Artificial Intelligence
OMNIQ Announces Q4 2020 Revenue, up 12% YoY achieving $13 Million in Q4 Revenue; Growth Accelerates in Q1 2021 with a Record $25 Million in New Orders, 100% Growth in AI-Based Technology Contracts
SALT LAKE CITY, March 31, 2021 (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 twelve-month periods ended December 31, 2020.
Select Q4 2020 and recent highlights include:
- OMNIQ won an AI based homeland security project for terror prevention in a sensitive area in the middle east.
- OMNIQ’s AI-Based VRS (Vehicle Recognition Systems) selected for Los Angeles International Airport Modernization Project by HUB Parking Technology
- Achieved record $25 Million in new orders in Q1 2021
- Sales Orders from Artificial Intelligence (AI) Based Technology grew 100% in Q1 2021
- Q4 Sales of $13 million represents an increase of 12% YoY
- Cash balance on December 31, 2020 grew to over $4.5 million from $1.6 million on December 31, 2019
“OMNIQ closed the year with solid fourth quarter results, as revenue grew 12% YoY to $13.0 million,” said Shai Lustgarten, CEO of OMNIQ. “For full year 2020, we reached revenue of $55.2 million which represented a very slight decline due the pandemic, as certain parking automation projects got temporarily postponed.”
Mr. Lustgarten continued, “Now, in 2021, we are driving record growth with 1) bringing on new AI-based projects from Homeland Security – terror prevention, Smart City and Parking automation projects, 2) repeat sales to our Fortune 500 supply chain customers which are growing in volume, and 3) laying the groundwork to cross-sell AI-based solutions to our supply chain customers. In Q1 2021, as projects have resumed, we have achieved a record $25 million in new orders, and 100% growth in AI based technology sales orders.”
Shai Lustgarten concluded: “With over $25M in new orders since January 1st, 2021, and achieving over $55M in pandemic 2020 fiscal year, we are confident that our strategy is a winning one and we’re looking forward for a great 2021. We would like to express our thanks to our team for contributing to our success and to our loyal shareholders for their support and we are committed to do our best in 2021 and going forward.”
Fourth Quarter 2020 Financial Results
OMNIQ reported revenue of $12.9 million for the quarter ended December 31, 2020, an increase of 12% from $11.4 million in the fourth quarter of 2019. The revenue increase reflects higher demand from certain customers during the quarter as well as continued traction in our markets. Total operating expenses for the quarter were $5.1 million, compared with $4.3 million in the fourth quarter of 2019.
Net loss for the quarter was $2.9 million, or a loss of $.61 per basic share, compared with a loss of $2.8 million, or a loss of $.71 per basic share, for the fourth quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of 2020 amounted to a loss of $772 thousand, compared with an adjusted EBITDA loss of $877 thousand in the fourth quarter of 2019.
Full Year 2020 Financial Results
OMNIQ reported revenues of $55.2 million for 2020, a decrease of 3.5% compared with 2019. Gross margin was 19.8%, compared to 24.5% in 2019. Total operating expenses for 2020 were $19.9 million compared with $16.9 million for the same period last year. The growth is mainly attributable to increase in R&D and non-cash expenses.
Net loss for 2020 was $11.5 million, or a loss of $2.46 per basic share, compared with a loss of $5.4 million, or a loss of $1.37 per basic share, for 2019.
Adjusted EBITDA for 2020 was a loss of $3 million, compared with an Adjusted EBITDA income of $1.2M for 2019.
