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Rail Vision Announces First Quarter 2022 Financial Results

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RA’ANANA, Israel, July 06, 2022 (GLOBE NEWSWIRE) — Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company seeking to revolutionize railway safety and the data-related market, today reported financial results for the first quarter ended March 31, 2022.

“The first quarter of 2022 was a truly transformational period for Rail Vision that culminated with our Nasdaq IPO, which provided us with critical funding to accelerate the commercial rollout of our game-changing, artificial-intelligence-driven technology for the rail industry,” said Shahar Hania, CEO of Rail Vision. “I am tremendously proud of the work our team has accomplished in strengthening our foundation for future successes. The results from multiple LTPs underway, nearing completion, and even completed, for major potential customers gives us strong confidence in the potential for our technology to ultimately make a significant impact on rail safety globally.”

“As we continue to execute LTPs and begin delivering commercial systems to customers, our team is collecting important data through our cloud infrastructure that empowers further refinement of current systems while uncovering potential new opportunities for growth,” continued Hania. “I am extremely excited for the future and believe Rail Vision is at the forefront of an evolution in train safety.”

First Quarter 2022 & Recent Highlights

  • Delivered a main-line system to Hitachi Rail Australia for long-term pilot (“LTP”) with Rio Tinto Iron Ore (“RTIO”), the world’s second-largest metals and mining company. Rail Vision’s main-line system was installed on RTIO’s autonomous locomotives, and the LTP is underway as scheduled and is expected to continue through the end of July 2022. RTIO is also evaluating further use cases that may expand the LTP and include additional testing programs throughout the second half of 2022.
  • Completed a four-month LTP of Rail Vision’s main-line system with Israel Railways Ltd., the government-owned operator of the national heavy rail system in Israel. Israel Railways is currently evaluating the main-line system for freight locomotives.
  • Completed the data acquisition phase and executed a successful demo of the Company’s advanced automated monitoring system for a US-based railway infrastructure and maintenance company. Negotiations for the next stage of development and delivery of systems is now underway.  
  • Rail Vision’s ordinary shares and warrants began trading on the Nasdaq Capital Market on March 31, 2022, under the symbols “RVSN” and “RVSNW,” respectively. On April 4, 2022, the Company closed its IPO, in which the Company issued 3,787,241 units. Each unit included one ordinary share and a warrant to purchase one ordinary share at an exercise price of $4.13. Gross proceeds for the offering were approximately $15.6 million, before deducting underwriting discounts, commissions, and estimated offering expenses. As this offering closed subsequent to quarter end, the proceeds from the offering are not reflected on the Company’s financial statements for the first quarter of 2022.

First Quarter 2022 Financial Results

  • Research and development (“R&D”) expenses, net for the three months ended March 31, 2022 were $1,423,000 compared to $2,094,000 in the three months ended March 31, 2021. The decrease is primarily related to a year-over-year decline in R&D staffing and a decrease in share-based compensation . The Company anticipates R&D expenses will increase in subsequent quarters as staffing levels expand.
  • General and administrative expenses for the three months ended March 31, 2022 were $813,000 compared to $885,000 in the three months ended March 31, 2021. The decrease is primarily attributed to a decrease in share-based compensation offset by an increase in professional services related to the Company being a public company.
  • Net loss for the three months ended March 31, 2022 was $2,346,000, or $0.26 per ordinary share, compared to a net loss of $2,968,000, or $0.32 per ordinary share, in the three months ended March 31, 2021. The decrease in the net loss is attributed mainly to the decrease in R&D and share-based compensation expenses as detailed above.
  • Rail Vision ended the first quarter of 2022 with $2.2 million in cash and cash equivalents.

About Rail Vision Ltd.

Rail Vision is a development stage technology company that is seeking to revolutionize railway safety and the data-related market. The company has developed cutting edge, artificial intelligence based, industry-leading technology specifically designed for railways. The company has developed its railway detection and systems to save lives, increase efficiency, and dramatically reduce expenses for the railway operators. Rail Vision believes that its technology will significantly increase railway safety around the world, while creating significant benefits and adding value to everyone who relies on the train ecosystem: from passengers using trains for transportation to companies that use railways to deliver goods and services. In addition, the company believes that its technology has the potential to advance the revolutionary concept of autonomous trains into a practical reality. For more information please visit https://www.railvision.io/

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Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the progress in the LTP with RTIO, and that the Company continues to execute LTPs and begin delivering commercial systems to customers. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F filed with the SEC on May 16, 2022. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Rail Vision is not responsible for the contents of third-party websites.

