Artificial Intelligence
Vinco Ventures, Inc. Reports First Quarter 2022 Financial Results
Fairport, NY, May 23, 2022 (GLOBE NEWSWIRE) — Vinco Ventures, Inc. (NASDAQ:BBIG), a digital media, advertising and content technologies holding company (“Vinco Ventures,” “Vinco,” or the “Company”), today announced its results for the first quarter ended March 31, 2022.
“Vinco continues to execute our plan to grow into a global content driven ecosystem focused on our core pillars: enrich our communities as we engage, endorse and entertain,” said Vinco CEO Lisa King. “During the first quarter of 2022, we completed our acquisition of AdRizer, which represents one of the core pillars of our strategy to monetize traffic throughout the digital media spectrum and across the Vinco ecosystem. Also, during the quarter we continued our efforts to promote and expand the user base of our Lomotif app and related digital properties as we livestreamed Shaq’s Fun House event in February and the Okeechobee Music Festival in March. Live events like these allow Lomotif users around the world to enjoy distinctive, real-time events and enhance our efforts to engage, endorse, and entertain across platforms. I am very pleased with the progress we made during the quarter.”
Operational Highlights:
- Vinco Ventures completed the acquisition of AdRizer LLC, a provider of technology solutions that automate the use of artificial intelligence for digital advertising analytics and programmatic media buying, on February 11, 2022, for consideration consisting of $38 million in cash paid at closing and up to 10 million shares of common stock of the Company issuable on January 1, 2024, with certain leak-out restrictions.
- Live-streamed the Okeechobee Music and Arts Festival on March 3-6, 2022 on the Lomotif platform. Over the three-day festival, the live stream registered 7.2 million active users on Lomotif according to Google Analytics and generated 16 million visitors on Lomotif media sites. Lomotif for the first time broke into the top 50 downloaded social apps in the U.S. market in the Apple Store alone during the festival, boosting our effort to expand in the U.S. market. Of the 7.2 million users who streamed the concert, 86% of the traffic came from YouTube through the Company’s AdRizer platform promoting the festival.
- Live-streamed Shaquille O’Neal’s Big Game Weekend Party “Shaq’s Fun House” on the Lomotif platform via an exclusive distribution arrangement with Insomniac, a producer of top music festivals and events.
- The Company set a Record Date of May 18, 2022, for its planned spin-off of Cryptyde with the expected Distribution Date of May 27, 2022.
First Quarter 2022 Financial Highlights:
- Revenue increased 349.7% from the first quarter of 2021 to $11.5 million reflecting the impact of the inclusion of AdRizer from its acquisition date of February 11, 2022.
- Cash, cash equivalents, and restricted cash totaled $210.8 million at March 31, 2022.
- Unrestricted cash at March 31, 2022 of $130.8 million.
- Selling, general and administrative expenses from continuing operations were $26.8 million compared to $11.7 million in first quarter of 2021, an increase of $15.1 million. Of this increase, $10.4 million was due to higher legal, professional and transaction costs primarily associated with the Company’s acquisition of AdRizer. The remaining increase reflects the expanded size and scope of the Company since the first quarter of 2021, including an increase of $4.4 million in advertising, marketing and promotion costs as the Company continues to invest in building market awareness of Lomotif, and an increase of $5.2 million in compensation costs, which reflects the increase in headcount over the past year as the Company has grown internally and through the acquisition of AdRizer as well as the consolidation of the compensation costs of Lomotif since July 2021.