Financial tables follow.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended December 31,
| (In thousands, except share and per share data) | 2020 | 2019 | ||||||
| Revenues | ||||||||
| Total Revenues, net | $ | 55,209 | $ | 57,199 | ||||
| Cost of goods sold | ||||||||
| Cost of goods sold | 44,293 | 43,165 | ||||||
| Gross profit | 10,916 | 14,034 | ||||||
| Operating expenses | ||||||||
| Research and development | 1,805 | 1,063 | ||||||
| Selling, General and Administrative | 15,802 | 13,682 | ||||||
| Depreciation | 178 | 151 | ||||||
| Intangible amortization | 2,114 | 2,002 | ||||||
| 19,899 | 16,898 | |||||||
| Loss from operations | (8,983 | ) | (2,864 | ) | ||||
| Other income (expenses): | ||||||||
| Interest expense | (2,628 | ) | (2,555 | ) | ||||
| Other (expenses) income | 112 | (23 | ) | |||||
| Total other expense | (2,516 | ) | (2,578 | ) | ||||
| Net loss before income taxes | (11,499 | ) | (5,442 | ) | ||||
| (Provision) benefit for Income Taxes | ||||||||
| Current | (5 | ) | (14 | ) | ||||
| Deferred | – | – | ||||||
| Total income tax benefit (provision) | (5 | ) | (14 | ) | ||||
| Net loss from continuing operations | $ | (11,504 | ) | $ | (5,456 | ) | ||
| Less: Preferred stock – series C dividend | (191 | ) | (146 | ) | ||||
| Net loss attributable to the common stockholders | (11,313 | ) | (5,310 | ) | ||||
| Foreign currency translation adjustment | (166 | ) | – | |||||
| Other comprehensive income (loss) | $ | (11,149 | ) | $ | (5,310 | ) | ||
| Net loss per share – basic | $ | (2.46 | ) | $ | (1.37 | ) | ||
| Net loss per share – diluted | $ | (2.66 | ) | $ | (1.37 | ) | ||
| Weighted average number of common shares outstanding – basic and diluted | 4,322,303 | 3,889,478 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
(AUDITED)
| (In thousands, except share and per share data) | 2020 | 2019 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,594 | $ | 1,615 | ||||
| Accounts receivable, net | 9,661 | 6,694 | ||||||
| Inventory | 1,507 | 1,889 | ||||||
| Prepaid expenses | 670 | 362 | ||||||
| Other current assets | 10 | 65 | ||||||
| Total current assets | 16,442 | 10,625 | ||||||
| Property and equipment, net of accumulated depreciation of $600 and $2,195, respectively | 289 | 463 | ||||||
| Goodwill | 14,695 | 13,921 | ||||||
| Trade name, net of accumulated amortization of $3,362 and $2,932, respectively | 1,028 | 1,458 | ||||||
| Customer relationships, net of accumulated amortization of $8,111 and $6,578, respectively | 4,479 | 6,012 | ||||||
| Other intangibles, net of accumulated amortization of $382 and $185, respectively | 1,042 | 1,138 | ||||||
| Cash, restricted | 533 | 533 | ||||||
| Right of Use asset | 76 | 131 | ||||||
| Other assets | 74 | 172 | ||||||
| Total assets | $ | 38,658 | $ | 34,453 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 26,811 | $ | 18,694 | ||||
| Line of credit | 4,914 | 1,365 | ||||||
| Accrued payroll and sales tax | 1,717 | 1,556 | ||||||
| Notes payable, related parties – current portion | 433 | 1,025 | ||||||
| Notes payable – current portion | 6,449 | 6,497 | ||||||
| Lease liability – current portion | 31 | 54 | ||||||
| Other current liabilities | 1,412 | 1,599 | ||||||
| Total current liabilities | 41,767 | 30,790 | ||||||
| Long term liabilities | ||||||||
| Notes payable, related party, less current portion | 683 | 1,172 | ||||||
| Accrued interest and accrued liabilities, related party | 56 | 76 | ||||||
| Notes payable, less current portion | 1 | 143 | ||||||
| Lease liability, less current portion | 48 | 80 | ||||||
| Other long term liabilities | 1,146 | 384 | ||||||
| Total liabilities | $ | 43,701 | $ | 32,615 | ||||
| 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; 4,684,736 and 3,960,405 shares issued and outstanding, respectively. | 5 | 4 | ||||||
| Additional paid-in capital | 51,842 | 46,861 | ||||||
| Accumulated (deficit) | (56,726 | ) | (45,063 | ) | ||||
| Accumulated other comprehensive loss | (166 | ) | 1 | |||||
| Total stockholders’ equity | $ | (5,043 | ) | $ | 1,808 | |||
| Total liabilities and stockholders’ equity (deficit) | $ | 38,658 | $ | 34,453 | ||||
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED)
| Year ended | ||||||||
| (In thousands) | December 31, | |||||||
| Adjusted EBITDA Calculation | 2020 | 2019 | ||||||
| Net loss | (11,504 | ) | (5,456 | ) | ||||
| Depreciation & amortization | 2,292 | 2,154 | ||||||
| Interest expense | 2,628 | 2,555 | ||||||
| Income taxes | 5 | 14 | ||||||
| Stock compensation | 3,478 | 1,267 | ||||||
| Gain on cancellation of insurance | – | – | ||||||
| Loss on forgiveness of debt | (948 | ) | – | |||||
| Nonrecurring loss events | 945 | 288 | ||||||
| Litigation related expenses | 42 | 355 | ||||||
| Nonrecurring financing-related costs | – | – | ||||||
| Adjusted EBITDA | (3,061 | ) | 1,177 | |||||
| Total revenues, net | 55,209 | 57,199 | ||||||
| Adjusted EBITDA as a % of total revenues, net | (5.50 | )% | 2.06 | % | ||||
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: April 1, 2021, at 11:00am ET
Toll-Free: 877-407-9210
International: 201-689-8049
Live Webcast: https://www.webcaster4.com/Webcast/Page/2310/40545
Conference Call Replay Information
Toll-Free: 877-481-4010
Reference ID: 40545
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 https://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:
James Carbonara
Hayden IR
(646)-755-7412
[email protected]
Brett Maas
Hayden IR
(646) 536-7331
[email protected]
Artificial Intelligence
US Air Force Awards ThroughPut.ai Direct-to-Phase-II Contract for Boeing, Lockheed Martin, and Sikorsky Mission Design Series to Accelerate Aircraft Readiness
Leveraging Data to Drive Maintenance-first actions that improve overall supply chain throughput across the DAF.
