Artificial Intelligence
Rail Vision Announces Fourth Quarter and Full Year 2022 Financial Results
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RA’ANANA, Israel, March 23, 2023 (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 fourth quarter and fiscal year ended December 31, 2022.
“Capital from our Nasdaq IPO enabled us to strengthen our foundation during fiscal 2022, positioning us to pursue multiple exciting opportunities to accelerate new customer acquisitions in 2023 and beyond,” commented Shahar Hania, CEO of Rail Vision. “Our recent successes, including the Israeli Railways deal and US-based rail services customer agreement, demonstrate that our solutions are gaining traction among potential customers. We remain confident in our ability to create value for shareholders as we work diligently to drive new business opportunities.”
Fourth Quarter 2022 & Recent Highlights
- A leading US-based rail and leasing services company purchased a Rail Vision Switch Yard System for $140,000 after a successful demo and initial testing. This new customer, which offers a suite of rail-centric services, including in-plant rail switching and material handling services, plans to conduct additional testing over a six-month period to evaluate the benefits of implementing our technology across their fleet.
- Signed an agreement with Israeli Railways for the purchase of 10 Rail Vision Main Line Systems and related services for $1.4 million.
- Appointed Mark Cleobury as Chairman of the Board. Cleobury brings more than 40 years of global experience in the rail industry. He has held positions of increasing responsibility at Knorr-Bremse over his career, including serving as a Member of the Management Board of Knorr-Bremse Systems for Rail, Vice President Sales and Systems for Client Management Trains, Manager Sales and Systems Trains, Key Account Manager, and Project Manager. Cleobury currently serves as Senior Vice President of Knorr-Bremse’s Rail Systems Division.
Fourth Quarter 2022 Financial Results
- Research and development (“R&D”) expenses, net for the three months ended December 31, 2022, were $1,473,000, compared to the expenses of $1,687,000 in the three months ended December 31, 2021. The decrease in the R&D expenses was primarily attributable to a decrease in payroll and expenses related to employee resignations and significant changes in USD/NIS exchange rate.
- General and administrative expenses for the three months ended December 31, 2022, were $1,087,000, compared to $886,000 in the three months ended December 31, 2021. The increase is primarily attributed to increase in professional services related to the Company being a public company.
- Net loss for the three months ended December 31, 2022, was $2,458,000 or $0.15 per ordinary share, compared to a net loss of $2,454,000, or $0.29 per ordinary share, in the three months ended December 31, 2021.
- As of December 31, 2022, cash and cash equivalents were $8.3 million, compared to $1.6 million as of December 31, 2021.
Full Year 2022 Financial Results
- Revenues were $421,000 for the year ended December 31, 2022, comprised $219,000 from the completion of a demonstration with a US customer and $202,000 from the completion of the long-term pilot with Rio Tinto.
- R&D expenses for the year ended December 31, 2022, amounted to $6,230,000 compared to $7,208,000 for the year ended December 31, 2021. The decrease was primarily attributable to a decrease in payroll and related expenses related to employee resignations and significant changes in USD/NIS exchange rate, as well as a decrease of in share-based payments.
- Our general and administrative expenses totaled $4,265,000 for the year ended December 31, 2022, compared to $3,316,000 for the year ended December 31, 2021. The increase was primarily attributable to an increase in salaries related to one-time IPO bonuses, an increase in professional fees mainly due to public company expenses and an increase in marketing and others mainly due to exhibition expenses and welfare expenses.
- Net loss for the year ended December 31, 2022, was $10,475,000 or $0.74 per ordinary share, compared to $10,220,000 or $1.12 per ordinary share for the year ended December 31, 2021.
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/
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 opportunities to launch new pilot programs, uncovering potential new opportunities for growth and interest from potential 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 March 23, 2023. Forward-looking statements speak only as of the date the statements are made. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Rail Vision’s ability to increase sales and revenue, its burn rate, and its ability to continue as a going concern. To date, the Company has not generated significant revenues from activities and has incurred substantial operating losses. Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. The Company’s management’s plan includes raising funds from existing shareholders and/or outside potential investors. However, there is no assurance such funding will be available. The report of the Company’s independent registered public accounting firm on its audited financial statements as of and for the year ended December 31, 2022, contains an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern. 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:
Dave Gentry, CEO
RedChip Companies Inc.