- Total other income and expenses in the first quarter of 2022 were a net expense $352.9 million as compared to a net expense of $51.5 million in the first quarter of 2021. Similar to recent quarters, the significant increase in net other expense is due to the impact of the requirement that the Company classify its warrants to purchase shares of its common stock as a liability upon issuance on its consolidated balance sheets as these warrants are a free-standing financial instrument that may require the Company to transfer consideration upon exercise. Each warrant is initially recorded at fair value on the date of issuance using the Monte-Carlo simulation pricing model and subsequently re-measured to fair value at each subsequent balance sheet date. Losses on issuance and changes in fair value of outstanding warrants are recognized as a component of net other income (expense) in the consolidated statement of operations and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. During the first quarter of 2022, loss on issuances of warrants was $243.7, while the change in in fair value of the Company’s liability for its outstanding warrants as of March 31,2022 resulted in an expense of $86.9 million.
- Net loss in first quarter 2022 was $372.9 million, or ($3.05) per basic and diluted share, compared to a net loss of $62.5 million, or ($3.28) per basic and diluted share in the first quarter of 2021. The increase in net loss primarily resulted from the impact of the net other expense of $330.6 million resulting from the warrant accounting requirements described above which accounted for 87% of the Company’s net loss in the first quarter of 2022 as well as transaction costs associated with the Company’s acquisition of AdRizer. Otherwise, the Company’s loss reflects the increase in the size and scope of the Company as it focuses on building its global digital media business.
Vinco Ventures, Inc. First Quarter 2022 Conference Call
Event Date: May 23, 2022
Event Time: 4:30 PM Eastern Standard Time
The audio conference call can be accessed through:
1- 877-407-2991 (U.S. participants)
1- 201-389-0925 (International participants)
A live and archived webcast presentation will be available at: https://investors.vincoventures.com/.
Conference Replay:
A teleconference replay will be available until May 30, 2022.
1- 877-660-6853 (U.S. participants)
1-201-612-7415 (International participants)
Passcode: 13730262
Vinco Ventures, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| March 31, 2022 |
December 31, 2021 |
|||||||
| Assets* | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 130,779,948 | $ | 87,612,176 | ||||
| Restricted cash – short term | – | 100,000,000 | ||||||
| Short-term investments | 220,000 | 178,000 | ||||||
| Accounts receivable, net | 9,117,096 | 1,124,421 | ||||||
| Inventory, net | 447,636 | 475,666 | ||||||
| Prepaid expenses and other current assets | 10,659,851 | 10,403,401 | ||||||
| Loans held-for-investment- current portion | 11,600,000 | 3,950,000 | ||||||
| Due from related party | 19,600,584 | 15,997,803 | ||||||
| Total current assets | 182,425,115 | 219,741,467 | ||||||
| Restricted cash long-term | 80,000,000 | – | ||||||
| Property and equipment, net | 1,785,226 | 1,376,751 | ||||||
| Right of use assets, net | 133,310 | 168,914 | ||||||
| Loan held-for-investment | 750,000 | 250,000 | ||||||
| Loan held-for-investment – related parties | 13,500,000 | 20,500,000 | ||||||
| Intangible assets, net | 39,009,383 | 40,525,453 | ||||||
| Goodwill | 180,419,932 | 121,580,144 | ||||||
| Cost method investments | 1,000,000 | 1,000,000 | ||||||
| Other assets | 1,655,742 | – | ||||||
| Total assets | $ | 500,678,709 | $ | 405,142,729 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 11,554,079 | $ | 6,105,963 | ||||
| Accrued expenses and other current liabilities | 10,600,949 | 19,516,308 | ||||||
| Current portion of operating lease liabilities | 77,231 | 100,733 | ||||||
| Current portion of convertible notes payable, net of debt issuance costs of $13,343,030 and $68,911,823, respectively | 19,769,795 | 44,238,177 | ||||||
