Artificial Intelligence
OMNIQ ANNOUNCES RECORD Q1 2023 REVENUE OF $27.8 MILLION AND INCREASED AI BASED REVENUE BY 88%
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SALT LAKE CITY, May 15, 2023 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Artificial Intelligence (AI) and IoT – based solutions announces record Q1 2023 revenue of $27.8M.
| ● | Record Revenue of $27.8 Million a 6% YoY increase, 11% sequential increase over Q4 2022 | |
| ● | Gross Profit of $5.7 Million vs $6.1 Million in Q1 2022, and vs $4 Million in Q4 2022 | |
| ● | AI Machine Vision Revenue increased by 88% following a 100% in Q4 2022 driven by strong customer demand across Public Safety and Automation of Parking | |
| ● | OMNIQ’s Q Shield, AI based safe city solution has contracted 3 new cities in Q1 2023 and has expanded its pipeline into new states. | |
| ● | Cash of $3.2 Million vs. $1.3 Million in December 31st, 2022. |
Additional Q1 2023 and recent events:
| ● | Purchase orders for its AI based parking and security solution for 4 Additional airports in Texas and California | |||
| ● | Q Shield AI based Machine Vision Safe City System added 3 new cities in GA and IO | |||
| ● | Awarded multiyear supply contract from “Clalit” Israel’s’ largest health organization, to produce, supply, and install Self-Service Patient Management Kiosks with an estimated value of $3m | |||
| ● | Current (Q2) | |||
| ○ | Purchase order for its AI based Border and Public Safety System with unique feature of Real Time Anomaly Detection deployed in sensitive areas in the Middle East | |||
| ○ | CEO featured on Wall Street Resource Webcast | |||
| ○ | Q Shield AI based Machine Vision System adds Gun Shot Detection technology | |||
“Our team’s focused efforts lead to another strong quarter resulting in record-breaking revenues of $27.8 million,” said Shai Lustgarten, CEO of OmniQ. “Importantly, we saw a significant rebound in margins from Q4 2022 to Q1 2023 of 21.8% vs 16%, a trend which we feel confident will continue. Each of our verticals experienced strong growth, with our AI sector seeing a sales increase of 88% following last quarter’s 100% increase. Our AI margins continue to improve, as a result of strong execution and driven by our proprietary parking and security solution.
“In addition, our Safe City division has seen a dramatic increase in demand from both our currently deployed states as well as expansion into new states. Our overall growth came from a wide group of customers and variety of sectors including safe city, supply chain, parking, hospitals, restaurant and retail. This diversity continues to not only solidify our growth plans, it also shows once again that our technology has demand and success from multiple large verticals who depend on our technology and services to improve their day-to-day operations.
“We are pleased to report that our company has maintained a strong momentum, and we look forward to Q2 and beyond. Our growth strategy is yielding positive results as we take proactive measures to increase efficiency and drive profitability.
I express my sincere gratitude to our dedicated employees for their hard work, innovative thinking, and unwavering commitment to excellence. It is through their collective efforts that we have become the preferred supplier for some of the most demanding customers in the world. I would also like to extend a special thanks to our valued investors and partners for their continued support, which enables us to pursue our growth strategy with confidence.”
First Quarter 2023 Financial Results
OMNIQ reported revenue of $27.8 million for the quarter ended March 31, 2023, an increase of 6% from $26.3 million in the first quarter of 2022. Our Gross Margin in the first quarter was 20.5% compared to the first quarter of 2022 which had gross margin of 23.3%. Total operating expenses for the quarter were $7.7 million, compared with $7.5 million in the first quarter of 2022.
Net loss for the quarter was $3.5 million, or a loss of $0.45 per basic share, compared with a loss of $2.6 million, or a loss of $0.34 per basic share, for the first quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the first quarter of 2023 amounted to a loss of $0.7 million compared with an adjusted EBITDA loss of $0.2 million in the first quarter of 2022.
Cash balance at December 31, 2022 was approximately $3.2 million compared with $1.3 million at December 31, 2022
Earnings Call Details
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Event Date: May 16th 2023– 11:00 AM Eastern Time
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 296041
Event Link: Webcast URL: https://www.webcaster4.com/Webcast/Page/2310/48435
Replay Number:
Toll Free: 888-506-0062
International: 973-528-0011
Replay Passcode: 48435
Replay will be available on the company website at www.omniq.com under the investor tab.