NEW YORK, May 28, 2024 /PRNewswire/ — ThroughPut.ai, the Supply Chain Decision Intelligence Pioneer, announces it has been selected by AFWERX for a (SBIR Direct-to-Phase II contract) in the amount of $1,248,627.00 focused on “AI-Powered Proactive Supply Chain Capabilities” to address the most pressing challenges in the Department of the Air Force (DAF). The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded and now on April 17th, 2024, ThroughPut.ai will start its journey to create and provide innovative capabilities that will strengthen the national defense of the United States of America.
“ThroughPut.ai looks forward to supporting efforts to accelerate inventory flow across the United States Air Force,” said Ali Raza, CEO & Founder of ThroughPut.ai. “By driving inventory/materiel management changes at the maintenance endpoint first, supply chain improvements can then be amplified across the greater industrial base to create aircraft capacity.”
“The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.”
About (ThroughPut.ai)
ThroughPut.ai is a Silicon Valley-based supply chain optimization & predictive replenishment company. The company’s software AI platform has the ability to identify location-, product-, and customer-based demand changes sooner in order to adjust order frequencies, vendor sources, and parts buffer levels at a global and local scale. ThroughPut’s platform was designed by Fortune 500 & technology executives with real-world experience managing demand & supply chain disruptions and war-zone logistics across the Middle East.
About AFRLThe Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.
About AFWERXAs the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,100 new contracts worth more than $4 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com.
Company Press Contact:Ali RazaCEO/[email protected]
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Artificial Intelligence
Data Center Investments Soar: 200% Rise Since 2016 and Projected 89% Increase by 2028
USA News Group CommentaryIssued on behalf of Avant Technologies Inc.
VANCOUVER, BC, May 28, 2024 /PRNewswire/ — Since 2016, investment in data centre infrastructure has risen 200%, with a further 89% increase expected by 2028 as more opportunities emerge with the rise of artificial intelligence (AI). According to Jones Lang LaSalle Inc.’s CEO Christian Ulbrich, data centers are “the hottest asset class at the moment.” Analysts at Technavio are projecting the global data center market to record an additional US$329.82 billion in growth at a CAGR of 12.73% through 2027. Capitalizing on the opportunity are several players recently announcing developments regarding their involvement in the data centers sector, including
Avant Technologies Inc. (OTCQB: AVAI), Amazon.com, Inc. (NASDAQ: AMZN), Applied Digital Corporation (NASDAQ: APLD), Digital Realty Trust, Inc. (NYSE: DLR), and Equinix, Inc. (NASDAQ: EQIX).
As an early pioneer in generative AI, Avant Technologies Inc. (OTCQB: AVAI) continues to enhance its flagship asset, Avant AITM, a sophisticated machine and deep learning AI system designed for versatility and customization across various industries and applications. Recently, Avant announced plans to equip its AI-managed data center, currently in development, with High-Performance Computing (HPC) systems. According to IBM, HPC technology utilizes clusters of powerful processors working in parallel to process massive multi-dimensional data sets and solve complex problems at exceptionally high speeds.
“The rise of AI is revolutionizing industries, and Avant Technologies is committed to being at the forefront of this transformation,” said William Hisey, CEO of Avant. “By building an AI-managed data center with HPC systems, we will gain the computational power and infrastructure required to train and deploy sophisticated AI models, which will ultimately provide even greater value to our customers.”
The new data center will leverage AI-driven management technology to optimize resource allocation and enhance efficiency in all aspects of data center operations. Avant will meticulously design its HPC infrastructure to meet the demands of AI workloads, selecting high-performance CPUs and GPUs (or TPUs) specifically suited for deep learning tasks. This cutting-edge facility will enable Avant to accelerate AI advancements, delivering innovative solutions to clients by improving data center efficiency and empowering them with exceptional AI capabilities.
