Artificial Intelligence
HeartCore Reports Strong First Quarter 2023 Financial Results
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-Company’s Q1 2023 Revenue Nearly Exceeds its Full Year 2022 Revenue
-Company’s Q1 2023 Net Income Exceeds its Full Year 2022 Net Income
NEW YORK and TOKYO, May 22, 2023 (GLOBE NEWSWIRE) — HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the Company”), a leading software development company offering Customer Experience Management Platform (“CXM Platform”) and Digital Transformation (“DX”), reported financial results for the first quarter ended March 31, 2023.
First Quarter 2023 and Recent Operational Highlights
- Grew total number of global enterprise customers to 916 as of March 31, 2023.
- Signed tenth Go IPO consulting service agreement with rYojbaba Inc.
- Integrated ChatGPT, a natural language artificial intelligence model, with HeartCore CMS to support automatic content creation for websites.
- Partnered with Works Applications and AIM Consulting to improve their respective digital auditing solutions through its DX suite of offerings.
- Signed eighth and ninth Go IPO clients by engaging Libera Gaming Operations and ICheck Co.
- Acquired a 51% majority stake in Sigmaways Inc., a software engineering service provider delivering IT solutions.
- Announced that HeartCore’s Content Management System (“CMS”) was introduced by Subaru Group to its centralized management platform for approximately 100 Subaru websites.
Management Commentary
“The first quarter was impressive in several ways, namely behind our record revenue and net income figures,” said CEO Sumitaka Yamamoto. “Our core software division drove robust operating results stemming from newly adopted marketing techniques and customer acquisition methods that were implemented last year; these changes led to profitability within this sector of our company. We are seeing this encouraging trend continue to persist which is why we are confident our software division will have a strong 2023. Additionally, our recently acquired subsidiary, Sigmaways, has been seamlessly integrated within our core operations and we’ve begun to manifest the synergies and capitalize on all joint projects.
“A significant contributing factor to our record-breaking quarter relates to our Go IPO business. Following the completion of two IPOs this past quarter, we’ve been able to reap the benefits from the warrants we received as part of the deal consummation. As I’ve previously shared, we have just scratched the tip of the iceberg with our Go IPO business line, as we expect to benefit from the closing of another six deals for the remainder of this year, including our biggest one yet around SBC Medical Group, which will add approximately $32.4 million to our top line. With our two-pronged growth strategy going into full effect, I am very confident in our team’s ability to make 2023 the strongest year for HeartCore across several measures.”
First Quarter 2023 Financial Results
Revenues increased 284% to $8.7 million compared to $2.3 million in the same period last year. The increase was primarily due to the expansion of the Go IPO business, as a growing number of Japanese venture companies continue to express interest in going public on the Nasdaq, in addition to the acquisition of Sigmaways and its subsidiaries.
Gross profit increased 361% to $5.6 million (gross margin of 64%) from $1.2 million (gross margin of 54%) in the same period last year. The increase was primarily due to the aforementioned expansion of the Company’s Go IPO business.
Operating expenses increased to $3.3 million from $2.8 million in the same period last year. The increase was primarily due to increased selling expenses, as well as increased general and administrative expenses.
Net income was $1.8 million, or $0.10 per diluted share, compared to net loss of approximately $1.6 million or $(0.09) per diluted share last year. The increase in net income was primarily due to the aforementioned expansion of the Company’s Go IPO business in addition to relatively stable operating expenses.
As of March 31, 2023, the Company had cash and cash equivalents of $5.2 million compared to $7.2 million as of December 31, 2022.
About HeartCore Enterprises, Inc.
Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading software development company offering Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. Furthermore, HeartCore offers “Go IPO,” a consulting service where it assists private companies with uplisting onto the Nasdaq Stock Market. Additional information about the Company’s products and services is available at www.heartcore.co.jp and https://heartcore-enterprises.com/.
Forward-Looking Statements
All statements other than statements of historical facts included in this press release are forward- looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.
HeartCore Investor Relations Contact:
Gateway Group, Inc.