Contacts

Shahar Hania
Chief Executive Officer
Rail Vision Ltd.
15 Ha’Tidhar St
Ra’anana, 4366517 Israel
Telephone: +972- 9-957-7706

Investor Relations:

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Dave Gentry, CEO
RedChip Companies Inc.
407-491-4498
[email protected]

Rail Vision Ltd.
CONDENSED BALANCE SHEETS
(U.S. dollars in thousands)

     

As of
March 31,

 

As of
December 31,

2022

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2021

 

(Unaudited)

 

(Audited)

ASSETS

     
       

Current assets

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Cash and cash equivalents

$2,194

 

$1,649

Restricted cash

212

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200

Trades accounts receivable

131

  87 

Other current assets

757

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472

Total current assets

3,294

 

2,408

       

Operating lease – right of use asset

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1,379

 

1,433

Fixed assets, net

531

 

570

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1,910

 

2,003

       
       

TOTAL ASSETS

5,204

 

4,411

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LIABILITIES AND SHAREHOLDERS’ EQUITY

     
       

Current liabilities

     

Trade accounts payable

121

 

139

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Current operating lease liability

300

 

299

Convertible debt

1,000

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Other accounts payable

1,270

 

1,114

Total current liabilities

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2,691

 

1,552

       

Non-current operating lease liability

1,089

 

1,221

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TOTAL LIABILITIES

3,780

 

2,773

       

Temporary equity
Preferred A shares

11,965

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9,965

       

Shareholders’ equity

     

Ordinary shares

25

 

25

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Additional paid in capital

36,119

 

35,987

Accumulated deficit

(46,685)

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(44,339)

Total shareholders’ equity (deficit)

(10,541)

 

(8,327)

       
       

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

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5,204

 

4,411

       
       
       

Rail Vision Ltd.
CONDENSED STATEMENTS OF COMPREHENSIVE LOSS
(U.S. dollars in thousands, except share data and per share data)

 

For the Three-Month
Period ended

 

March 31

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2022

 

2021

 

(Unaudited)

 

(Unaudited)

       

Revenues

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$219

 

Cost of revenues

(358)

 

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Gross loss

(139)

 

       

Research and development expenses, net

(1,423)

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(2,094)

Administrative and general expenses

(813)

 

(885)

       

Operating loss

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(2,375)

 

(2,979)

       

Financing income, net

29

 

11

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Net loss for the period

(2,346)

 

(2,968)

       
       
       

Basic and diluted loss per ordinary share

$(0.26)

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$(0.32)

       
       
       

Weighted average number of ordinary shares outstanding used in computing basic and diluted loss per ordinary share

9,157,606

 

9,136,600

       
       
       

 Rail Vision Ltd.
CONDENSED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands, except share data and per share data)

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Convertible Preferred A Shares

Ordinary Shares

   
 


Number of shares

USD


Number of shares

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USD

Additional
paid in
capital

Accumulated Deficit

Total shareholders’ equity

               

Balance as of January 1, 2022

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51,282

9,965    9,157,324    25    35,987   

(44,339)

 

(8,327)

               

Issuance of convertible preferred shares

10,256

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2,000

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Issuance of shares as a result of exercise of options

 —

 —

 1,672

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(*) 10   10

Share-based payment

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122

 

122

Net loss for the period

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    (2,346)  

(2,346)

               

Balance as of March 31, 2022

61,538

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11,965

9,158,996

25

36,119

(46,685)

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(10,541)

 

Convertible Preferred A Shares

Ordinary Shares

       
 


Number of shares

 

USD

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Number of shares

 

USD

 

Additional
paid in
capital

 

Accumulated
Deficit

Total shareholders’ equity

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Balance as of January 1, 2021

51,282

  4,965    9,136,600    25    35,001   

(34,119)

 

907

                         

Share-based payment

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431

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431

Net loss for the period

 

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   —   —    (2,968)  

(2,968)

                         

Balance as of March 31, 2021

51,282

 

4,965

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9,136,600

 

25

 

35,432

 

(37,087)

 

(1,630)

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(*) Represents an amount less than $1.

Rail Vision Ltd.
UNAUDITED INTERIM CONDENSED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)

 

For the Three-Month Period ended March 31

 

2022

 

2021

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Cash flows from operating activities

     

Net loss for the period

(2,346)$

 

(2,968)$

:Adjustments to reconcile loss to net cash used in operating activities

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Depreciation

39

 

32

Share-based compensation

121

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  431

Change in lease liability

(76)

  (46)
       

Changes in operating assets and liabilities:

     
       

Increase in trade accounts receivable and other assets

(329)

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(93)

Decrease in trade accounts payable

(18)

 

Increase (decrease) in other accounts payable

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156

 

(82)

     

Net cash used in operating activities

(2,453)

  (2,726)
       
       

Cash flows from investing activities

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Purchase of fixed assets

 

(48)

 

Net cash used in investing activities

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(48)

 
 