| Current portion of notes payable | – | 15,530 | ||||||
| Current portion of notes payable – related parties | 112,835 | 112,835 | ||||||
| Total current liabilities | 42,114,889 | 70,089,546 | ||||||
| Operating lease liabilities, net of current portion | 58,713 | 70,514 | ||||||
| Convertible notes payable – related parties, net of current portion | 2,500,000 | 2,500,000 | ||||||
| Notes payable -related parties, net of current portion | 108,923 | 121,037 | ||||||
| Convertible notes payable, net of current portion, net of debt issuance costs of $35,491,435 and $0, respectively. | 44,399,079 | – | ||||||
| Derivative liability | 429,167,462 | 198,566,170 | ||||||
| Deferred tax liability | 108,420 | 108,420 | ||||||
| Deferred acquisition purchase price | 23,250,000 | – | ||||||
| Total Liabilities | $ | 541,707,486 | $ | 271,455,687 | ||||
| Commitments and contingencies (Note 14) | ||||||||
| Stockholders’ equity (deficit) | ||||||||
| Common stock, $0.001 par value, 250,000,000 shares authorized; 188,052,593 and 150,118,024 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | $ | 188,053 | $ | 150,118 | ||||
| Additional paid-in capital | 1,053,407,146 | 850,096,635 | ||||||
| Accumulated deficit | (1,109,769,797 | ) | (736,821,840 | ) | ||||
| Total stockholders’ equity (deficit) attributable to Vinco Ventures, Inc. | (56,174,598 | ) | 113,424,913 | |||||
| Noncontrolling interest | 15,145,821 | 20,262,129 | ||||||
| Total stockholders’ equity (deficit) | (41,028,777 | ) | 133,687,042 | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 500,678,709 | $ | 405,142,729 | ||||
Vinco Ventures, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended March 31, | Period over Period Change | |||||||||||||||
| 2022 | 2021 | $ | % | |||||||||||||
| Revenue | ||||||||||||||||
| Consumer products | $ | 3,757,552 | $ | 2,153,306 | $ | 1,604,246 | 74.5 | % | ||||||||
| Digital advertising and media revenue | 7,726,369 | 350,566 | 7,375,803 | 2104.0 | % | |||||||||||
| Royalty income | 50,898 | 61,290 | (10,392 | ) | -17.0 | % | ||||||||||
| Total revenue, net | 11,534,819 | 2,565,162 | 8,969,657 | 349.7 | % | |||||||||||
| Cost of revenues | ||||||||||||||||
| Packaging products | 3,156,993 | 1,393,063 | 1,763,930 | 126.6 | % | |||||||||||
| Digital advertising and media revenue | 7,776,663 | 260,318 | 7,516,345 | 2887.4 | % | |||||||||||
| 10,933,656 | 1,653,381 | 9,280,275 | 561.3 | % | ||||||||||||
| Gross profit | 601,163 | 911,781 | -310,618 | -34.1 | % | |||||||||||
| Gross profit % | 5.2 | % | 35.5 | % | -30.3 | % | -85.3 | % | ||||||||
| Selling, general and administrative costs | ||||||||||||||||
| Compensation, benefits and payroll taxes | $ | 5,763,122 | $ | 500,033 | $ | 5,263,089 | 1052.5 | % | ||||||||
| Depreciation and amortization | 1,590,209 | 424,033 | 1,166,175 | 275.0 | % | |||||||||||
| Stock based compensation | 1,143,445 | 8,697,502 | (7,554,057 | ) | -86.9 | % | ||||||||||
| Advertising, marketing and promotions | 4,636,246 | 269,960 | 4,366,287 | 1617.4 | % | |||||||||||
| Legal,professional fees, and transaction costs | 11,764,602 | 1,414,391 | 10,350,211 | 731.8 | % | |||||||||||
| Selling, general and administrative costs | 1,900,483 | 354,961 | 1,545,523 | 435.4 | % | |||||||||||
| Total selling, general and administrative costs | $ | 26,798,107 | $ | 11,660,880 | $ | 15,137,227 | 129.8 | % | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense, net | (22,427,461 | ) | (12,694,933 | ) | (9,732,528 | ) | 76.7 | % | ||||||||
| Loss on issuance of warrants | (243,681,478 | ) | (75,156,534 | ) | (168,524,944 | ) | 224.2 | % | ||||||||
| Change in fair value of warrant liability | (86,948,858 | ) | 36,381,542 | (123,330,400 | ) | -339.0 | % | |||||||||
| Other income (expense) | 149,594 | (44,296 | ) | 193,890 | -437.7 | % | ||||||||||
| Total other income (expense) | $ | (352,908,203 | ) | $ | (51,514,221 | ) | $ | (301,393,982 | ) | 585.1 | % | |||||