Matt Glover and John Yi
[email protected]
(949) 574-3860
| HeartCore Enterprises, Inc. | |||||||
| Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||
| For the three months ended March 31, |
For the three months ended March 31, |
||||||
| 2023 | 2022 | ||||||
| Revenues | $ | 8,734,150 | $ | 2,276,001 | |||
| Cost of revenues | 3,101,066 | 1,055,356 | |||||
| Gross profit | 5,633,084 | 1,220,645 | |||||
| Operating expenses: | |||||||
| Selling expenses | 568,642 | 205,918 | |||||
| General and administrative expenses | 2,685,207 | 2,468,933 | |||||
| Research and development expenses | 79,624 | 108,259 | |||||
| Total operating expenses | 3,333,473 | 2,783,110 | |||||
| Income (loss) from operations | 2,299,611 | (1,562,465 | ) | ||||
| Other income (expenses): | |||||||
| Changes in fair value of investments in warrants | 193,365 | – | |||||
| Interest income | 31,605 | 1,458 | |||||
| Interest expenses | (39,840 | ) | (11,271 | ) | |||
| Other income | 14,201 | 16,673 | |||||
| Other expenses | (29,457 | ) | (23,662 | ) | |||
| Total other income (expenses) | 169,874 | (16,802 | ) | ||||
| Income (loss) before income tax provision | 2,469,485 | (1,579,267 | ) | ||||
| Income tax expense (benefit) | 661,448 | (816 | ) | ||||
| Net income (loss) | 1,808,037 | (1,578,451 | ) | ||||
| Less: net loss attributable to non-controlling interest | (74,252 | ) | – | ||||
| Net income (loss) attributable to HeartCore Enterprises, Inc. | $ | 1,882,289 | $ | (1,578,451 | ) | ||
| Other comprehensive income (loss): | |||||||
| Foreign currency translation adjustment | (25,034 | ) | 80,053 | ||||
| Total comprehensive income (loss) | 1,783,003 | (1,498,398 | ) | ||||
| Less: comprehensive loss attributable to non-controlling interest | (76,542 | ) | – | ||||
| Comprehensive income (loss) attributable to HeartCore Enterprises, Inc. | $ | 1,859,545 | $ | (1,498,398 | ) | ||
| Net income (loss) per common share attributable to HeartCore Enterprises, Inc. | |||||||
| Basic | $ | 0.10 | $ | (0.09 | ) | ||
| Diluted | $ | 0.10 | $ | (0.09 | ) | ||
| Weighted average common shares outstanding | |||||||
| Basic | 19,066,160 | 17,265,332 | |||||
| Diluted | 19,066,160 | 17,265,332 | |||||
| HeartCore Enterprises, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| March 31, | December 31, | |||||
| 2023 | 2022 | |||||
| (Unaudited) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 5,209,915 | $ | 7,177,326 | ||
| Accounts receivable | 2,380,128 | 551,064 | ||||
| Short-term investment in warrants | 437,812 | – | ||||
| Prepaid expenses | 919,916 | 538,230 | ||||
| Due from related party | 47,536 | 48,447 | ||||
| Other current assets | 31,534 | 220,070 | ||||
| Total current assets | 9,026,841 | 8,535,137 | ||||
| Non-current assets: | ||||||
| Property and equipment, net | 214,566 | 203,627 | ||||
| Operating lease right-of-use assets | 2,549,834 | 2,644,957 | ||||
| Intangible asset, net | 4,993,750 | – | ||||
| Goodwill | 3,276,441 | – | ||||
| Long-term investment in warrants | 3,764,888 | – | ||||
| Deferred tax assets | 245,997 | 263,339 | ||||
| Security deposits | 367,981 | 244,395 | ||||
| Long-term loan receivable from related party | 229,955 | 246,472 | ||||
| Other non-current assets | 75 | 661 | ||||
| Total non-current assets | 15,643,487 | 3,603,451 | ||||
| Total assets | $ | 24,670,328 | $ | 12,138,588 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued expenses | $ | 1,160,309 | $ | 497,742 | ||
| Accrued payroll and other employee costs | 416,779 | 360,222 | ||||
| Due to related party | 2,923 | 402 | ||||
| Current portion of long-term debts | 640,534 | 697,877 | ||||
| Insurance premium financing | 352,518 | – | ||||
| Factoring liability | 173,582 | – | ||||
| Operating lease liabilities, current | 288,081 | 291,863 | ||||
| Finance lease liabilities, current | 13,663 | 19,294 | ||||
| Income tax payables | 681,830 | 2,747 | ||||
| Deferred revenue | 1,530,472 | 1,724,519 | ||||
| Other current liabilities | 225,167 | 53,027 | ||||
| Total current liabilities | 5,485,858 | 3,647,693 | ||||
| Non-current liabilities: | ||||||
| Long term debts | 1,490,664 | 1,123,735 | ||||
| Operating lease liabilities, non-current | 2,314,160 | 2,421,054 | ||||