407-491-4498
[email protected]
Rail Vision Ltd.
BALANCE SHEETS
(U.S. dollars in thousands, except share data and per share data)
|
December |
December |
||||||
|
Audited |
|||||||
|
ASSETS |
|||||||
|
Current assets: |
|||||||
|
Cash and cash equivalents |
$ |
8,270 |
$ |
1,649 |
|||
|
Restricted cash |
222 |
200 |
|||||
|
Trade accounts receivable |
115 |
87 |
|||||
|
Other current assets |
225 |
472 |
|||||
|
Total current assets |
8,832 |
2,408 |
|||||
|
Non-current Assets: |
|||||||
|
Operating lease – right of use asset |
1,151 |
1,433 |
|||||
|
Fixed assets, net |
449 |
570 |
|||||
|
Total Non-current assets |
1,600 |
2,003 |
|||||
|
Total assets |
$ |
10,432 |
$ |
4,411 |
|||
|
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY |
|||||||
|
Current liabilities |
|||||||
|
Trade payables |
$ |
56 |
$ |
139 |
|||
|
Current operating lease liability |
281 |
299 |
|||||
|
Other accounts payable |
1,032 |
1,114 |
|||||
|
Totalcurrent liabilities |
1,369 |
1,552 |
|||||
|
Non-current operating lease liability |
798 |
1,221 |
|||||
|
Total liabilities |
$ |
2,167 |
$ |
2,773 |
|||
|
Temporary equity: |
|||||||
|
Preferred A shares |
— |
9,965 |
|||||
|
Shareholders’ equity: |
|||||||
|
Ordinary shares |
46 |
25 |
|||||
|
Additional paid in capital |
63,033 |
35,987 |
|||||
|
Accumulated deficit |
(54,814 |
) |
(44,339 |
) |
|||
|
Total shareholders’ equity (deficit) |
8,265 |
(8,327 |
) |
||||
|
Total liabilities, temporary equity and shareholders’ equity |
$ |
10,432 |
$ |
4,411 |
|||
| Rail Vision Ltd. STATEMENTS OF COMPREHENSIVE LOSS (U.S. dollars in thousands, except share data and per share data) |
|||||||||||||||
|
Year ended |
Three months ended |
||||||||||||||
|
December 31, |
December 31, |
||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||
|
Audited |
Unaudited |
||||||||||||||
|
Revenues |
$ |
421 |
$ |
888 |
— |
$ |
471 |
||||||||
|
Cost of revenues |
(661 |
) |
(657 |
) |
— |
(544 |
) |
||||||||
|
Gross profit (loss) |
(240 |
) |
231 |
— |
(73 |
) |
|||||||||
|
Research and development expenses, net |
(6,230 |
) |
(7,208 |
) |
(1,473 |
) |
(1,687 |
) |
|||||||
|
Administrative and general expenses |
(4,265 |
) |
(3,316 |
) |
(1,087 |
) |
(886 |
) |
|||||||
|
Operating loss |
(10,735 |
) |
(10,293 |
) |
(2,560 |
) |
(2,646 |
) |
|||||||
|
Financing income (expenses), net |
260 |
73 |
102 |
192 |
|||||||||||
|
Net loss for the period |
(10,475 |
) |
(10,220 |
) |
(2,458 |
) |
(2,454 |
) |
|||||||
|
Basic and diluted loss per share |
$ |
(0.74 |
) |
$ |
(1.12 |
) |
$ |
0.15) |
) |
$ |
0.29) |
) |
|||
|
Weighted average number of shares outstanding used to compute basic and diluted loss per share |
14,174,422 |
9,148,143 |
15,896,040 |
9,157,324 |
|||||||||||
| Rail Vision Ltd. AUDITED STATEMENTS OF CHANGES IN TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY (U.S. dollars in thousands, except share data and per share data) |
||||||||||||||||||
|
Convertible Preferred |
Ordinary Shares | |||||||||||||||||
|
Number of |
USD |
Number of |
USD |
Additional |
Accumulated |
Total |
||||||||||||
|
BALANCE AS OF DECEMBER 31, 2020 |
51,282 |
4,965 |
9,136,600 |
25 |
35,001 |
(34,119 |
) |
907 |
||||||||||
|
CHANGES DURING 2021: |
||||||||||||||||||
|
Issuance of convertible preferred shares |
— |
5,000 |
— |
— |
— |
— |
— |
