FinancialBuzz.com News CommentaryNEW YORK, June 1, 2018 — (PRNewswire) —
Artificial intelligence (AI) is expected to transform the productivity and GDP potential of the global economy. According to a report by PWC, strategic investment in different types of AI technology is needed to make that happen. PWC's research shows that 45% of total economic gains by 2030 will come from product enhancements, stimulating consumer demand. This is because AI will drive greater product variety, with increased personalization, attractiveness and affordability over time. AI could contribute up to $15.7 trillion1 to the global economy in 2030, more than the current output of China and India combined. Internet of Things Inc. (OTC: INOTF), Seven Stars Cloud Group, Inc. (NASDAQ: SSC), Pure Storage, Inc. (NYSE: PSTG), Cray Inc. (NASDAQ: CRAY), Vonage Holdings Corp. (NYSE: VG)
The AI sector is very diverse. From the most influential products and divisions in AI are digital assistants, chatbots and machine learning. PWC indicates that, "the impact on productivity could be competitively transformative - businesses that fail to adapt and adopt could quickly find themselves undercut on turnaround times as well as costs. They stand to lose a significant amount of their market share as a result. However, the potential of this initial phase of AI application mainly centers on enhancing what's already being done, rather than creating too much that's new."
Internet of Things Inc. (OTC: INOTF) also listed on the TSX Venture Exchange under the ticker (TSX-V: ITT). Last week the company announced breaking news that, "Is pleased to provide a corporate update detailing its recently accomplished milestones and current growth initiatives. Appointment of President & COO - IoT Inc. recently announced the appointment of James Sutcliffe as President & COO. Mr. Sutcliffe will oversee operations, investee companies and merger & acquisition opportunities.
Mr. Sutcliffe brings more than 20 years' experience in global operational and financial leadership. Earlier in his career, he was as a key member of a management team that grew a Fortune 150 Tier 1 automotive supplier's Asian operations ten-fold. During this time, Mr. Sutcliffe held senior corporate development, finance and executive management roles. Spearheading entry into new markets in Asia, he was instrumental in guiding start-ups and acquisitions in China, India and Korea.
Mr. Sutcliffe commented, "IoT Inc. is at a critical inflection point given its growth opportunities in Asia and North America. I am excited to leverage my relationships and operating experience as the company pursues very compelling and complementary accretive acquisitions."
Corporate Repositioning: The Company has developed a new website designed to encourage investor signups and inbound business opportunities and enhanced marketing collateral including a new corporate presentation. In addition, IoT Inc. has signed up to participate in investor focused conferences over the next few months to raise awareness. This corporate repositioning reflects the new strategic vision of the Company and will serve as the foundation to expand its strategic plan to acquire and operate growth-ready technology companies.
Equity Financing: After the original public announcement of a private placement financing in December 2017, the Company closed an over-subscribed funding round of $2,300,000. This working capital provides a sufficient runway to continue execution of its long-term corporate growth strategy and to pursue strategic acquisitions.
Portfolio Company Updates: Weather Telematics Inc. The Company announced that it has entered into a letter of agreement to acquire Weather Telematics Inc. ("WTX Inc." or "Weather Telematics"), a data science company offering real-time advanced AI-based predictive road condition weather analytics for safer, connected and autonomous transportation. For further details read the May 14, 2018 press release. Weather Telematics recently announced a partnership with Teletrac Navman, a global software-as-a-service provider that leverages location-based technology for GPS tracking solutions, to provide dynamic weather data including a real-time view of hazardous road conditions to the DIRECTOR® fleet management platform.
New Hope IoT Intl. Inc. (or the "JV") - Management is pleased with the progress that continues to be made with factory automation initiatives as IoT Inc. expands its presence in Greater China. The JV continues to make headway with artificial intelligence in China and pending the closing of WTX Inc., the Company will look to leverage their unique data and technology by integrating it into its manufacturing process optimization platform to turn traditional manufacturing operations into smart industrial IoT enabled facilities.
BLOCKStrain Technology Corp.("BLOCKStrain") - The Company made a strategic investment in BLOCKStrain Technology Corp. (TSX-V: DNAX). BLOCKStrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership. BLOCKStrain closed a non-brokered private placement raising gross proceeds of $10,500,000, and also completed its go public transaction earlier this week. Based on yesterday's closing price of BLOCKStrain, IoT Inc's position in the company is worth more than 250% of its original investment. The Company is in discussions with BLOCKStrain and is evaluating how to deploy and leverage its strategic technology applications into the BLOCKStrain ecosystem.
About Internet of Things Inc. - Internet of Things Inc. is a strategic investor in growth-ready companies with innovative technology solutions. The Company creates value through its portfolio companies' expertise in the IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations. The Company has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd. Internet of Things Inc. also has strategic investments in Braingrid Corp. and Blockstrain Technology Corp. and has its headquarters in Toronto, Canada."
Seven Stars Cloud Group, Inc. (NASDAQ: SSC) is aiming to become a next generation Artificial - Intelligence (AI) & blockchain-powered, fintech service company, focusing on digital asset production and distribution. Recently, the company announced that private and pre-sales of its Digital Oil Asset Index tokens in the Greater China Region, which were created through super intelligent dynamic ontology analysis, commenced on May 18, 2018 and will conclude around the end of June. General sales (once the private and pre-sale window has closed) will then continue until the end of September. This first sales are taking place in the Greater China Region only. Moving forward, Seven Stars Cloud, as the digital asset holder, is currently planning a build out to expand its sales scalability and capabilities, with various partners in other regions including the Middle East, Southeast Asia, Korea, Japan, Europe and eventually North America.
Pure Storage, Inc. (NYSE: PSTG) helps innovators build a better world with data. Pure's data solutions enable SaaS companies, cloud service providers, and enterprise and public sector customers to deliver real-time, secure data to power their mission-critical production, DevOps, and modern analytics environments in a multi-cloud environment. Recently, the company announced its second AI-Ready Infrastructure offering, AIRI™ Mini, powered by NVIDIA. Architected by Pure Storage and NVIDIA, AIRI is purpose-built to enable data architects, scientists and business leaders to extend the power of the NVIDIAⓇ DGX-1™ system. With AIRI Mini, organizations of all sizes and budgets can implement a simple, powerful solution to build competitive advantage through AI at a price point that's accessible for virtually any organization in any industry. AI represents an unprecedented opportunity for organizations to improve operations, deliver better customer experiences, and drive business performance through data-driven initiatives.
Cray Inc. (NASDAQ:
CRAY) provides innovative systems and solutions enabling scientists and engineers in industry, academia and government to meet existing and future simulation and analytics challenges. On March 28, 2018, the company announced it is adding new options to its line of CS-Storm™ GPU-accelerated servers as well as improved fast-start AI configurations, making it easier for organizations implementing AI to get started on their journey with AI proof-of-concept projects and pilot-to-production use. Cray is enhancing its CS-Storm series GPU-accelerated systems with the addition of a new four-GPU version - the CS-Storm 500NX 4-GPU server, a 1U server with two Intel® Xeon® CPUs and four NVIDIA® Volta GPUs, designed for customers whose AI models and HPC applications require lower GPU-to-CPU ratios for optimal performance. Implementing machine and deep learning in many organizations is a journey - from investigation to proof of concept to production applications - that data science and IT teams undertake. Different AI use cases require unique combinations of machine intelligence tools, model designs and compute infrastructure.