| Loss before income taxes | $ | (379,105,147 | ) | $ | (62,263,320 | ) | $ | (316,841,827 | ) | 508.9 | % | |||||
| Income tax expense | – | – | – | |||||||||||||
| Net loss | (379,105,147 | ) | (62,263,320 | ) | (316,841,827 | ) | 508.9 | % | ||||||||
| Net (loss) income attributable to noncontrolling interests | (6,157,190 | ) | 28,034 | (6,185,224 | ) | -22063.3 | % | |||||||||
| Net loss attributable to Vinco Ventures, Inc. from continuing operations | (372,947,957 | ) | (62,291,354 | ) | (310,656,603 | ) | 498.7 | % | ||||||||
| Net Loss from discontinued operations | – | (178,200 | ) | 178,200 | -100.0 | % | ||||||||||
| Net loss attributable to Vinco Ventures, Inc. | $ | (372,947,957 | ) | $ | (62,469,554 | ) | $ | (310,478,403 | ) | 497.0 | % | |||||
| Net loss attributable to Vinco Ventures, per share | – | – | ||||||||||||||
| Net loss per share- continuing operations | $ | (3.05 | ) | $ | (3.28 | ) | $ | 0.23 | -6.9 | % | ||||||
| Weighted Average Number of Common Shares Outstanding -basic and diluted | 122,176,851 | 19,055,006 | 103,121,845 | 541.2 | % | |||||||||||
Vinco Ventures, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| For the Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Cash Flow from Operating Activities | ||||||||
| Net loss attributable to Vinco Ventures, Inc. | $ | (372,947,957 | ) | $ | (62,291,354 | ) | ||
| Net (loss) income attributable to noncontrolling interest | (6,157,190 | ) | 28,034 | |||||
| Net loss | (379,105,147 | ) | (62,263,320 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Discontinued operations | – | (178,200 | ) | |||||
| Amortization of financing costs | 22,260,697 | 445,541 | ||||||
| Share-based compensation | 1,143,445 | 12,418,930 | ||||||
| Depreciation and amortization | 1,608,691 | 8,697,502 | ||||||
| Amortization of right of use asset | 35,604 | 24,163 | ||||||
| Change in fair value of short-term investment | 42,000 | 70,000 | ||||||
| Loss on issuance of warrants | 243,681,478 | 75,156,534 | ||||||
| Change in fair value of warrant liability | 86,948,858 | (36,381,542 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (2,428,136 | ) | (494,130 | ) | ||||
| Inventory | 28,030 | (215,717 | ) | |||||
| Prepaid expenses and other assets | (5,384,663 | ) | 139,635 | |||||
| Accounts payable | (1,835,876 | ) | (804,282 | ) | ||||
| Accrued expenses and other liabilities | (9,009,264 | ) | (755,224 | ) | ||||
| Net Cash used in Operating Activities | (42,014,284 | ) | (4,140,110 | ) | ||||
| Cash Flows from Investing Activities | ||||||||
| Issuance of loans held-for-investment-related parties | – | (5,000,000 | ) | |||||
| Issuance of loans held-for-investment | (500,000 | ) | (7,000,000 | ) | ||||
| Purchases of property and equipment | (326,563 | ) | (18,228 | ) | ||||
| Purchase of intangible assets | – | – | ||||||
| Acquisition of business, net of cash acquired (Note 3) | (34,850,576 | ) | – | |||||
| Net Cash used in Investing Activities | (35,677,139 | ) | (12,018,228 | ) | ||||
| Cash Flows from Financing Activities | ||||||||
| Net repayments under line of credit | – | (379,333 | ) | |||||
| Net (repayments) borrowings under convertible notes payable | (150,000 | ) | 19,720,000 | |||||
| Net borrowings under notes payable | – | 73,000 | ||||||
| Net repayments under notes payable | (27,644 | ) | (2,141,782 | ) | ||||
| Net repayments under notes payable – related parties | – | (659,999 | ) | |||||
| Fees paid for financing costs | – | (122,762 | ) | |||||
| Net proceeds from exercise of warrants | 101,036,839 | 1,690,604 | ||||||
| Net proceeds from issuance of common stock | – | 3,255,000 | ||||||
| Net Cash provided by Financing Activities | 100,859,195 | 21,434,728 | ||||||
| Net Increase in Cash and Cash Equivalents | 23,167,772 | 5,276,390 | ||||||
| Cash and Cash Equivalents – Beginning of Period | 187,612,176 | 249,356 | ||||||
| Cash and Cash Equivalents – End of Period | $ | 210,779,948 | $ | 5,525,746 | ||||
About Vinco Ventures
