Artificial Intelligence
Guardforce AI Reports Revenue of $34.5 Million for 2022; Robotics AI Solutions Revenue Increases 245.1%
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NEW YORK, April 21, 2023 (GLOBE NEWSWIRE) — Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI, GFAIW), an integrated security provider specializing in secured logistics, Artificial Intelligence (AI) and Robot-as-a-Service (RaaS), today announced financial results and provided a business update for the year ended December 31, 2022.
Lei (Olivia) Wang, Chairwoman and Chief Executive Officer of Guardforce AI, stated, “2022 was an important year for Guardforce AI. We made significant strides in building our integrated AI and robotics business while strengthening our well-established secured logistics business. Due to the impact of COVID-19 and the shutdown of certain customers’ facilities in the secured logistics business segment during the year, we experienced a slight decrease in revenue of less than 2.0%. Even though the robotic AI segment revenue is still a relatively small percentage of the total revenue, it grew by 245.1% in 2022.
“In our secured logistic business, we made progress in diversifying our services by targeting the retail sector, including food and beverage businesses, which handle large amounts of cash. These businesses are also potential targets for our robotics business. Notably, we secured a 5-year contract with the Bank of Thailand to operate Consolidated Cash Centers (CCCs) in the cities of Ubonratchathani and Phitsanulok in Thailand. Currently, Guardforce AI’s subsidiary operates four CCC centers, covering 31 of Thailand’s 76 provinces. At the beginning of 2023, we secured two long-term contracts with pre-existing clients: a 3-year contract with a renowned retail chain store in Thailand and a 5-year contract with a tollway company, for our secured logistics and cash handling services, further strengthening Guardforce AI’s leading position in Thailand.
“We continue to strengthen our presence in the Asia Pacific region, as we expanded into mainland China, one of the largest and fastest-growing markets for robotics and security solutions. During 2022, we completed three acquisitions in China, providing us with immediate access to thousands of valuable clients. In February 2023, we acquired key assets from Shenzhen Kewei Robot Technology Company Ltd (“Kewei”) in China, which provided us rights to the permanent use of Kewei’s patents and expanded our customer base, including premier Fortune 500 clients. This acquisition further strengthens our capabilities in developing robotic solutions for our customers. As a growing RaaS solution provider, our goal is to capture a significant share of the rapidly growing, multi-billion-dollar RaaS market.
“With an expanded global footprint and growing AI resources, we are expanding our RaaS solutions, such as Artificial Intelligence of Things (AIoT) robot advertising, AI-based support for hotels, and other uses of AI services. We are witnessing particularly strong demand within the tourism industry. Towards that end, we have made significant progress in developing the Guardforce AI Intelligent Cloud Platform (GFAI ICP) and successfully set up three main hubs for the GFAI ICP in Mainland China, the United States, and Hong Kong, each with the ability to manage well over 10,000 robots. We also launched our AIoT Robot Advertising (RA) model and its mobile application, GFAI AD, on the Apple App Store in Asia. The AIoT RA model enables advertisers to publish advertisements on Guardforce AI’s robots and make more informed marketing decisions with data feedback from the GFAI ICP.
“The hospitality industry is an important and major market for our robotic solutions. Towards that end, we partnered with Blue Pin (HK) Limited and launched the Smart AI Hotel solution, initially in Hong Kong, which allows customers to use our concierge robots to make bookings online, check-in, and check-out. Additionally, we partnered with Riversoft Inc. to co-develop a contactless travel robotic solution known as Robot Travel Agency (“RTA”). Our goal for the RTA is to help travelers find exclusive local promotions for restaurants, events, and stores. In 2023, we will continue to enhance and develop our robotic solutions for the hospitality industry and look forward to accelerated growth through our Smart AI Solution and AIoT RA model.
“In summary, we have built a highly scalable business model and expect to resume strong organic revenue growth in 2023, in addition to accelerating the rollout of our RaaS platform through both acquisitions and organic growth strategies,” concluded Ms. Wang.
