Artificial Intelligence
Inuvo Announces Financial Results for the First Quarter Ending March 31, 2021
LITTLE ROCK, Ark., May 13, 2021 (GLOBE NEWSWIRE) — Inuvo, Inc. (NYSE American: INUV), a leading provider of marketing technology, today announced its financial results for the first quarter ending March 31, 2021.
Richard Howe, CEO of Inuvo, stated, “We continued growing both within the IntentKey platform, which was up 15% year-over-year, and within the ValidClick platform which has grown 9% compounded monthly since its pandemic low in May of 2020. The first quarter is our seasonally soft quarter and as such we anticipate our overall growth in Q2 to accelerate and exceed 50% year-over-year on the back of this continued post-pandemic growth within both product lines.” Mr. Howe added, “While we had a negative Adjusted EBITDA in the quarter, it was a 36% year-over-year improvement, which supports our projections that we should be back to producing positive Adjusted EBITDA within the second half of the year. We have a strong balance sheet with $17.8 million of cash and we believe we could not be better positioned to capture market share when the 3rd party cookie disappears in 2022.”
Operational Highlights During the First Quarter of 2021 to Date:
- Launched the Software-as-a-Service (SaaS) version of the IntentKey with multiple clients now committed and/or already using the solution.
- Signed multiple new clients for the IntentKey platform among which included two of the most respected technology companies in the world.
- Signed a Casino/Resort company where for the first time the entire suite of IntentKey capabilities and channels were leveraged concurrently.
- Renewed our largest ValidClick partner, one of the largest companies in the world, for an additional 2-year term.
- Delivered results to IntentKey clients that exceeded their goals by 48% and in at least one case delivered in excess of an 88:1 Return on Advertising Spend.
- Raised $14.25 million in additional capital bringing our cash balance at the end of March 2021 to $17.8 million.
- Continued to successfully deliver cookieless campaigns that position Inuvo well for the industry disruption coming in 2022.
- Expanded sales, sales support, and account management to 18 people, two of which were hired in Canada to support the IntentKey’s expansion North.
Financial Results for the First Quarter Ended March 31, 2021:
Net revenue for the first quarter ended March 31, 2021, totaled $10.6 million as compared to $14.9 million during the same period in the year prior, a decrease of 28.9% year-over-year predominately due to pandemic-induced lower revenue within the ValidClick platform. Revenue for the month of March 2021 for ValidClick was up 143% over its low revenue month in May 2020.
IntentKey revenue, which accounted for 20.1% of overall revenue during the first quarter of 2021 as compared to 12.4% for the same period the year prior, grew 15% year-over-year to $2.1 million for the first quarter of 2021 as compared to $1.9 million for the first quarter in 2020.
Cost of revenue for the first quarter ended March 31, 2021, totaled $1.4 million as compared to $3.4 million during the same period the year prior. The decrease in the cost of revenue for the quarter ended March 31, 2021, compared to the same quarter in 2020 was due primarily to lower year-over-year revenues within ValidClick as a result of the pandemic.
Gross profit margin for the first quarter of 2021 improved to 86.4% as compared to 77% for the same period the year prior. Gross profit totaled $9.2 million for the first quarter ended March 31, 2021, as compared to $11.5 million for the same period the year prior, a decrease of 20.2%.
Operating expenses decreased 16.1% to $11.8 million for the first quarter of 2021 as compared to $14 million for the same period the year prior.
Other income in the quarter included $420,000 dollars in licensing obligations for the use of ValidClick associated with a contract signed in March of 2020 that ended in March of 2021.
The net loss for the first quarter of 2021 totaled $2.2 million or $0.02 per basic and diluted share as compared to the net loss of $2.8 million or $0.05 per basic and diluted share for the same period the year prior.
Adjusted EBITDA was a loss of $878 thousand in the first quarter of 2021, an improvement of 36% year-over-year.
Liquidity and Capital Resources:
On March 31, 2021, Inuvo had $17.8 million in cash, $16.8 million of working capital, an unused working capital facility of $5 million and no debt.
As of March 31, 2021, Inuvo had 118,518,445 common shares issued and outstanding.
Conference Call Details:
The Company will host a conference call on Thursday, May 13, 2021 at 4:30 p.m. Eastern Time (ET) to discuss its financial results for the first quarter ended March 31, 2021 and provide a business update.