|||||||||||
|
Issuance of shares as a result of exercise of options |
— |
— |
20,724 |
(*) |
127 |
— |
127 |
|||||||||||
|
Share-based payment |
— |
— |
— |
— |
859 |
— |
859 |
|||||||||||
|
Net loss |
— |
— |
— |
— |
— |
(10,220 |
) |
(10,220 |
) |
|||||||||
|
BALANCE AS OF DECEMBER 31, 2021 |
51,282 |
9,965 |
9,157,324 |
25 |
35,987 |
(44,339 |
) |
(8,327 |
) |
|||||||||
|
Issuance of convertible preferred shares |
10,256 |
2,000 |
— |
— |
— |
— |
— |
|||||||||||
|
Conversion of convertible preferred shares into ordinary shares |
(61,538 |
) |
(11,965 |
) |
2,707,672 |
8 |
11,957 |
— |
11,965 |
|||||||||
|
Issuance of units of ordinary shares and warrants |
— |
— |
3,787,241 |
12 |
13,575 |
— |
13,587 |
|||||||||||
|
Conversion of convertible debt into ordinary shares |
— |
— |
242,131 |
1 |
999 |
— |
1,000 |
|||||||||||
|
Issuance of ordinary shares as a result of exercise of options |
— |
— |
1,672 |
(*) |
10 |
— |
10 |
|||||||||||
|
Share-based payment |
— |
— |
— |
— |
505 |
— |
505 |
|||||||||||
|
Net loss |
— |
— |
— |
— |
— |
(10,475 |
) |
(10,475 |
) |
|||||||||
|
BALANCE AS OF DECEMBER 31, 2022 |
— |
— |
15,896,040 |
46 |
63,033 |
(54,814 |
) |
8,265 |
||||||||||
|
(*) |
Represents an amount less than $1. |
| Rail Vision Ltd. STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) |
|||||||||||||||
|
Year ended December 31, |
Three months ended December 31, |
||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||
|
Audited |
Unaudited |
||||||||||||||
|
Cash flows from operating activities |
|||||||||||||||
|
Net loss for the period |
$ |
(10,475 |
) |
$ |
(10,220 |
) |
$ |
(2,458 |
) |
$ |
(2,454 |
) |
|||
|
Adjustments to reconcile loss to net cash used in operating activities: |
|||||||||||||||
|
Depreciation |
150 |
142 |
35 |
41 |
|||||||||||
|
Share–based payment |
505 |
1,055 |
125 |
314 |
|||||||||||
|
Change in operating lease liability |
(159 |
) |
(91 |
) |
41 |
82 |
|||||||||
|
Changes in operating assets and liabilities: |
|||||||||||||||
|
Decrease (increase) in other current assets |
163 |
(381 |
) |
206 |
(108 |
) |
|||||||||
|
Increase (decrease) in trade accounts payable |
(83 |
) |
87 |
(67 |
) |
24 |
|||||||||
|
Increase (decrease) in other accounts payable |
(82 |
) |
(540 |
) |
(31 |
) |
(265 |
) |
|||||||
|
Net cash used in operating activities |
(9,981 |
) |
(9,948 |
) |
(2,149 |
) |
(2,366 |
) |
|||||||
|
Cash flows from investing activities |
|||||||||||||||
|
Purchase of fixed assets |
(29 |
) |
(273 |
) |
(14 |
) |
(18 |
) |
|||||||
|
Net cash used in investing activities |
|||||||||||||||
|
(29 |
) |
(273 |
) |
(14 |
) |
(18 |
) |
||||||||
|
Cash flows from financing activities: |
|||||||||||||||
|
Issuance of preferred A shares |
2,000 |
5,000 |
— |
— |
|||||||||||
|
Proceeds from a convertible debt |
1,000 |
— |
— |
— |
|||||||||||
|
Proceeds from exercise of options |
10 |
127 |
— |
— |
|||||||||||
|
Issuance of ordinary shares and warrants, net of issuance expenses |
13,643 |
— |
— |
— |
|||||||||||
|
Net cash provided by financing activities |
16,653 |
5,127 |
— |
— |
|||||||||||
|
Increase (Decrease) in cash, cash equivalents and restricted cash |
6,643 |
(5,094 |
) |
(2,163 |
) |
(2,384 |
) |
||||||||
|
Cash, cash equivalents and restricted cash at the beginning of the period |
1,849 |
6,943 |
