Artificial Intelligence
Grom Social Enterprises Issues Shareholder Letter and Provides Corporate Update
BOCA RATON, Fla, Jan. 10, 2023 (GLOBE NEWSWIRE) — Grom Social Enterprises, Inc. (NASDAQ: GROM) (“Grom” or the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology and safe social media for kids, today issued a letter to shareholders from Darren Marks, its Chairman and Chief Executive Officer.
Dear Fellow Shareholders,
On behalf of our entire organization, we hope that you enjoyed a magical holiday season and we wish you all health, happiness, and success in the New Year.
Fiscal 2022 was a foundational year for Grom as we fortified our core businesses to drive growth and future profitability. We remained steadfast to our values and primary objectives to provide safe, secure platforms and environments for kids to interact and explore; to deliver world class animation services; and to bring fun, novel, and authentic kids & family entertainment properties to life. The qualitative milestones that we achieved throughout the year established the base upon which we will build a successful enterprise, which is ultimately measured by the value that we create for our shareholders over the long term.
An Emerging Opportunity from Accelerating Changes in Industry Dynamics
We believe the social media landscape is undergoing a massive shift driven by consumer sentiment, and is now accelerating due to action taken by the Federal Trade Commission. Policy changes will soon create a lasting impact on our industry with an emerging opportunity for our Company. United States Senators Richard Blumenthal (D-CT) and Marsha Blackburn (R-TN) introduced the Kids Online Safety Act, which is comprehensive bipartisan legislation to enhance children’s safety online. While major technology companies continue to grapple with the growing concern around the safety and security of their platforms, especially when it comes to children, we remain focused on building a solution that families can trust.
Grom is well-positioned to reap the benefits of the growing trend of online child safety in the social media industry. We believe that Grom is the only fully Children’s Online Privacy Protection Act compliant social media application in the marketplace. This designation has always been of utmost importance to us; however, it will soon become invaluable.
Grom’s platform allows kids to interact with each other and share the content that they create, while viewing exclusive entertaining and educational content in a safe and secure digital environment. Our security features provide parents the ability to monitor and control their child’s access to content. Parental involvement required at all levels, ensuring maximum security. Furthermore, the proprietary security software that we utilize eliminates exposure to inappropriate content and ensures our users a kid-friendly experience.
Our Accomplishments in 2022
We are excited about the launch of our Santa.com ecommerce platform and are encouraged by its early results with an average of more than 11,000 daily visitors throughout this holiday season. It was a successful first step in our reimagination of the North Pole and holiday experience. The platform offers shoppers a boutique experience with whimsical products, curated gift lists, and specially-themed editorials and decorating tips for planning every aspect of the holiday season. The site also offers children a magical, immersive experience to explore the North Pole, play interactive games and activities, and get some one-on-one time with Santa Claus powered by an artificial intelligence-powered conversational video technology from StoryFile.
We released various diverse early childhood publications throughout the year. We believe debuting franchise properties as publications illustrates proof in concept and serves as a launch point for possible future publishing opportunities and brand extensions including consumer products, recurring animated series and feature films.
We expanded our relationship with Cepia LLC by entering into licensing agent agreement with the hit toy and entertainment franchise, Cats vs Pickles. The licensing partnership builds on our existing relationship to develop Cats vs Pickles into a widely distributed animated series and multiple publishing titles.
Top Draw Animation, our award-winning animation studio, secured millions of dollars in new production assignments during the year. Its success is driven by our leadership team’s collective experience and industry networks, a truly differentiating asset for Grom, and one which we are now leveraging to build a world-class family entertainment and media entity.
We broadened our educational product portfolio by partnering with tech management company, Radix Technologies, to offer Radix TeacherView, an award-winning, cloud-based management education solution, to schools and districts alongside our web filtering solution.
Initiatives for 2023 and Beyond
Our existing businesses and partnerships are primed for the next phase of growth in the markets in which we operate. As we look ahead to this year, we will continue to evaluate synergistic opportunities to augment our suite of offerings and advance our primary initiatives.
We are working to rebrand and relaunch the Grom mobile app, with a focus on improving the in-app user experience, and have identified unique features to develop and implement in 2023. We believe that these enhancements and additions will drive user traffic and pave the path to monetization first through traditional advertising and sponsorship models, and later through paid subscription.
Additionally, we will look to expand our Santa.com franchise through the broadening of our ecommerce platform and the development of original stories and content. We believe that Santa.com can become a one source destination for all holidays, celebrations, and special occasions. Our creators are dedicated to taking the guesswork out of planning, decorating, and gift giving.
Furthermore, we are actively engaged in advancing our Santa.com feature film project through continued production partnership and financing discussions. The flagship property will pave the path for many additional holiday themed animation and publication assets.