Additionally, Avant will implement a high-speed network to ensure efficient data transfer and select a scalable storage solution to manage the large datasets necessary for training and utilizing AI models. The HPC systems will prioritize security, incorporating robust measures to protect sensitive data and create a secure environment for AI deployment. Furthermore, the data center will integrate energy-efficient technologies and sustainable design practices, reflecting Avant’s commitment to environmental responsibility.
Avant Technologies also recently announced plans to implement AI-empowered Zero Trust Architecture (ZTA) across its data center operations. Additionally, the company has expanded its AvantAI™ platform to include intelligent, proactive monitoring and management for data centers.
Over the past few weeks Amazon.com, Inc. (NASDAQ: AMZN) has collectively committed to investing $20 billion into new data centers for its subsidiary Amazon Web Services (AWS). The first to be announced was an $11-billion data center to be built in Indiana, with another $9 billion set to accelerate cloud-infrastructure in Singapore. The moves fall in line with Amazon CEO Andy Jassy’s projection that 85% of IT spending will remain on premises, in the race for Gen AI supremacy.
Amazon also recently announced an extension on its partnership between AWS and CrowdStrike to unify cybersecurity protection on its CrowdStrike Falcon platform. As per the agreement, Amazon is replacing a variety of cloud point products with Falcon Cloud Security, is using Falcon Next-Gen SIEM to secure big data logging and is deploying Identity Threat Detection and Response to prevent identity-based attacks.
“CrowdStrike and AWS have a deep history of working together to secure the most innovative companies in the world,” said CJ Moses, Chief Information Security Officer and Vice President of Security Engineering at Amazon. “Amazon uses CrowdStrike to provide visibility, detection, and response across our businesses in order to protect the cloud, infrastructure, and services for our customers. This is part of our shared mission to help all organizations build, operate, and secure their business.”
In a move to shore-up its market position as a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (“HPC”) applications, Applied Digital Corporation (NASDAQ: APLD) recently announced the appointment of industry veteran Todd Gale as its new Chief Development Officer. The announcement came just one month after the company announced it had issued a $50 million unsecured convertible debenture to advance its HPC Data Center Project in Ellendale, North Dakota.
“We intend to use the net proceeds from the private financing, supplemented by the proceeds from our announced sale of the Garden City facility, to finance substantial advancements in our construction phase of the HPC data center in Ellendale, North Dakota,” said David Rench, CFO of Applied Digital. “Concurrently, we continue negotiating our project-level financing to ensure timely project completion and fulfillment of our contractual obligations.”
Applied Digital intends to utilize chipmaking giant NVIDIA’s new Blackwell platform into its cloud offerings. The company’s next-generation data center campuses are specifically designed to host HPC/AI applications, offering more cost-effective and efficient alternatives to traditional data centers.
In Japan, Digital Realty Trust, Inc. (NYSE: DLR) recently announced the expansion of its NRT Campus, by commencing construction of its third data center to support AI. Upon completion of the site in late 2025, the campus’s capacity will rise to 104MW, with the intention of meeting rising demand for next-generation infrastructure, and seamless access to Japan’s connected data communities.
“Japan’s rapidly increasing demand for AI deployments creates the need for scalable, flexible, and highly connected AI-ready data centers in the Tokyo metropolitan area,” said Serene Nah, Managing Director and Head of Asia Pacific, Digital Realty. “We believe NRT14’s next-generation data center infrastructure and Digital Realty’s connected global open data center platform provide the foundational pillars our customers need to drive innovation in the coming years.”
Equinix, Inc. (NASDAQ: EQIX), another digital infrastructure company, has recently launched a $600 million joint venture with PGIM Real Estate to develop and operate the first xScale data center in the US, situated in California’s Silicon Valley. This follows their successful collaboration on the first xScale data center in Australia in 2022, which was part of a similar $575 million joint venture announced in 2021.
Under the terms of the new agreement, PGIM Real Estate will hold an 80% equity interest in the joint venture, while Equinix will retain a 20% equity stake. xScale data centers by Equinix enable hyperscale companies to expand their core deployments within Equinix’s IBX data centers, facilitating growth in over 70 global metros through a platform that supports direct interconnections with more than 10,000 customers.
This joint venture complements Equinix’s existing hyperscale collaborations in Europe, Asia-Pacific, and the Americas, significantly enhancing the global xScale data center portfolio. Once completed, this global expansion is set to exceed $8 billion, encompassing more than 35 facilities and providing over 725 megawatts of power capacity.
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
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Artificial Intelligence
Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact
REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change.
“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.
“For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”
In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing.
Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform.
The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.
Guðmundur Kristjánsson (GK), Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.”
On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
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