10,655 |
4,233 |
|||||||||||
|
Cash, cash equivalents and restricted cash at the end of the period |
8,492 |
1,849 |
8,492 |
1,849 |
|||||||||||
|
Non Cash Activities: |
|||||||||||||||
|
Obtaining a right-of-use asset in exchange for a lease liability |
— |
458 |
— |
354 |
|||||||||||
|
Conversion of preferred shares |
11,965 |
— |
— |
— |
|||||||||||
|
Conversion of a convertible debt |
1,000 |
— |
— |
— |
|||||||||||
|
Decrease of deferred expenses against additional paid in capita |
56 |
— |
— |
— |
|||||||||||
Artificial Intelligence
Rockwell Automation and its PartnerNetwork™ Ecosystem Present Artificial Intelligence, Autonomous Operations, 5G and Cybersecurity in Driving Digital Transformation at Hannover Messe 2024
In collaboration with partners including Cisco, Ericsson, Microsoft, ODVA, the OPC Foundation and NVIDIA, Rockwell will showcase the latest technologies shaping the future of industrial operations
DUSSELDORF, Germany, April 18, 2024 /PRNewswire/ — Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, will showcase its innovative, industry-leading technology and services with its partners, including Microsoft and Cisco, at the Hannover Messe 2024 trade fair, April 22-26, in Hannover, Germany.
Rockwell will collaborate with its PartnerNetwork™ ecosystem and demonstrate solutions that address a variety of challenges for industrial companies, including modernizing operations, achieving sustainability goals and accelerating digital transformation.
“Our partnerships embody a shared vision of building and delivering the best solutions to drive digital transformation in industry and enable intelligent factories,” said Malte Dieckelmann, vice president, enterprise software sales, Europe, Middle East and Africa, Rockwell Automation. “We do this by simplifying how manufacturers design, operate and maintain their operations and empower their people in a secure, connected enterprise.”
In collaboration with Cisco, Ericsson, Microsoft, ODVA, the OPC Foundation and NVIDIA, Rockwell will present technology and services that help solve complex challenges with solutions for the entire value chain of a digital transformation journey.
Artificial intelligence (AI), autonomous operations, 5G and cybersecurity are among key technologies that help manufacturers accelerate their digital transformation. According to Rockwell’s recently published 9th annual “State of Smart Manufacturing Report,” industrial companies around the world cite artificial intelligence as their top priority for new investment over the next 12 months.
At the Microsoft booth, visitors will see the latest technology integrations between the two companies, including how AI is transforming manufacturing through a customer-inspired digital twin of a quality inspection process using artificial intelligence, highlighted by a real-world simulation of product sorting and autonomous material handling.
Following a recently announced collaboration with NVIDIA, Rockwell will share how it is integrating NVIDIA Omniverse Cloud application programming interfaces (APIs) into Emulate3D by Rockwell Automation, bringing users data interoperability, live collaboration and physically based visualization for designing, building and operating industrial-scale digital twins of production systems.