Moreover, we will continue to expand and develop our original content and franchise property portfolio. Our storytellers are actively involved in the design of a handful of feature films, among several other animated series and children’s publications. Original stories take time to unfold and we are incredibly excited about the progress that we have made. We have locked in several well-respected, Hollywood writers, directors, and producers to help shepherd our features, and maintain discussions with many more.
In the same light, we will continue to evaluate investment opportunities to participate in properties that are close to market. We believe that these opportunities will help to increase our prestige and reach globally.
What’s more, we plan to further capitalize on commercial, licensing, and partnership opportunities for revenue growth. These initiatives potentially offer us the ability to generate co-production fees and other intellectual property associated revenues in the nearer term.
Finally, we intend to vertically integrate pre- and post-production services into our animation operations by either acquisition or partnership. We believe by strategically repurposing our studio that we can penetrate new marketplaces, secure more meaningful contracts, and increase profit margins.
Our Commitment to Increased Transparency
We are expanding our commitment to the capital markets and our shareholders through enhanced investor relations initiatives to increase market awareness of our successes. We recently engaged investor relations specialists MZ Group to lead a comprehensive, strategic investor relations and financial communications program. As we continue to deploy our operational gameplan, we will also focus on raising our awareness to elevate our institutional profile throughout the investment community. We intend to expand our presence at key investment conferences and participate in non-deal roadshows with institutional investors. We believe that our increased interface with the capital markets will benefit all Grom stakeholders.
I am proud of our accomplishments and look forward to continued execution as we work to build a multi-generational legacy for kids & family entertainment and media.
On behalf of the entire Grom family, we thank you for your continued support.
Sincerely,
Darren Marks
Chairman & Chief Executive Officer
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. (NASDAQ: GROM; GROMW) is a growing social media platform and original content provider of entertainment for children under 13 years of age, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, let them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens. The Company owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. The company owns an 80% stake in Curiosity Ink Media, which is a global media company that develops, acquires, builds, grows and maximizes the short, mid, and long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. Grom also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government and private businesses. For more information, please visit the Company’s website at gromsocial.com or for investor relations information, please visit investors.gromsocial.com.
Safe Harbor Statement
This press release may contain forward-looking statements about Grom Social Enterprises, Inc. activities that are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods, and other risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long-term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.
Investor Relations Contact:
Brooks Hamilton
MZ Group – MZ North America
(949) 546-6326
[email protected]
Media Contact:
Grom Social Enterprises, Inc.
[email protected]
(844) 704-6744
Artificial Intelligence
How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.
Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence
Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.
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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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About MarketsandMarkets™
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Artificial Intelligence
CluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review
CluePoints furthers its commitment to delivering innovative solutions that enhance clinical trial efficiency with this latest addition to its enterprise software platform.
KING OF PRUSSIA, Pa., Sept. 27, 2024 /PRNewswire/ — CluePoints continues to transform clinical trial review and leverage its industry-leading software to enhance the interrogation, analysis and presentation of data with the launch of its latest application, Medical & Safety Review (MSR).
The tool simplifies and streamlines the medical analysis of study data through user-friendly dashboards, data manipulation and cleaning, query management and full transparency over the data history. This not only improves efficiency and communication in medical oversight, but also elevates patient safety, differentiating MSR as a smarter and unique solution.
Designed by, and for Medical and Safety Reviewers, MSR converts the manual analysis of patient outcomes, which can be prone to inefficiency and error, into an accurate, efficient process. MSR tackles time-consuming study preparation for specific visualizations by featuring a comprehensive standard visualization library as well as the ability to copy and reuse dashboards across different studies, enabling the identification of outlying values, change tracking, and improved communication for smarter clinical trials.
Other benefits of MSR include:
Enhanced medical review efficiency and reduced human errors via automated checksReduced time spent by clinical and data management teams in reviewing dataImproved collaboration with integrated review workflows across departmentsEnsured record quality and accountability with comprehensive change trackingDriving faster decision making with the proactive detection of trends and safety issuesEnsuring regulatory compliance with rule-based detection and user assignmentsAndy Cooper, Chief Executive Officer at CluePoints, commented, “We are thrilled to announce the launch of Medical & Safety Review to our growing product offerings. MSR is the latest application addition to the CluePoints platform, which includes products such as Risk-Based Quality Management (RBQM) and our Site Profile & Oversight Tool (SPOT). Together, they provide a comprehensive approach to clinical trial optimization, enhancing data integrity, ensuring regulatory compliance, and accelerating drug development. The creation of MSR ensures a more streamlined review process while prioritizing patient safety at every step and empowers medical teams to swiftly identify outliers, track data changes, and improve communication.”
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of Artificial Intelligence using Advanced Statistics and Machine Learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
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