Vinco Ventures, Inc. (Nasdaq: BBIG) is a digital media, advertising and content technologies holding company. Vinco Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, has an 80% ownership interest in Lomotif Private Limited. Vinco Venture owns 100% of Adrizr LLC and 51% of PZAJ Holdings, LLC. For more information visit https://investors.vincoventures.com/
About Lomotif
Lomotif is a video-sharing social networking platform that is democratizing video creation. A home for creators since 2014, Lomotif hosts a grassroots social community with dedicated users in Asia, Latin America and the United States. Lomotif is 80% owned by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation and Vinco Ventures, Inc. (Nasdaq: BBIG). Download the Lomotif app from Apple and Google stores or visit www.lomotif.com for more information.
About Cryptyde
Cryptyde, Inc. (anticipated: TYDE), is focused on leveraging blockchain technologies to disrupt consumer facing industries.
Forward-Looking Statements and Disclaimers
This press release contains “forward-looking statements” as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are based upon beliefs of, and information currently available to, Vinco Ventures’ management as well as estimates and assumptions made by Vinco Ventures’ management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,” and other words or the negative of these terms and similar expressions as they relate to the applicable company or its management identify forward-looking statements. Such statements reflect the current view of Vinco Ventures with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Vinco Ventures and its subsidiaries and consolidated variable interest entities including Lomotif, their industry, financial condition, operations and results of operations. Such factors include, but are not limited to, the expected benefits from Vinco Ventures’ investments in Lomotif and related growth initiatives and strategies such as the blended media, cross-platform distribution strategy, the expected benefits of Lomotif’s participation in and sponsorship of live entertainment events, the expected benefits from acquisition of AdRizer and planned integration of the AdRizer technology with Lomotif and Honey Badger and synergies between AdRizer, Lomotif and Honey Badger, uncertainties as to the completion and timing of the spin-off of Cryptyde, the failure to satisfy any conditions to complete the spin-off as specified in the Form 10, the expected tax treatment of the spin-off and the impact of the spin-off on the businesses of Vinco Ventures and Cryptyde, the expected benefits for Vinco Ventures, its shareholders and Cryptyde from the recent injection of businesses and assets into Cryptyde and the spin-off, the regulatory risks with the NFT and blockchain business lines and such other risks and uncertainties described more fully in documents filed by Vinco Ventures and Cryptyde with or furnished to the Securities and Exchange Commission, including the risk factors discussed in Vinco Ventures’ Annual Report on Form 10-K for the period ended December 31, 2021 filed on April 15, 2022 and Quarterly Report on Form 10-Q for the period ended March 31, 2022 filed on May 23, 2022, as well as Cryptyde’s Amendment No. 2 of Form 10 filed on March 18, 2022, which are available at www.sec.gov. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
# # #
Investor Relations
Monica Gould
212-871-3927
Gregory McNiff
415-217-4963
[email protected]
A New Era of Women in STEM on Qatar Foundation’s Edutainment Show
DOHA, Qatar, Sept. 30, 2024 /PRNewswire/ — Five out of seven — that’s the groundbreaking number of female contestants in season 16 of Stars of Science. This historic representation is more than just a statistic; it is a testament to the quiet yet powerful revolution unfolding in the Arab world, within the laboratories, workshops, and brilliant minds of these female innovators. This season does not simply shine a spotlight on their achievements; it celebrates a shift in what it means to be a woman in STEM, challenging age-old gender norms and redefining innovation across the Arab world.