:Cash flows from financing activities

Issuance of Preferred Shares

2,000

 

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Proceeds from SAFE

1,000

 

Proceeds from exercise of options

10

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Net cash provided by financing activities

3,010

  — 
 

Increase (decrease) in cash, cash equivalents and restricted cash

557

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(2,774)

Cash, cash equivalents and restricted cash at the beginning of the period

1,849

 

6,943

 

Cash, cash equivalents and restricted cash at the end of the period

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2,406

 

4,169

   

 

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

MacPaw Recognized a Finalist in the Social Impact Award at the 2024 Reuters Events Sustainability Awards: Honored for Pioneering Innovation and Social Responsibility

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KYIV, Ukraine, Oct. 2, 2024 /PRNewswire/ — MacPaw, a leading Ukrainian software company, has been named a finalist for the prestigious 2024 Reuters Sustainability Awards in the Social Impact category, standing out as the only Ukrainian company recognized in this field. This recognition highlights MacPaw’s exceptional efforts in ensuring safety, well-being, and innovation during adversity following the full-scale Russian invasion of Ukraine.

MacPaw’s entry, titled “Ensuring Safety and Well-being while Fostering Innovation: MacPaw’s Journey During Adversity,” underscores the company’s commitment to its employees and users, as well as the broader Ukrainian community. Despite the unprecedented challenges of wartime, MacPaw has continued to thrive, supporting millions of users across the world while spearheading vital social and humanitarian initiatives. We see Ukrainian innovation not only surviving but thriving. It’s a testament to Ukraine’s place in the tech world.
Key Achievements:
Humanitarian Aid and Recovery: Since February 2022, MacPaw has donated over $10 million to various charitable causes, driving significant change across Ukraine. MacPaw Foundation, a corporate charity, provided vital support to over 10,000 Ukrainians affected by the full-scale Russian invasion, ensuring they received the care and resources needed in times of adversity.Empowering Communities: Through the MacPaw Cares corporate social responsibility program, the company impacted 30+ social projects in 10 regions, focusing on supporting communities locally and globally, boosting sustainability effort, helping people in need, fostering local tech talent, inclusivity, and restoring access to education.Employee Support: The company implemented flexible mental health policies, offering dedicated support sessions, mental health surveys, and assistance to employees affected by the full-scale Russian invasion.Veterans Integration: MacPaw has launched a Veterans Integration Program to assist veterans in reintegrating into the company’s work and social life.Innovation in Crisis: Despite the war challenges, MacPaw introduced breakthrough products SpyBuster, ClearVPN, CleanMyPhone, Setapp Mobile. MacPaw also started a cybersecurity division that focuses exclusively on the cybersecurity needs of Mac users, Moonlock. Showcasing the commitment to the community, MacPaw developed Together App — a wartime check-in tool that helps employers monitor their team’s well-being and safety during the war.”We are honored to be recognized as Finalist in the Social Impact Award at the Reuters Events Sustainability Awards 2024 for our social impact efforts, especially as Russia’s invasion of Ukraine continues,” said Anna Manukhina, Director of MacPaw Foundation and CSR Lead at MacPaw. “This nomination reaffirms our commitment to supporting Ukraine and fostering innovation even in the times. Whether through mental health support, humanitarian aid, or product development, MacPaw’s initiatives reflect our mission to make a meaningful global impact.”
The 2024 Reuters Sustainability Awards are among the world’s most distinguished recognitions in sustainable development. It is more than just a recognition of the best sustainability strategies; it honors those who truly impact business, society, and the environment, creating a new way of doing business in the 21st century. Over the past 14 years, the award has served as a benchmark for companies worldwide.
For more information about MacPaw’s social impact initiatives, visit MacPaw’s Social Impact Review.
About MacPaw
MacPaw develops and distributes innovative software for macOS and iOS that simplifies the lives of Mac users. Renowned for its meticulously crafted products, such as CleanMyMac X, CleanMy®Phone, Setapp, and ClearVPN, and known for its Moonlock cybersecurity division, MacPaw is dedicated to enhancing and securing the Mac user experience. Founded in Kyiv, Ukraine, with offices in Boston, MacPaw serves millions of users worldwide. With one in every five Mac users having at least one MacPaw app, the company is a trusted leader in the Mac software ecosystem.
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Media Contact: Oleksandra LytvynenkoPR [email protected]

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When Evaluating Vendors, 64% of Manufacturers Surveyed Cite Strong Onboarding and Ongoing Support as Crucial

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NEW YORK, Oct. 2, 2024 /PRNewswire/ — Global technology intelligence firm ABI Research recently completed its 2024 Manufacturers’ Technology Adoption & Attitudes Survey, a comprehensive survey of 461 manufacturing decision-makers across the United States, Malaysia, and Germany to uncover real-world attitudes, adoption trends, and valuable insights that reflect the current technological landscape within the manufacturing industry. When asked which criteria were most important when evaluating a new solution or vendor, 64% of respondents ranked a robust onboarding process with training, resources, and post-sales follow-up as the most critical. 