Conference Call Details:
Date: Thursday, May 13, 2021
Time: 4:30 p.m. Eastern Time
Toll-free Dial-in Number: 1-800-289-0438
International Dial-in Number: 1-323-794-2423
Conference ID: 9502309
Participant Link: http://public.viavid.com/index.php?id=144549
A telephone replay will be available through Thursday, May 27, 2021. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, please enter the code 9502309 followed by the # sign. You will then be prompted for your name, company, and phone number. Playback will then automatically begin.
About Inuvo
Inuvo®, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and delivering consumer-oriented product & brand messaging strategies online based on powerful, anonymous, and proprietary consumer intent data for agencies, advertisers, and partners. To learn more, visit www.inuvo.com.
Safe Harbor / Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation risks detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), and represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as filed on February 11, 2021, our Quarterly Reports on Form 10-Q, and our other filings with the SEC. Additionally, forward looking statements are subject to certain risks, trends, and uncertainties including the continued impact of Covid-19 on Inuvo’s business and operations. Inuvo cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Inuvo does not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. Inuvo further expressly disclaims any written or oral statements made by a third party regarding the subject matter of this press release. The information, which appears on our websites and our social media platforms is not part of this press release.
Inuvo Company Contact:
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
[email protected]
Investor Relations:
KCSA Strategic Communications
Valter Pinto, Managing Director
Tel (212) 896-1254
[email protected]
| INUVO, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| March 31 |
December 31, |
||||||||||||||
| 2021 | 2020 | ||||||||||||||
| Assets | |||||||||||||||
| Cash | $17,805,324 | $7,890,665 | |||||||||||||
| Accounts receivable, net | 5,749,261 | 6,227,610 | |||||||||||||
| Prepaid expenses and other current assets | 534,471 | 413,435 | |||||||||||||
| Total current assets | 24,089,056 | 14,531,710 | |||||||||||||
| Property and equipment, net | 1,292,933 | 1,187,061 | |||||||||||||
| Goodwill | 9,853,342 | 9,853,342 | |||||||||||||
| Intangible assets, net | 8,119,713 | 8,586,089 | |||||||||||||
| Other assets | 1,194,551 | 1,023,369 | |||||||||||||
| Total other assets | 19,167,606 | 19,462,800 | |||||||||||||
| Total assets | $44,549,595 | $35,181,571 | |||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Accrued expenses and other current liabilities | $4,508,861 | $4,680,912 | |||||||||||||
| Accounts payable | 2,790,432 | 4,048,260 | |||||||||||||
| Total current liabilities | 7,299,293 | 8,729,172 | |||||||||||||
| Deferred tax liability | 107,000 | 107,000 | |||||||||||||
| Other long-term liabilities | 628,761 | 1,056,285 | |||||||||||||
| Total long-term liabilities | 735,761 | 1,163,285 | |||||||||||||
| Total stockholders’ equity | 36,514,541 | 25,289,114 | |||||||||||||
| Total liabilities and stockholders’ equity | $44,549,595 | $35,181,571 | |||||||||||||
| INUVO, INC. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31 | March 31 | ||||||||||||||
| 2021 | 2020 | ||||||||||||||
| Net revenue | $10,617,809 | $14,932,983 | |||||||||||||
| Cost of revenue | 1,444,059 | 3,439,501 | |||||||||||||
| Gross profit | 9,173,750 | 11,493,482 | |||||||||||||
| Operating expenses | |||||||||||||||
| Marketing costs | 7,305,784 | 9,622,823 | |||||||||||||
| Compensation | 2,737,867 | 2,344,235 | |||||||||||||
| Selling, general and administrative | 1,724,978 | 2,058,842 | |||||||||||||
| Total operating expenses | 11,768,629 | 14,025,900 | |||||||||||||
| Operating loss | (2,594,879 | ) | (2,532,418 | ) | |||||||||||
| Interest expense, net | (22,389 | ) | (152,511 | ) | |||||||||||
| Other income (expense), net | 470,000 | (140,307 | ) | ||||||||||||
| Net loss before taxes | (2,147,268 | ) | (2,825,236 | ) | |||||||||||