At the Cisco booth, Rockwell will present how the two companies enable a secure connected industrial environment leveraging Rockwell’s Converged Plantwide EthernetTM reference architecture (CPwE) with its co-developed industrial ethernet switching, as well as cybersecurity solutions such as Cisco® Cyber Vision, which enables network segmentation, asset discovery and security monitoring.
Rockwell will highlight its collaboration with Ericsson by demonstrating Plex Asset Performance Management (APM) – enabled by industrial private 5G connectivity – driving real-time decision-making and managing new assets such as autonomous mobile robots (AMRs). Private 5G allows manufacturers to be more agile, flexible and sustainable while adding more devices and intelligence to their networks.
Rockwell is also partnering with ODVA, a standards development organization, to demonstrate the benefits of EtherNet/IP, CIP Security™ and 5G. Reliable wireless industrial automation appliances using EtherNet/IP and CIP Safety in private 5G networks will be shown. Also on display will be recent wireless device additions to Rockwell’s EtherNet/IP product portfolio.
Finally, Rockwell will be at the booth of OPC Foundation, an industry group that maintains standards for the secure and reliable information exchange in industrial applications. Rockwell offers scalable OPC UA solutions for machine builders and end users through Embedded Edge Compute Modules and the FactoryTalk® Optix™ software platform, supporting heterogeneous software applications and control environments.
About Rockwell AutomationRockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 29,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.
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Artificial Intelligence
LG STRENGTHENS EUROPEAN PRESENCE WITH ITS KITCHEN SOLUTIONS SHOWCASE AT MDW 2024
Featuring Advanced AI Technologies and Sleek Design, Company’s Expanded Lineup of Built-in Appliances Brings Outstanding Convenience and Style to the Kitchen
SEOUL, South Korea, April 18, 2024 /PRNewswire/ — LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.
Signature Kitchen Suite Built-in Oven with Advanced Cooking Technologies
Debuting at MDW 2024 and designed with European consumers in mind, the Signature Kitchen Suite 60-centimeter (24-inch) built-in oven offers a variety of cutting-edge features and AI technologies to elevate the culinary experience. Equipped with Gourmet AI™️, the oven can identify what the user is cooking and automatically select the appropriate cooking mode from 130 recipes. Gourmet AI also enables ‘browning’ control for foods such as pizza and steak, actively keeping tabs on the cooking process and notifying users via the ThinQ™️ app as soon as their food is done. Thanks to video-recognition, LG’s intelligent oven can suggest the optimal settings for the dish being prepared, while real-time video monitoring and time-lapse recording make it easy to check on the progress of one’s meal using the ThinQ app.
Employing enhanced ProBake powered by inverter technology, the new oven delivers uniform heat and fast, efficient cooking with an A++ energy rating. LG’s innovative technology rotates the convection fan back and forth to ensure shorter preheating times, even heating, and crispier results when using the oven’s Air Fry mode. The company’s unique InstaView™️ technology further enhances user convenience, making it possible to see inside simply by knocking twice on the oven door.
Free Zone Induction Hob for Convenient and Flexible Cooking
The Signature Kitchen Suite’s 90-centimeter (36-inch) free zone induction hob presents next-level flexibility and ease-of-use, allowing users to place any size and type of cookware – such as Paella pans and moka pots – anywhere on its cooking surface.* The new appliance can detect and track the position of cookware, eliminating the need to manually cancel and reapply settings when moving a saucepan or skillet from one part of the cooking surface to another. What’s more, the AI technology embedded in the hob can detect the temperature of cookware and automatically lower the heat when necessary, helping to minimize spills and splatter when boiling water or preparing soups and sauces.
Expanded Built-in Lineups for Diverse Kitchen Lifestyles
LG is further bolstering its built-in product lineup with the introduction of the new Signature Kitchen Suite downdraft hood. Made to integrate seamlessly into islands and countertops, the 90-centimeter (36-inch) hood offers a sleek, sophisticated look with its chic black glass and modern frame design. It also provides powerful ventilation, effectively extracting steam and odors for a more pleasant cooking experience.