Financial Overview
Net revenue decreased by $0.68 million, or 1.9%, to $34.5 million for 2022, compared to $35.2 million for 2021. This decrease was primarily due to continued disruptions due to COVID-19 and the shutdown of certain customer facilities to curtail the spread of the coronavirus. As a percentage of revenue, gross profit margin increased from 11.6% for 2021 to 12.3% for 2022, primarily due to cost control initiatives. Operating loss was $16.9 million for 2022, compared to $3.7 million for 2021. The increase reflects higher selling, distribution, and administrative (SD&A) to support the Company’s long-term growth strategy and the provision of obsolete of inventory and impairment of robotics fixed assets recognized in 2022. A majority of the increase in operating loss is additional expenses incurred on setting up new international offices to expand and grow the Company’s robotics business, including staff expenses, rental expenses, marketing expenses, and developing related technologies capabilities. Operating loss included an approximate $0.9 million provision of obsolete inventory and $4.4 million impairment of robotics fixed assets impairment. Net loss was $18.7 million for 2022 compared to $5.5 million for 2021, or net loss per share of $14.97 (post-consolidation) for 2022 compared to $11.90 (post-consolidation) for 2021. As of December 31, 2022, and 2021, the Company had cash and cash equivalents (including restricted cash) of approximately $8.2 million and $15.9 million, respectively.
About Guardforce AI Co., Ltd.
Guardforce AI Co., Ltd. (NASDAQ: GFAI, GFAIW) is a global security solutions provider, building on its legacy secured logistic business, while expanding and transforming into an integrated AI and Robot-as-a-Service (RaaS) business. With more than 40 years of professional experience and a strong customer foundation, Guardforce AI is developing RaaS solutions that improve operational efficiency, quickly establishing its presence in the Asia Pacific region, while expanding globally. For more information, visit www.guardforceai.com Twitter: @Guardforceai
Safe Harbor Statement
This press release contains statements that do not relate to historical facts but are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.
Investor Relations:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: [email protected]
Tel: 212-671-1020
Guardforce AI Corporate Communications
Hu Yu
Email: [email protected]
(tables follow)
Guardforce AI Co., Limited and Subsidiaries
Consolidated Statements of Profit and Loss
(Expressed in U.S. Dollars)
| For the years ended December 31, |
|||||||||||||
| 2022 | 2021 | 2020 | |||||||||||
| Revenue | $ | 34,477,948 | $ | 35,153,190 | $ | 37,648,782 | |||||||
| Cost of sales | (30,246,724 | ) | (31,084,833 | ) | (31,374,098 | ) | |||||||
| Gross profit | 4,231,224 | 4,068,357 | 6,274,684 | ||||||||||
| Provision for and write off of withholding taxes receivable | (448,243 | ) | (190,038 | ) | (1,722,762 | ) | |||||||
| Provision for obsolete inventory | (942,882 | ) | – | – | |||||||||
| Impairment loss on fixed assets | (4,408,037 | ) | – | – | |||||||||
| Selling, distribution and administrative expenses | (15,320,201 | ) | (7,582,043 | ) | (6,674,472 | ) | |||||||
| Operating loss | (16,888,139 | ) | (3,703,724 | ) | (2,122,550 | ) | |||||||
| Other income, net | 88,732 | 285,220 | 52,956 | ||||||||||
| Foreign exchange gains, net | (590,965 | ) | (1,821,175 | ) | 68,924 | ||||||||
| Finance costs | (1,143,478 | ) | (984,843 | ) | (898,748 | ) | |||||||
| Loss before income tax | (18,533,850 | ) | (6,224,522 | ) | (2,899,418 | ) | |||||||
| Provision for income tax (expense) benefit | (132,208 | ) | 732,868 | (242,837 | ) | ||||||||
| Net loss for the year | (18,666,058 | ) | (5,491,654 | ) | (3,142,255 | ) | |||||||
| Less: net loss attributable to non-controlling interests | 101,264 | 9,727 | 16,231 | ||||||||||
| Net loss attributable to equity holders of the Company | $ | (18,564,794 | ) | $ | (5,481,927 | ) | $ | (3,126,024 | ) | ||||
| Loss per share | |||||||||||||