| Finance lease liabilities, non-current | – | 459 | ||||
| Deferred tax liabilities | 1,398,250 | – | ||||
| Other non-current liabilities | 135,536 | 138,018 | ||||
| Total non-current liabilities | 5,338,610 | 3,683,266 | ||||
| Total liabilities | 10,824,468 | 7,330,959 | ||||
| Shareholders’ equity: | ||||||
| Preferred shares ($0.0001 par value, 20,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively) | – | – | ||||
| Common shares ($0.0001 par value, 200,000,000 shares authorized; 20,842,690 and 17,649,886 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively) | 2,083 | 1,764 | ||||
| Additional paid-in capital | 19,079,516 | 15,014,607 | ||||
| Accumulated deficit | (8,691,290 | ) | (10,573,579 | ) | ||
| Accumulated other comprehensive income | 342,093 | 364,837 | ||||
| Total HeartCore Enterprises, Inc. shareholders’ equity | 10,732,402 | 4,807,629 | ||||
| Non-controlling interest | 3,113,458 | – | ||||
| Total shareholders’ equity | 13,845,860 | 4,807,629 | ||||
| Total liabilities and shareholders’ equity | $ | 24,670,328 | $ | 12,138,588 | ||
| HeartCore Enterprises, Inc. | ||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||
| For the three months ended March 31, | For the three months ended March 31, | |||||
| 2023 | 2022 | |||||
| Cash flows from operating activities | ||||||
| Net income (loss) | $ | 1,808,037 | $ | (1,578,451 | ) | |
| Adjustments to reconcile net income (loss) to net cash | ||||||
| used in operating activities: | ||||||
| Depreciation and amortization expenses | 123,312 | 24,889 | ||||
| Amortization of debt issuance costs | 758 | 866 | ||||
| Non-cash lease expense | 76,017 | 75,986 | ||||
| Deferred income taxes | (17,284 | ) | 6,311 | |||
| Stock-based compensation | 915,228 | 422,164 | ||||
| Warrants received as noncash consideration | (4,009,335 | ) | – | |||
| Changes in fair value of investments in warrants | (193,365 | ) | – | |||
| Changes in assets and liabilities: | ||||||
| Accounts receivable | (66,833 | ) | (217,638 | ) | ||
| Prepaid expenses | (45 | ) | (488,970 | ) | ||
| Other assets | 78,241 | (34,896 | ) | |||
| Accounts payable and accrued expenses | (94,363 | ) | (79,982 | ) | ||
| Accrued payroll and other employee costs | (178,733 | ) | (27,492 | ) | ||
| Due to related party | 2,544 | – | ||||
| Operating lease liabilities | (73,147 | ) | (78,226 | ) | ||
| Finance lease liabilities | (53 | ) | (174 | ) | ||
| Income tax payables | 678,725 | (10,037 | ) | |||
| Deferred revenue | (167,873 | ) | (295,176 | ) | ||
| Other liabilities | 70,110 | (113,027 | ) | |||
| Net cash flows used in operating activities | (1,048,059 | ) | (2,393,853 | ) | ||
| Cash flows from investing activities | ||||||
| Purchases of property and equipment | (9,409 | ) | (18,903 | ) | ||
| Advance and loan provided to related party | – | (25,480 | ) | |||
| Repayment of loan provided to related party | 11,955 | 9,102 | ||||
| Payment for acquisition of subsidiary, net of cash acquired | (724,910 | ) | – | |||
| Net cash flows used in investing activities | (722,364 | ) | (35,281 | ) | ||
| Cash flows from financing activities | ||||||
| Proceeds from initial public offering, net of issuance cost | – | 13,602,554 | ||||
| Proceeds from issuance of common shares prior to initial public offering | – | 220,572 | ||||
| Payments for finance leases | (5,658 | ) | (14,916 | ) | ||
| Proceeds from long-term debt | – | 258,087 | ||||
| Repayment of long-term debts | (265,255 | ) | (308,121 | ) | ||
| Repayment of insurance premium financing | (36,517 | ) | (41,280 | ) | ||
| Repayment to related party | – | (903 | ) | |||
| Net proceeds from factoring arrangement | 173,582 | – | ||||
| Payments for debt issuance costs | (448 | ) | (1,030 | ) | ||
| Payment for mandatorily redeemable financial interest | – | (430,489 | ) | |||
| Net cash flows provided by (used in) financing activities | (134,296 | ) | 13,284,474 | |||
| Effect of exchange rate changes | (62,692 | ) | (78,293 | ) | ||
| Net change in cash and cash equivalents | (1,967,411 | ) | 10,777,047 | |||
| Cash and cash equivalents – beginning of the period | 7,177,326 | 3,136,839 | ||||
| Cash and cash equivalents – end of the period | $ | 5,209,915 | $ | 13,913,886 | ||