Additionally, LG has expanded its portfolio of built-in appliances for the European market. Along with new products, such as an 80-centimeter (30-inch) induction hob and built-in combi refrigerators and microwave ovens, the company now provides a wider range of options within its oven lineups – from more product variation to a greater choice of colors and sizes. Among the new models are the Signature Kitchen Suite 122 centimeter (48 inch)-wide French-door refrigerator and stunning appliances from the Transitional lineup, featuring slim handles and satin stainless steel exteriors with a velvety matte finish. To help customers create a curated kitchen aesthetic, the company offers an array of new finishes for its premium built-in products, with black stainless steel and stainless steel joining the previously-introduced black glass finish.
“We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
Visitors to MDW 2024 in Milan from April 16-21 can experience LG’s latest built-in lineups at the LG booth at Milan Fairgrounds.
* Cookware recognition may vary depending on the size or number of items placed on the surface.
About LG Electronics Home Appliance & Air Solution Company
The LG Home Appliance & Air Solution Company is a global leader in home appliances, air solutions as well as smart home solutions featuring LG ThinQ. The company is creating various solutions with its industry leading core technologies and is committed to making life better and sustainable for consumers and the planet by developing thoughtfully designed kitchen appliances, living appliances, HVAC and air purification solutions. Together, these products deliver enhanced convenience, superb performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LGnewsroom.com.
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SINGAPORE, April 18, 2024 /PRNewswire/ — DataTracks, a provider of cloud-based software to automate/generate compliance reports for filing with financial/security regulators to more than 28,000 business enterprises in 26 countries, celebrates the completion of 19 years of service and innovation. Founded with a vision to make regulatory compliance “accurate, reliable, timely, and easy”, DataTracks has grown into a leading name in the industry, worldwide with cutting edge software that incorporates “artificial intelligence” aided features to reduce “time to prepare” and improve “accuracy”.
Decades of Dedication and Expertise
Over nearly two decades, DataTracks has achieved significant growth, with its software delivering more than 400,000 reports, showcasing its pivotal role in regulatory reporting. The software and service address regulations across diverse jurisdictions, including SEC in the USA, HMRC and FCA in the UK, Revenue in Ireland, CIPC in South Africa, ACRA in Singapore, MCA in India, SSM in Malaysia and ESMA, EBA, and EIOPA in Europe.
DataTracks distinguishes itself in the industry
(a) with its global footprint (preferred by business enterprises whose regulatory obligations are spread across multiple jurisdictions)
(b) with its state-of-the art software that incorporates “AI/ML” features and
(c) with its credentials for information security (including ISO 9001:2015 and ISO 27001:2013 certifications)
Addressing the employees and spouses in a town hall meeting to celebrate the event, Vinod P John, President of DataTracks said: “We are happy to start our 20th year in the industry. I have to thank the 28,000 clients who trust us and the several hundred employees who developed our software and who helped customers (and our internal team) prepare compliance reports for reaching this milestone. We’ve always believed in leveraging technology to make regulatory compliance as easy, quick, timely, and accurate as possible for our clients. Our continuous investment in AI and machine learning is a testament to this belief, and it’s what keeps us at the forefront of the industry.”
Looking ahead, DataTracks is ready to address upcoming mandates such as the DATA Act and FTA in the US as well as the MBRS/XBRL mandate by SSM in Malaysia.
About DataTracks
DataTracks is a Singapore-based globally renowned leader in providing cloud-based regulatory compliance software for self-use and “black box services” using the same software, catering to 28,000 clients across 26 countries. In 19 years DataTracks has helped its client enterprises prepare more than 400,000 compliance reports for filing with financial/security regulators in several jurisdictions. Financial analysts have rated the quality of reports generated using DataTracks as top of industry for quality; significantly above that of several of its competitors. For further information, visit www.datatracks.com.
For Business Enquiries: Email: [email protected]; Phone: Singapore: +6531582850, US: +1(646)9048324, UK: +44(0)2036088035
Media Contact: [email protected]
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