Since its inception, Stars of Science has supported 37 female alumnae, enabling them to develop countless brilliant innovative ideas that would eventually become products or services. In a recent previous season Eiman Al-Hamad from Qatar landed third place with her Arabic conversation fraud detection program, and for the first time, a woman—Omani scientific researcher and mother of three, Soumaiya Al Siyabi—was crowned the winner. The barriers that once seemed insurmountable are crumbling, with the women of season 16 leading the charge.
Historically, women have faced significant barriers in STEM fields, but the Arab world is witnessing a profound shift. According to UNESCO, countries such as Qatar, Jordan, and Saudi Arabia are recording higher percentages of female STEM graduates than many Western nations. Dr Hind Abdulrahman Al Muftah, Qatar’s Permanent Representative to the United Nations Office in Geneva, spoke at the International Telecommunication Union’s celebration of International Girls in ICT Day, highlighting the importance of enhancing and empowering women. Dr Al Muftah noted that in 2021, women made up 70% of graduates in fields such as information systems, computer engineering, general engineering, medicine, pharmacy, and sciences. She emphasised that providing access to technology is essential for transforming Qatar into a knowledge-based economy that is inclusive of all, particularly women. This surge reflects a broader societal transformation, where women are increasingly recognised as key contributors to scientific and technological advancements.
The innovative ideas of the women in Stars of Science season 16 are more than technical achievements — they are powerful catalysts for change, addressing critical challenges in the Arab world and beyond. From Khadidja Fellah Arbi’s work in healthcare with her ‘ECG-based glucometer’to Emma Sleiman’s efforts in enhancing the diagnosis of ADHD in children with the ‘ADHD multimodel classifier,’ their contributions are filling critical gaps in regional healthcare.
Nada Raafat Elkharashi and Mariam Montaser are setting new standards in sustainability and healthcare. Elkharashi’s achievements in sustainable technology with a ‘Self-powering biosticker’ and Montaser’s ‘Testing kit for bacterial respiratory infections’ highlight the pivotal role women in STEM play in addressing global issues. Meanwhile, Sanaa Belkoutbi’s ‘Drone structure inspector inside mosques’ demonstrates how women in STEM can uniquely blend cultural preservation with modern engineering, ensuring that progress does not come at the expense of heritage.
Female enrolment in STEM programmes continues to rise, reflecting the growing recognition of women’s vital role in these fields. Platforms like Stars of Science, championed by Qatar Foundation, are pivotal in driving this transformation, offering essential visibility and unwavering support that empower women to excel and lead.
As Sarah Aboerjaib, a distinguished alumna and guest mentor of Stars of Science, stated: “As women, we invent not just to create, but also to inspire. Every invention is a story of resilience, a testament to the power of imagination, and a beacon for those who dare to dream beyond boundaries.”
Season 16 of Stars of Science is more than just a competition; it marks the dawn of a new era. The future of STEM in the Arab world is driven by the determination of these extraordinary women. As they forge ahead, they’re not just playing the game — they are rewriting the rules. The future is female, and it has never looked more promising.
