranked the top 50 companies with the most potential to become one-billion-dollar companies. The top 10 include Agicap, Brevo, Typeform, Homa, AMBOSS, Akeneo, Form3, Flo Health, Aidoc, and ConnexOne.Manish Madhvani, Managing Partner at GP Bullhound, said: “After ten years of issuing our Titans of Tech report, we have witnessed the highs and lows of the European tech ecosystem. A year ago, the situation was less encouraging for the fundraising environment, with macro uncertainty and with businesses more focused on layoffs than on growth and innovation.
Today, against the backdrop of negative headlines, we have cemented the building blocks for the next wave of innovation. Funding levels have stabilised, and are amazingly 50% higher than pre bull market levels. With Europe’s maturing base of engineering talent and the world’s fascination in its potential productivity gains, artificial intelligence offers a unique opportunity to create global leaders in record time. There is no shortage of funding for the best entrepreneurs and companies, as evidenced by the record $220m seed round for Paris based H announced this week. What was noticeable about the round was the range of the investor syndicate : from strategics such as Amazon, Samsung and UI Path, household names such as Bernard Arnault, Eric Schmidt and Xavier Niel, and leading VC’s.Looking ahead, we expect the next few years to represent an era of unprecedented innovation in the European ecosystem. Innovation is flowing, vast amounts of capital are available for the strong and the talent pool is expanding. No more excuses Europe!”
Expert interviewsWhat does it take to build a billion-dollar company? What are the critical success factors for European tech? How to remain resilient in a challenging market and benefit from economic downturns? This year’s report features expert views from leading founders and CEOs, including Synthesia, Quantexa, SEON, Flo Health, Zappi and CoverManager.
Download full report: www.gpbullhound.com/articles/titans-of-tech-2024
EnquiriesFor enquiries, please contact: [email protected]
About GP BullhoundGP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.
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