About omniQ Corp.
omniQ Corp. (Nasdaq: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
omniQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in omniQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting omniQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. omniQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
Contact:
OMNIQ CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||||||||
| (In thousands, except share and per share data) | March 31, 2023 | December 31, 2022 | ||||||
| (UNAUDITED) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 3,230 | $ | 1,311 | ||||
| Accounts receivable, net | 25,649 | 23,893 | ||||||
| Inventory | 8,885 | 8,726 | ||||||
| Prepaid expenses | 1,632 | 1,268 | ||||||
| Other current assets | 729 | 473 | ||||||
| Total current assets | 40,125 | 35,671 | ||||||
| Property and equipment, net of accumulated depreciation of $1,030 and $1,030 respectively | 1,361 | 1,086 | ||||||
| Goodwill | 16,483 | 16,542 | ||||||
| Trade name, net of accumulated amortization of $6,283 and $4,458, respectively | 1,670 | 1,826 | ||||||
| Customer relationships, net of accumulated amortization of $11,001 and $10,762, respectively | 4,604 | 4,967 | ||||||
| Other intangibles, net of accumulated amortization of $2,216 and $1,541, respectively | 621 | 675 | ||||||
| Right of use lease asset | 1,986 | 2,300 | ||||||
| Other assets | 1,620 | 1,744 | ||||||
| Total Assets | $ | 68,470 | $ | 64,811 | ||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 58,216 | $ | 54,736 | ||||
| Line of credit | 5,225 | 1,971 | ||||||
| Accrued payroll and sales tax | 2,637 | 2,633 | ||||||
| Notes payable, related parties – current portion | 195 | 293 | ||||||
| Notes payable – current portion | 10,843 | 11,572 | ||||||
| Lease liability – current portion | 890 | 942 | ||||||
| Other current liabilities | 1,733 | 1,394 | ||||||
| Total current liabilities | 79,739 | 73,541 | ||||||
| Long term liabilities | ||||||||
| Accrued interest and accrued liabilities, related party | 72 | 72 | ||||||
| Notes payable, less current portion | 44 | 55 | ||||||
| Lease liability | 1,141 | 1,404 | ||||||
| Other long-term liabilities | 314 | 265 | ||||||
| Total liabilities | 81,310 | 75,337 | ||||||
| Stockholders’ deficit | ||||||||
| Series A Preferred stock; $0.001 par value; 2,000,000 shares designated, 0 shares issued and outstanding | – | – | ||||||
| Series B Preferred stock; $0.001 par value; 1 share designated, 0 shares issued and outstanding | – | – | ||||||
| Series C Preferred stock; $0.001 par value; 3,000,000 shares designated, 502,000 shares issued and outstanding, respectively | 1 | 1 | ||||||
| Common stock; $0.001 par value; 15,000,000 shares authorized; 7,884,878 and 7,714,780 shares issued and outstanding, respectively. | 8 | 8 | ||||||
| Additional paid-in capital | 74,458 | 73,714 | ||||||
| Accumulated deficit | (87,975 | ) | (84,460 | ) | ||||
| Cumulative Translation Adjustment | 668 | 211 | ||||||
| Total OmniQ stockholders’ deficit | (12,840 | ) | (10,526 | ) | ||||
| Total liabilities and deficit | $ | 68,470 | $ | 64,811 | ||||
The accompanying unaudited notes should be read in conjunction with these unaudited condensed consolidated financial statements.
OMNIQ CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| For the Three months ended | ||||||||
| March 31, | ||||||||
| (In thousands, except share and per share data) | 2023 | 2022 | ||||||
| Revenues | ||||||||
| Total Revenues | $ | 27,821 | $ | 26,322 | ||||
| Cost of goods sold | ||||||||
| Cost of goods sold | 22,099 | 20,194 | ||||||
| Gross profit | 5,722 | 6,128 | ||||||
| Operating expenses | ||||||||
| Research & Development | 423 | 523 | ||||||
| Selling, general and administrative | 6,766 | 6,476 | ||||||
| Depreciation | 108 | 93 | ||||||
| Amortization | 436 | 445 | ||||||
| Total operating expenses | 7,733 | 7,537 | ||||||
| Loss from operations | (2,011 | ) | (1,409 | ) | ||||
| Other income (expenses): | ||||||||
| Interest expense | (938 | ) | (812 | ) | ||||
| Other (expenses) income | (751 | ) | (264 | ) | ||||
| Total other expenses | (1,689 | ) | (1,076 | ) | ||||
| Net Loss Before Income Taxes | (3,700 | ) | (2,485 | ) | ||||
| Provision for Income Taxes | ||||||||
| Current | 193 | (84 | ) | |||||
| Total Provision for Income Taxes | 193 | (84 | ) | |||||
| Net Loss | (3,507 | ) | (2,569 | ) | ||||
| Net income attributable to noncontrolling interest | – | 67 | ||||||
| Net Loss attributable to OmniQ Corp | $ | (3,507 | ) | $ | (2,636 | ) | ||
| Net Loss | $ | (3,507 | ) | $ | (2,569 | ) | ||
| Foreign currency translation adjustment | 457 | (10 | ) | |||||
| Comprehensive loss | $ | (3,050 | ) | $ | (2,579 | ) | ||
| Reconciliation of net loss to net loss attributable to common shareholders | ||||||||
| Net loss | $ | (3,507 | ) | $ | (2,569 | ) | ||
| Less: Dividends attributable to non-common stockholders’ of OmniQ Corp | (8 | ) | (48 | ) | ||||
| Net income attributable to noncontrolling interest | – | 67 | ||||||
| Net loss attributable to common stockholders’ of OmniQ Corp | $ | (3,515 | ) | $ | (2,684 | ) | ||