| Basic and diluted loss attributable to the equity holders of the Company | $ | (14.97 | )* | $ | (11.90 | )* | $ | (7.26 | )** | ||||
| Weighted average number of shares used in computation: | |||||||||||||
| Basic and diluted | 1,239,852 | * | 460,719 | * | 430,381 | ** | |||||||
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023. |
| ** | Giving retroactive effect to the 2021 and 2023 share consolidation on August 20, 2021 and on January 31, 2023, respectively. |
Guardforce AI Co., Limited and Subsidiaries
Consolidated Balance Sheets
(Expressed in U.S. Dollars)
| As of December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,930,639 | $ | 12,728,783 | ||||
| Restricted cash | – | 1,600,000 | ||||||
| Trade receivables | 5,400,186 | 4,939,568 | ||||||
| Other receivables | 817,564 | – | ||||||
| Other current assets | 1,743,008 | 1,275,981 | ||||||
| Withholding taxes receivable, net | 757,024 | – | ||||||
| Inventories | 5,105,770 | 1,387,549 | ||||||
| Amount due from related parties | 14,508,873 | 26,007 | ||||||
| Total current assets | 35,263,064 | 21,957,888 | ||||||
| Non-current assets: | ||||||||
| Restricted cash | 1,300,005 | 1,525,028 | ||||||
| Property, plant and equipment | 8,066,761 | 9,897,301 | ||||||
| Right-of-use assets | 4,171,409 | 2,364,993 | ||||||
| Intangible assets, net | 5,793,143 | 164,316 | ||||||
| Goodwill | 2,679,445 | 329,534 | ||||||
| Withholding taxes receivable, net | 1,934,072 | 3,531,953 | ||||||
| Deferred tax assets, net | 1,511,753 | 1,635,638 | ||||||
| Other non-current assets | 447,322 | 345,586 | ||||||
| Total non-current assets | 25,903,910 | 19,794,349 | ||||||
| Total assets | $ | 61,166,974 | $ | 41,752,237 | ||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Trade and other payables | $ | 2,633,995 | $ | 1,028,721 | ||||
| Borrowings | 947,559 | 933,110 | ||||||
| Borrowings from related parties | 3,148,500 | 13,506,184 | ||||||
| Current portion of operating lease liabilities | 1,774,192 | 2,366,045 | ||||||
| Current portion of finance lease liabilities, net | 398,136 | 619,301 | ||||||
| Other current liabilities | 2,477,369 | 1,824,635 | ||||||
| Amount due to related parties | 6,102,748 | 2,217,752 | ||||||
| Convertible note payables | 1,730,267 | – | ||||||
| Total current liabilities | 19,212,766 | 22,495,748 | ||||||
| Non-current liabilities: | ||||||||
| Borrowings | 432,179 | 859,120 | ||||||
| Operating lease liabilities | 2,340,075 | – | ||||||
| Borrowings from related parties | 14,923,288 | 5,332,803 | ||||||
| Finance lease liabilities, net | 233,550 | 666,455 | ||||||
| Other non-current liabilities | 43,200 | 54,000 | ||||||
| Provision for employee benefits | 4,849,614 | 5,819,132 | ||||||
| Total non-current liabilities | 22,821,906 | 12,731,510 | ||||||
| Total liabilities | 42,034,672 | 35,227,258 | ||||||
| Equity | ||||||||
| Ordinary shares – par value $0.12* authorized 7,500,000 shares, issued and outstanding 1,618,977* shares at December 31, 2022; par value $0.12* authorized 7,500,000 shares, issued and outstanding 529,766* shares at December 31, 2021 | 194,313 | 63,606 | ||||||
| Subscription receivable | (50,000 | ) | (50,000 | ) | ||||
| Additional paid in capital | 46,231,302 | 15,379,595 | ||||||
| Legal reserve | 223,500 | 223,500 | ||||||
| Warrants reserve | 251,036 | 251,036 | ||||||
| Accumulated deficit | (28,769,014 | ) | (10,204,220 | ) | ||||
| Accumulated other comprehensive income | 1,112,494 | 821,527 | ||||||
| Capital & reserves attributable to equity holders of the Company | 19,193,631 | 6,485,044 | ||||||
| Non-controlling interests | (61,329 | ) | 39,935 | |||||
| Total equity | 19,132,302 | 6,524,979 | ||||||
| Total liabilities and equity | $ | 61,166,974 | $ | 41,752,237 | ||||
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023. |
Guardforce AI Co., Limited and Subsidiaries
Consolidated Statements of Cash Flows
(Expressed in U.S. Dollars)
| For the years ended December 31, |
||||||||||||
| 2022 | 2021 | 2020 | ||||||||||
| Cash flows from operating activities | ||||||||||||
| Net loss | $ | (18,666,058 | ) | $ | (5,491,654 | ) | $ | (3,142,255 | ) | |||