“Improving quality and productivity levels are key objectives for survey respondents. However, an overriding concern is how to deploy the technologies to achieve those objectives. Manufacturers require assurance that they will receive adequate support and training resources to quickly adapt, along with ongoing follow-up from the vendor,” explains Michael Larner, Distinguished Analyst at ABI Research.
Vendors often prioritize outlining potential investment outcomes to provide evidence of return on investment. Benefits will take longer to accrue if users cannot fully understand and properly utilize the solution. To avoid this, the vendor or their partners must be present during the initial launch, provide training resources that enable users to map the solution to their workflows, and adhere to a strict follow-up plan with the customer. These measures will require investment in the post-sales process, emphasizing partners’ education so that they effectively represent the vendor in onboarding processes.
The survey further revealed that recruiting and retaining staff is challenging for manufacturers. The lack of skills underscores the concerns not only regarding deploying technologies but also fully grasping the opportunities that digital technologies offer.  “Hand holding by the vendor will be required when manufacturers are devising Proofs of Concept (PoCs), evaluating suppliers, and implementing solutions at their facilities,” Larner concludes.
These findings are from ABI Research’s Industrial and Manufacturing Survey 1H 2024: What Are Respondents Looking for from Vendors? report. This report is part of the company’s Industrial & Manufacturing Technologies research service, which includes research, data, and ABI Insights.
About ABI Research
ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.
ABI Research是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info: 
GlobalDeborah PetraraTel: [email protected]  
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Scale Computing Offers Simple, Secure, Reliable IT Infrastructure to Guard Against Data-Hungry Ghouls

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Company Gifting Retro Polaroid Cameras to End Users in North America and Europe, Middle East, and Africa through November 8th
INDIANAPOLIS, Oct. 2, 2024 /PRNewswire/ — Scale Computing, the market leader in edge computing, virtualization, and hyperconverged solutions, today announced its new campaign targeting outdated IT infrastructure and calling on organizations to learn more about Scale Computing Platform’s (SC//Platform) future-ready solutions. Between now and November 8, 2024, end users in North America and Europe, Middle East, and Africa (EMEA) who register for a meeting will receive a retro Polaroid camera.

“Downtime, data loss, and corruption can happen at any moment, threatening your business. Instead of being plagued by data-hungry ghouls and goblins, we invite users to learn more about Scale Computing and our SC//Platform to maximize security, ensuring that critical systems are always protected, validated, and ready for recovery. Organizations of all sizes across all vertical industries can benefit from SC//Platform, which brings together simplicity and scalability, replacing existing outdated infrastructure. Users instead get high availability for running workloads in a single, easy-to-manage platform, while leveraging our patented self-healing technology to maintain maximum uptime for all applications,” said Jeff Ready, CEO and co-founder of Scale Computing.
October is Cybersecurity Awareness Month, dedicated to raising awareness about the importance of digital security and protecting personal data. As cyber criminals become more sophisticated, maintaining modern infrastructure with a strong cybersecurity posture is key to keeping critical business applications and data secured. The new campaign from Scale Computing aims to help businesses scare away threats and fortify their defenses against data-hungry ghouls.
SC//Platform provides infrastructure that is simple, secure, scalable, and reliable. Combine it with Scale Computing’s subscription-based Business Continuity/Disaster Recovery (BCDR) Planning Service to establish a comprehensive and regulated response plan for any unforeseen downtime. With SC//Platform, an organization’s critical systems will be protected, validated, tested, and always ready for recovery when the goblins strike.
Book your meeting today to ensure your business is prepared for whatever data-hungry dark forces come your way and receive a complimentary Polaroid camera. To learn more about Scale Computing and book your meeting, visit https://www.scalecomputing.com/landing-pages/guard-against-data-hungry-ghouls.
About Scale ComputingScale Computing is a leader in edge computing, virtualization, and hyperconverged solutions. Using patented HyperCore™ technology, Scale Computing Platform automatically identifies, mitigates, and corrects infrastructure problems in real-time, enabling applications to achieve maximum uptime, even when local IT resources and staff are scarce. Edge Computing is the fastest-growing area of IT infrastructure, and industry analysts have named Scale Computing an outperformer and leader in the space, including being named the #1 edge computing vendor by CRN. Scale Computing’s products are sold by thousands of value-added resellers, integrators, and service providers worldwide. When ease-of-use, high availability, and TCO matter, Scale Computing Platform is the ideal infrastructure platform. Read what our customers have to say on Gartner Peer Insights, G2, and TrustRadius.
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