| Net loss per share – basic attributable to common stockholders’ of OmniQ Corp | $ | (0.45 | ) | $ | (0.34 | ) | ||
| Weighted average number of common shares outstanding – basic | 7,749,870 | 7,511,376 | ||||||
OMNIQ Corp.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
| Three Months ended | ||||||||
| (In thousands) | March 31, | |||||||
| Adjusted EBITDA Calculation | 2023 | 2022 | ||||||
| Net loss | (3,507 | ) | (2,569 | ) | ||||
| Depreciation & amortization | 544 | 538 | ||||||
| Interest expense | 938 | 811 | ||||||
| Income taxes | (193 | ) | 84 | |||||
| Stock compensation | 516 | 457 | ||||||
| Nonrecurring loss events | 790 | 491 | ||||||
| Adjusted EBITDA | (912 | ) | (188 | ) | ||||
| Total revenues, net | 27,822 | 26,322 | ||||||
| Adjusted EBITDA as a % of total revenues, net | (3 | )% | (1 | )% | ||||
Artificial Intelligence
HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.
MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group.
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence. We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website
*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia. For more information, please visit www.jrautomation.com.
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
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Artificial Intelligence
$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members
D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).
XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
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Artificial Intelligence
Hikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024
HANGZHOU, China, April 26, 2024 /PRNewswire/ — Hikvision made a significant appearance at Intertraffic Amsterdam, the leading global trade fair for mobility and traffic technology. At the trade event, Hikvision unveiled a suite of traffic, transport, and parking management solutions and products powered by Artificial Intelligence of Things (AIoT) technology, which promised to improve urban mobility, road safety, and operational efficacy.
Elevating urban traffic intelligence with AIoT
One highlight of the Hikvision stand was its intelligent urban traffic solution, which leveraged the power of AIoT to deliver comprehensive real-time monitoring, incident detection, and traffic control. This solution intelligently reshapes traffic dynamics, offering a more responsive and data-driven approach to enhance situational awareness and traffic management. Key innovations in the solution included:
Hikvision’s radar-video fusion camerasThese combine the range perception of radar with the visual perception of video. The 4 MP Radar and Video Vehicle Detector, for example, helps to enhance road safety by providing early warning of potential hazards in challenging situations such as blind spots at intersections and obstacles outside the visual range.Hikvision’s All-In-One Traffic SpotterThis stands out with its multifaceted design incorporating video, radar, and lighting technologies for heightened traffic violation detection. Its streamlined column design facilitates effortless installation.Hikvision’s Radar-Linked PTZ Camera This ensures consistent performance in adverse weather and lightening conditions, and minimizes false alarms with advanced deep-learning algorithms.Innovating parking management
Hikvision also introduced its parking management solutions. These combine extremely precise license plate recognition and intelligent barrier controls incorporating highly accurate radar sensors. This comprehensive approach enhances security, reduces the need for manual intervention, and streamlines traffic flow across parking areas. The Global Shutter CMOS* (GMOS) ANPR camera was a new addition to the lineup. Designed to seamlessly blend in the environment, it is tailored for the task of discreetly capturing license plates at parking facilities that prioritize subtlety.
Advancing public transportation safety and efficiency
Attendees also had the opportunity to explore Hikvision’s latest public transport solutions, integrating AI-driven analytics with advanced video security, on-site voice broadcasting, and centralized management for enhanced onboard security, improved passenger experience, and operational efficiency for buses and taxis. This included the Four-way monitoring system and the Panoramic Auxiliary System, both designed to reduce blind spots and provide high-definition imaging to improve driving safety.
“As ever, we are continually expanding our suite of technologies to enhance traffic safety and efficiency,” said Nick Wu, Project Product Director at Hikvision Europe. “Our commitment lies in minimizing the need for extensive roadside installations by incorporating comprehensive perception and robust AI within unified device frameworks. These innovations automate and streamline every aspect of traffic management, from violation detection to traffic flow monitoring, driving safety, and parking management.”
To find out more about Hikvision’s urban mobility products and solutions, please explore its official website.
Note: CMOS stands for Complementary Metal-Oxide-Semiconductor.
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