| Supplemental cash flow disclosures: | ||||||
| Interest paid | $ | 16,968 | $ | 13,262 | ||
| Income taxes paid | $ | – | $ | 1,489 | ||
| Non-cash investing and financing transactions | ||||||
| Payroll withheld as repayment of loan receivable from employees | $ | – | $ | 2,065 | ||
| Expense paid by related party on behalf of the Company | $ | – | $ | 25,480 | ||
| Share repurchase liability settled by issuance of common shares | $ | – | $ | 16 | ||
| Deferred offering costs recognized against the proceeds from the offering | $ | – | $ | 178,847 | ||
| Insurance premium financing | $ | 389,035 | $ | 388,538 | ||
| Liabilities assumed in connection with purchase of property and equipment | $ | 6,288 | $ | – | ||
| Common shares issued for acquisition of subsidiary | $ | 3,150,000 | $ | – | ||
Artificial Intelligence
Wego and Tourism Authority of Thailand Partner for The Fourth Consecutive Year, Showcasing the Beauty of Thailand
DUBAI, UAE, April 25, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), is thrilled to announce its continued partnership with the Tourism Authority of Thailand (TAT) for the fourth consecutive year, showcasing the unparalleled beauty and charm of Thailand as a premier travel destination.
Building upon the success of their previous collaborations, Wego and the Tourism Authority of Thailand are once again teaming up to promote Thailand’s diverse attractions, rich culture, and breathtaking landscapes to travelers worldwide. Through this strategic partnership, Wego aims to inspire travelers to explore the wonders of Thailand and experience its unique blend of tradition and modernity.
Over the past campaigns, Wego and the Tourism Authority of Thailand have successfully amplified Thailand’s appeal as a top travel destination, reaching millions of travelers and driving significant interest in visiting the country. From its pristine beaches and vibrant cities to its lush jungles and cultural heritage sites, Thailand offers an array of experiences that cater to every traveler’s preferences.
“We are delighted to continue our partnership with the Tourism Authority of Thailand for the fourth consecutive campaign,” said Mamoun Hmedan, Chief Business Officer, Wego. “Thailand is a beloved destination for travelers worldwide, and we are committed to showcasing its beauty and diversity through our platform. Together with the Thailand Tourism Board, we look forward to inspiring even more travelers to explore all that Thailand has to offer.”
The success of the previous campaigns underscores the effectiveness of Wego and the Thailand Tourism Board’s collaborative efforts in promoting Thailand as a must-visit destination. By leveraging Wego’s extensive reach and innovative marketing capabilities, the partnership aims to further elevate Thailand’s profile and attract more travelers to experience the magic of the Land of Smiles.
“We are thrilled to continue our partnership with Wego for the fourth campaign,” said Mr. Chaiwat Tamthai, Director of TAT Dubai office. “Thailand offers an unparalleled travel experience, from its stunning beaches and vibrant cities to its rich cultural heritage. Through our collaboration with Wego, we are excited to showcase the beauty of Thailand to travelers in the MENA region and invite them to discover the wonders of our country.”
As travelers seek unforgettable experiences and breathtaking landscapes, Wego and the Tourism Authority of Thailand are committed to showcasing Thailand’s unique charm and allure, inviting travelers to embark on an unforgettable journey to this enchanting destination.
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
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Artificial Intelligence
Building Energy Management Systems Market Projected to Reach $67.69 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 24, 2024 /PRNewswire/ — The report titled “Building Energy Management Systems Market by Component (Hardware, Services, Software), Type (Integrated Building Energy Management Systems, Standalone Building Energy Management Systems), Application, Deployment Mode, End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $34.52 billion in 2023 to reach $67.69 billion by 2030, at a CAGR of 10.09% over the forecast period.