| Adjustments for: | ||||||||||||
| Depreciation | 5,365,312 | 4,981,259 | 4,979,274 | |||||||||
| Amortization of intangible assets | 616,095 | 51,383 | 54,745 | |||||||||
| Provision for obsolete inventories | 942,882 | – | – | |||||||||
| Impairment loss on fixed assets | 4,408,037 | – | – | |||||||||
| Stock-based compensation | 252,095 | – | 100,936 | |||||||||
| Finance costs | 1,083,276 | 909,093 | 650,492 | |||||||||
| (Decrease) Increase in deferred tax assets | 121,169 | (732,868 | ) | (30,135 | ) | |||||||
| Recovery of doubtful accounts, net | (7,394 | ) | – | (2,872 | ) | |||||||
| (Decrease) Increase in provision for withholding tax receivables | (147,002 | ) | 190,038 | 1,012,543 | ||||||||
| Write off of withholding tax receivables | 595,245 | – | 710,219 | |||||||||
| Loss/(Gain) from fixed assets disposal | 24,250 | 4,438 | (431 | ) | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Decrease/(Increase) in trade and other receivables | 428,772 | (26,740 | ) | 389,320 | ||||||||
| (Increase)/Decrease in other current assets | (332,188 | ) | 236,234 | 123,764 | ||||||||
| (Increase) in inventories | (2,876,443 | ) | (967,994 | ) | (484,745 | ) | ||||||
| (Increase)/ Decrease in amount due from related parties | (15,725,707 | ) | 352,432 | (373,003 | ) | |||||||
| (Increase)/Decrease on other non-current assets | (151,170 | ) | (58,431 | ) | 162,998 | |||||||
| (Decrease) in trade and other payables | (694,981 | ) | (437,086 | ) | (561,769 | ) | ||||||
| Decrease/(Increase) in other current liabilities | 947,020 | 1,944,617 | (670,072 | ) | ||||||||
| Increase in income tax payables | – | – | 272,972 | |||||||||
| Increase/(Decrease) in amount due to related parties | 3,884,995 | (361,815 | ) | 529,489 | ||||||||
| Decrease in withholding taxes receivable | 258,989 | 88,353 | 799,606 | |||||||||
| (Increase)/Decrease in provision for employee benefits | (193,639 | ) | 297,905 | 386,425 | ||||||||
| Net cash (used in) generated from operating activities | (19,866,445 | ) | 979,164 | 4,907,501 | ||||||||
| Cash flows from investing activities | ||||||||||||
| Acquisition of property, plant and equipment | (3,726,186 | ) | (5,235,480 | ) | (1,405,190 | ) | ||||||
| Proceeds from disposal of property, plant and equipment | 5,235 | – | – | |||||||||
| Acquisition of intangible assets | (3,242,537 | ) | (13,235 | ) | (26,316 | ) | ||||||
| Acquisition of subsidiaries, net of cash acquired | (1,765,933 | ) | 24,276 | – | ||||||||
| Net cash used in investing activities | (8,729,421 | ) | (5,224,439 | ) | (1,431,506 | ) | ||||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from issue of shares | 20,346,353 | 13,244,329 | – | |||||||||
| Proceeds from exercise of warrants | 3,014,710 | – | – | |||||||||
| Proceeds from a convertible note | 1,500,000 | – | – | |||||||||
| Proceeds from borrowings | 3,426,096 | 1,563,444 | 7,363,163 | |||||||||
| Repayment of borrowings | (4,499,358 | ) | (1,334,930 | ) | (5,371,766 | ) | ||||||
| Payment of lease liabilities | (2,849,816 | ) | (2,819,531 | ) | (3,124,361 | ) | ||||||
| Net cash generated from (used in) financing activities | 20,937,985 | 10,653,312 | (1,132,964 | ) | ||||||||
| Net (decrease) increase in cash and cash equivalents, and restricted cash | (7,657,881 | ) | 6,408,037 | 2,343,031 | ||||||||
| Effect of movements in exchange rates on cash held | 34,714 | (684,136 | ) | 99,158 | ||||||||
| Cash and cash equivalents, and restricted cash at beginning of year | 15,853,811 | 10,129,910 | 7,687,721 | |||||||||
| Cash and cash equivalents, and restricted cash at end of year | $ | 8,230,644 | $ | 15,853,811 | $ | 10,129,910 | ||||||
| Non-cash investing and financing activities | ||||||||||||
| Equity portion of purchase consideration paid for acquisition of subsidiaries | $ | 4,579,880 | $ | 327,763 | $ | – | ||||||
Non-IFRS Financial Measures
To supplement our unaudited interim condensed consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the non-IFRS adjusted EBITDA as financial measures for our consolidated results.