| Net loss | (2,147,268 | ) | (2,825,236 | ) | |||||||||||
| Earnings per share, basic and diluted | |||||||||||||||
| Net loss income | ($0.02 | ) | ($0.05 | ) | |||||||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 114,430,201 | 53,642,787 | |||||||||||||
| Diluted | 114,430,201 | 53,642,787 | |||||||||||||
| RECONCILIATION OF LOSS FROM CONTINUING OPERATIONS BEFORE TAXES TO ADJUSTED EBITDA | ||||||||||
| (unaudited) | ||||||||||
| Three Months Ended | ||||||||||
| March 31 | March 31 | |||||||||
| 2021 | 2020 | |||||||||
| Operating loss | ($2,147,268 | ) | ($2,825,236 | ) | ||||||
| Interest Expense | $22,389 | $152,511 | ||||||||
| Depreciation | 305,528 | 369,372 | ||||||||
| Amortization | 546,493 | 572,054 | ||||||||
| EBITDA | (1,272,858 | ) | (1,731,299 | ) | ||||||
| Stock-based compensation | 394,870 | 208,897 | ||||||||
| Non-recurring items: | ||||||||||
| Adjustment to derivative liability accounts | – | 140,307 | ||||||||
| Adjusted EBITDA | ($877,988 | ) | ($1,382,095 | ) | ||||||
Reconciliation of Loss from Continuing Operations before Taxes to EBITDA and Adjusted EBITDA
We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as net loss from continuing operations before taxes plus (i) interest expense, net, (ii) depreciation, and (iii) amortization. We further define Adjusted EBITDA as EBITDA plus (iv) stock-based compensation and (v) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.
Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/
Tweets by KIWIdesign_shop
https://www.youtube.com/channel/UCOzFWarIschBuBfNz01Oucw
TikTok – Make Your Day
Photo – https://mma.prnewswire.com/media/2410344/image.jpg
View original content:https://www.prnewswire.co.uk/news-releases/elevate-your-virtual-reality-experience-with-kiwi-design-rgb-vertical-stand-now-available-on-metas-website-302142936.html
LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.
By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
Logo – https://mma.prnewswire.com/media/2410159/wio_gracenote.jpg
Logo – https://mma.prnewswire.com/media/2410160/powered_by_gracenote_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wio-taps-gracenote-to-revolutionize-television-broadcast-reporting-302142826.html
Artificial Intelligence
IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility
BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.
Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
Image download:
https://www.dropbox.com/scl/fo/26ylbecu6ztl4larjuycj/AFbRjqvsovp8yj-f9JOQLEg?rlkey=4e2lb1pqbl9rsfzp73bunm57j&st=t60swtdx&dl=0
Media Contact:
Lucy RogersSales and Marketing [email protected] +44(0)1223 812300
Social Media Links:
Twitter: www.twitter.com/IDTechExLinkedIn: www.linkedin.com/company/IDTechEx
Photo – https://mma.prnewswire.com/media/2408851/IDTechEx_applications.jpg
View original content:https://www.prnewswire.co.uk/news-releases/idtechex-explores-printed-electronics-in-electrified-and-autonomous-mobility-302141570.html
-
Artificial Intelligence6 days agoSolar EV Charging to Bypass the Grid: A US$2.5 Billion Market by 2034, Says IDTechEx
-
Artificial Intelligence4 days agoKörber Pharma and Siemens Take the Lead in ABI Research’s MES Software for Pharmaceutical, Biotechnology, and Cell & Gene Manufacturing Competitive Ranking
-
Artificial Intelligence4 days agoNew Momentum in Pharma Automation: ArisGlobal’s 2024 Industry Survey Report Highlights Surge in AI-Powered Safety & Regulatory Processes
-
Uncategorized4 days agoSmart Waste Management Market to Reach $8.3 billion by 2032 at 15.6% CAGR: Allied Market Research
-
Artificial Intelligence4 days agoNess Digital Engineering Acquires Intricity – a New York based company specializing in data strategy, governance, modernization, and monetization
-
Artificial Intelligence2 days agoSanad Announces Strategic Sale Transaction with CFM Materials, Further Fostering Aviation Industry Collaborations
-
Artificial Intelligence2 days agoNorthern Data Group’s Peak Mining announces new partnership for 28MW of mining, powered by 100% renewable energy
-
Artificial Intelligence5 days agoImaging Endpoints Unveils New Initiative with Revolution Endpoints™, an Investment Subsidiary to Accelerate Innovation and Growth