“Revolutionizing Energy Efficiency Globally With The Evolution of Building Energy Management Systems (BEMS)”
In an era where energy conservation and efficiency have become paramount, building energy management systems (BEMS) are at the forefront of this transformation, offering solutions that monitor, control, and optimize energy usage within buildings. These advanced systems, leveraging real-time data analytics, automate energy control, enhance energy savings, reduce costs, and contribute to a greener planet. Primarily utilized in commercial spaces, residential areas, and industrial sectors, BEMS has a broad application scope, covering HVAC, lighting, and security systems. Factors driving the expansion of the BEMS market include escalating energy expenses, heightened awareness of environmental impacts, and the increasing incorporation of Internet of Things (IoT) and cloud-based technologies, coupled with supportive government initiatives promoting energy-efficient infrastructures. Although challenges such as high initial costs and technology integration barriers exist, the advent of AI and IoT technologies within BEMS heralds a future of predictive energy management and remote operational capabilities, with a growing emphasis on integrating renewable energy sources. Regions such as the United States, Canada, the European Union, and emerging economies such as China and India are witnessing significant growth in BEMS adoption, spurred by regulatory policies and a shift towards sustainable building practices. This global movement toward BEMS signals a step toward reducing carbon footprints and highlights the collective effort to embrace technology for a sustainable future.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
“Harnessing Energy Management for Sustainability and Efficiency”
Data centers are pivotal infrastructures in the digital transformation era, consuming up to 50 times more energy than typical commercial spaces. This energy demand positions data centers as key contributors to the U.S.’s overall electricity consumption. Recognizing this, implementing building energy management systems (BEMS) is crucial in mitigating the environmental impact and operational costs associated with data centers. BEMS optimizes cooling systems to prevent equipment overheating, thereby enhancing energy efficiency by leveraging real-time data. Such systems reduce the power usage effectiveness (PUE) ratio, highlighting a move toward more sustainable consumption patterns and ensuring data centers’ operational continuity. Integrating seamlessly with existing infrastructure, BEMS offers a comprehensive approach to energy management, enabling more innovative cooling, efficient power usage, and predictive maintenance. This transition highlights a commitment to environmental responsibility and fosters operational efficiency, setting a new standard for data center operations worldwide.
“Revolutionizing Building Efficiency With Advanced Energy Management Systems Optimized Usage”
In push toward sustainability, building energy management systems (BEMS) stands at the forefront of innovation, integrating sophisticated hardware such as sensors, actuators, controllers, and more to manage and reduce energy consumption in buildings meticulously. These systems work in concert to monitor environmental conditions and adjust heating, ventilation, and air conditioning (HVAC) settings in real time, leading to significant energy savings. BEMS provides valuable data that helps identify savings opportunities, while networking tools ensure seamless communication between devices by precisely tracking energy flow through meters. Servers process vast amounts of data, enabling detailed analysis and actionable insights to refine energy use further. Additionally, comprehensive services, including customized consultations and dedicated support, ensure that each BEMS is tailored to a building’s unique needs, providing efficient operation and extended system longevity. BEMS exemplifies the strategic shift toward more sustainable and operationally excellent building management through the collaborative synergy of hardware, software, and expert services.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
“Schneider Electric SE at the Forefront of Building Energy Management Systems Market with a Strong 13.97% Market Share”
The key players in the Building Energy Management Systems Market include Schneider Electric SE, Honeywell International Inc., Azbil Corporation, Emerson Electric Co., Johnson Controls International PLC, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Building Energy Management Systems Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Building Energy Management Systems Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Building Energy Management Systems Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/building-energy-management-systems
“Dive into the Building Energy Management Systems Market Landscape: Explore 180 Pages of Insights, 566 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsBuilding Energy Management Systems Market, by ComponentBuilding Energy Management Systems Market, by TypeBuilding Energy Management Systems Market, by ApplicationBuilding Energy Management Systems Market, by Deployment ModeBuilding Energy Management Systems Market, by End-UseAmericas Building Energy Management Systems MarketAsia-Pacific Building Energy Management Systems MarketEurope, Middle East & Africa Building Energy Management Systems MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
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Home Energy Management System Market – Global Forecast 2024-2030Energy Management System Market – Global Forecast 2024-2030Intelligent Building Automation Technologies Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
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Artificial Intelligence
Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets
TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.
The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf]
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