We believe that adjusted EBITDA helps identify underlying trends in our business that could otherwise be distorted by the effect of certain income or expenses that we include in income (loss) from operations and net income (loss). We believe that these non-IFRS measures provide useful information about our core operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present the non-IFRS financial measures in order to provide more information and greater transparency to investors about our operating results.
EBITDA represents net (loss) income before (i) finance costs, income tax benefit and depreciation of fixed assets and amortization of intangible assets, which we do not believe are reflective of our core operating performance during the periods presented.
Non-IFRS adjusted net (loss) income represents net (loss) income before (i) finance costs, income tax benefit and depreciation of fixed assets and amortization of intangible assets, (ii) certain non-cash expenses, consisting of stock-based compensation expense, allowance for and write off of withholding tax receivables, provision for obsolete inventory and impairment loss on fixed assets.
Non-IFRS (loss) earnings per share represents non-IFRS net (loss) income attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods. Non-IFRS diluted (loss) earnings per share represents non-IFRS net (loss) income attributable to ordinary shareholders divided by the weighted average number of shares outstanding during the periods on a diluted basis.
The table below is a reconciliation of our net income to EBITDA and non-IFRS net income for the periods indicated:
| For the years ended December 31, |
||||||||||||
| 2022 | 2021 | 2020 | ||||||||||
| Net loss – IFRS | $ | (18,666,058 | ) | $ | (5,491,654 | ) | $ | (3,142,255 | ) | |||
| Finance costs | 1,143,478 | 984,843 | 898,748 | |||||||||
| Income tax expense (benefit) | 132,208 | (732,868 | ) | 242,837 | ||||||||
| Depreciation and amortization expense | 5,981,407 | 5,032,642 | 5,034,019 | |||||||||
| EBITDA | (11,408,965 | ) | (207,037 | ) | 3,033,349 | |||||||
| Written off/ Provision for withholding tax receivables | 448,243 | 190,038 | 1,722,762 | |||||||||
| Provision for obsolete inventories | 942,882 | – | – | |||||||||
| Impairment loss on fixed assets | 4,408,037 | – | – | |||||||||
| Foreign exchange losses (gains), net | 590,965 | 1,821,175 | (68,294 | ) | ||||||||
| Adjusted net (loss) income (Non-IFRS) | $ | (5,018,838 | ) | $ | 1,804,176 | $ | 4,687,817 | |||||
| Non-IFRS (loss) earnings per share | ||||||||||||
| Basic and diluted (loss) profit for the year attributable to ordinary equity holders of the Company | $ | (4.05 | ) | $ | 3.92 | $ | 10.89 | |||||
| Weighted average number of shares used in computation: | ||||||||||||
| Basic and diluted | 1,239,852 | * | 460,719 | * | 430,381 | ** | ||||||
| * | Giving retroactive effect to the 2023 share consolidation on January 31, 2023. |
| ** | Giving retroactive effect to the 2021 and 2023 share consolidation on August 20, 2021 and on January 31, 2023, respectively. |
Artificial Intelligence
Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD
DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.
During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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Artificial Intelligence
AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide
WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.
In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants. Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
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Artificial Intelligence
Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth
USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ — USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).
The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming: In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
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