Stars of Science airs from 7 September 2024 to 19 October 2024 on five channels in the region and online. Please visit the broadcast guide for channels and timings.
About Stars of Science:
Throughout 16 years of success, Stars of Science – the edutainment TV initiative of Qatar Foundation (QF) – has leveraged its position as the premier innovation show in the Arab world to empower Arab innovators to successfully transform innovative ideas into tangible solutions, strengthening the culture of innovation among Arab youth. In its sustained journey that started in 2009, the show has demonstrated how young Arab innovators develop technological solutions for their communities, aiming to improve people’s well-being, provide financial opportunities to their local citizens, and advance sustainable development.
Over a 12-week process, the contestants develop their solutions experimentally in a shared innovation space, competing against time with the mentorship and support of a team of experienced engineers and product developers.
An expert panel of jurors assesses and selects more promising innovators and their projects every week across several prototyping and testing rounds until three finalists remain to compete for a share of the Grand Prize. Jury deliberation and online voting from the public determine the rankings of the two top winners.
To know more about Stars of Science, please visit: Website, Facebook, X, Youtube, Instagram, Tiktok, and LinkedIn.
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Artificial Intelligence
Persistent Advances Data Privacy and AI-Driven Business Transformation with the Acquisition of Arrka
PUNE, India, Sept. 30, 2024 /PRNewswire/ — Persistent Systems (BSE: 533179) (NSE: PERSISTENT), a global pioneer in Digital Engineering and Enterprise Modernization, today announced the intent to acquire Arrka, a Pune-based company renowned for its decade-long data privacy expertise, its pioneering Data Privacy Management platform and growing expertise in AI governance. This strategic acquisition significantly enhances Persistent’s AI-led, platform-driven services and strengthens its ability to provide comprehensive offerings in digital governance, including data privacy, AI governance, and cybersecurity, among others. With Arrka’s expertise, Persistent will help clients accelerate their transformation journeys while ensuring ethical, responsible, and compliant AI.
With the widespread adoption of AI, implementing and managing digital governance in general and data privacy and responsible AI are taking center stage for enterprises across industries. Persistent is addressing the opportunities in AI through strategic investments in innovative platforms like SASVA™, an in-house cutting-edge platform using generative and deterministic AI, as well as through tuck-in acquisitions such as that of Starfish Associates, to strengthen its position in AI-powered Contact Center and Unified Communications. The integration of Arrka is a critical component in scaling Persistent’s AI practice and addressing the rising demand for digital governance. It is a key to the Company’s strategy to deliver responsible, ethical, and comprehensive platform-driven digital solutions.
Arrka’s Data Privacy Management platform enables organizations to manage their data privacy risks and comply with multi-jurisdictional legal and regulatory requirements in an integrated manner. Persistent will integrate and significantly broaden Arrka’s offerings to establish deep capabilities across the digital governance and trust domain, including:
AI Governance and Ethics: Equipping organizations to implement and manage AI risks, ensuring trust and governance across their AI initiatives.Data Privacy: Scaling Arrka’s Data Privacy expertise to help businesses enhance and mature their ability to comply with multiple privacy laws and regulations in a holistic manner.Privacy in AI Product Engineering: Offering privacy-by-design capabilities that help embed ethical and trustworthy practices into AI development, thus ensuring transparent and explainable systems.Consent and Rights Management: Developing tailored solutions for managing user consent, handling data subject rights requests, and ensuring transparency in data processing across multiple platforms and jurisdictions.AI Systems Auditing and Compliance Management: Offering continuous compliance and auditing solutions to ensure comprehensive monitoring of AI systems.Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent:
“Arrka’s acquisition perfectly aligns with our vision to deliver AI-driven services that fuel innovation and ensure data privacy, ethics, and compliance at every stage. By integrating Arrka’s expertise with our AI-led, platform-driven services strategy, we are empowering businesses to innovate responsibly while managing risk and compliance more effectively. Their mature frameworks and Data Privacy Management platform provide a scalable foundation to ensure this new capability is platform-driven and embeds governance from the outset, which is now critical for successful AI implementations. We’re delighted to welcome Shivangi and her talented team as we strengthen our digital governance and data privacy offerings and shape the future of responsible AI together.”
Shivangi Nadkarni, Co-Founder, Arrka:
“The acquisition by Persistent catapults Arrka onto the global stage. With the strength and resources of Persistent, we now have the opportunity to go from what has been a specialist, boutique business working with select long-term clients in India, to expanding our footprint into global markets and deepening our expertise rapidly in multiple areas of digital governance. Moreover, this has come at an opportune time, just when this domain is experiencing significant growth globally with the rise of AI. The Arrka team is excited by the opportunities ahead.”
Chirag Mehta, Vice President and Principal Analyst, Constellation Research:
“As customers accelerate their adoption of AI, the urgency to address data privacy and compliance challenges has never been greater. Persistent’s acquisition of Arrka strengthens its AI-led, platform-first approach, empowering customers to confidently pursue their business goals while tackling these critical security concerns head-on.”
About Persistent
Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization to businesses across industries. With over 23,500 employees located in 19 countries, the Company is committed to innovation and client success. Persistent offers a comprehensive suite of services, including AI-enabled software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The Company has been recognized as the “Most Promising Company” of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals.
www.persistent.com
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs
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Artificial Intelligence
Fujitsu launches “Takane” – A large language model for enterprises offering the highest Japanese language proficiency in the world
With collaboration from Cohere, Fujitsu promotes the utilization of generative AI by achieving advanced customization in a secure private environment
News Facts:
Fujitsu launches Takane, a Japanese-language large language model (LLM) designed for secure enterprise useIntegrated into Fujitsu’s AI service Fujitsu Kozuchi and offered through the all-in-one operation platform Fujitsu Data Intelligence PaaS (DI PaaS)Specialized and tailored for industry-specific use and trained for the Japanese language (world-class score on the JGLUE benchmark) to address the challenges of using LLMs in sensitive industries that require a high degree of accuracy and reliabilityTOKYO, Sept. 30, 2024 /PRNewswire/ — Fujitsu today announced the launch of Takane, a large language model (LLM) designed for enterprise use in secure private environments. Developed in collaboration with Cohere Inc., (1) Takane represents a significant leap forward in generative AI capabilities, offering world-class Japanese language capabilities.
Fujitsu will integrate this new LLM into its generative AI services on Fujitsu Kozuchi and offer it through Fujitsu Data Intelligence PaaS (DI PaaS), an all-in-one operation platform that is part of Fujitsu Uvance, Fujitsu’s portfolio of solutions addressing cross-industry societal challenges. Takane will be available globally starting September 30, 2024.
Takane, which has achieved world-leading results on the Japanese General Language Understanding Evaluation (JGLUE) benchmark (2), is designed for enterprise use in a secure private environment. Fujitsu will offer Takane alongside its generative AI framework for enterprises which comprises knowledge graph extended RAG technology for referencing large-scale text and monitoring technology for generative AI that ensures output is compliant with laws, regulations, and corporate rules. With this comprehensive approach, Fujitsu aims to create an LLM that supports customers’ business transformation.
With the launch of Takane, Fujitsu elevates its generative AI offerings on Fujitsu Kozuchi with a high-precision LLM tailored for secure private environments. This strategic move aligns with Fujitsu’s vision for seamlessly integrating generative AI into business operations.
Takane will also be provided under an initiative to deliver total support for customers’ generative AI journeys by combining the LLM with its Uvance Wayfinders consulting service and broader Fujitsu Uvance offerings. With this comprehensive approach, Fujitsu aims to empower customers to unlock new value and address societal issues by enhancing productivity, creativity, and innovation in their business operations.
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