Technology
Martello Reports Financial Results for the Third Quarter of the 2024 Fiscal Year
Published
9 months agoon
By
Improvements to the sales and demand generation process reflect disciplined focus on operational excellence.
Significant improvements to sales and demand generation processes implemented to increase sales pipeline and revenue growth in FY25.Standardized Vantage DX Trial launched in FY24 results in new Vantage DX professional services revenue in Q3 FY24.The Mitel business line continues to provide a stable recurring revenue base as the acquisition of Unify expands Martello’s addressable market. Interest in the Vantage DX solution has grown, with Mitel and its partners in the United States and United Kingdom working closely with Martello to bring the solution to their customers.Chairman Terence Matthews demonstrated his continued confidence in Martello by providing CAD$1.75M in an unbrokered private placement of Martello common shares in December 2023.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
OTTAWA, ON, Feb. 14, 2024 /CNW/ – Martello Technologies Group Inc., (“Martello” or the “Company”) (TSXV:MTLO), a provider of software that optimizes the Microsoft Modern Workplace environment, today released financial results for the three and nine months ended December 31, 2023. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and voice calls, with a focus on Microsoft 365, Microsoft Teams and Mitel unified communications.
Terence Matthews, Chairman of Martello Technologies expressed confidence in the upside potential for the Company: “In a global era where enterprises, managed service providers and channel partners face escalating challenges in delivering seamless and reliable user experiences for real-time communications and collaborations systems, Martello stands as a beacon of expertise”, said Mr. Matthews. “This unique expertise has strategically positioned the Company within the rapidly growing Microsoft Teams market and the Mitel global ecosystem, which has notably expanded with the recent acquisition of Unify. Vantage DX continues to capture significant client activity and the Martello technology allows for a substantial reduction in tech support personnel. I remain a strong supporter of Martello and confident in the capabilities of the Martello team as they prioritize customer satisfaction, revenue growth, and shareholder value.”
“As we pursue operational excellence with alignment and focus on core objectives across the Martello team, I am optimistic about the significant improvements we’ve made to our sales and demand generation processes,” said Jim Clark, Interim Chief Executive Officer and Chief Financial Officer of Martello. “We expect these improvements to drive growth in our sales pipeline for Vantage DX, bringing sustainable shareholder value in the future. There is growing recognition that Microsoft Teams performance problems have a significant impact on organizational productivity and bottom line. Vantage DX provides these organizations with the tools needed to deliver a seamless and reliable user experience.”
Q3 FY24 Financial Highlights
Financial Highlights
December 31,
December 31,
December 31,
December 31,
(in 000’s)
2023
2022
2023
2022
(Three months ended)
(Nine months ended)
Sales
$
3,979
4,054
11,965
12,072
Cost of Goods Sold
473
447
1,461
1,401
Gross Margin
3,506
3,607
10,504
10,671
Gross Margin
%
88.1 %
89.0 %
87.8 %
88.4 %
Operating Expenses
4,414
23,365
12,858
33,078
Loss from operations
(909)
(19,758)
(2,354)
(22,407)
Other income/(expense)
(257)
(367)
(1,704)
(1,373)
Loss before income tax
(1,166)
(20,125)
(4,058)
(23,780)
Income tax recovery (expense)
(105)
(83)
14
(75)
Net loss
(1,271)
(20,208)
(4,044)
(23,855)
Total Comprehensive loss
$
(1,101)
(18,614)
(3,910)
(23,218)
EBITDA (1)
$
(267)
(18,838)
(913)
(21,428)
Adjusted EBITDA (1)
$
(397)
(168)
(696)
(1,664)
(1) Non-IFRS measure. See “Non-IFRS Financial Measures”.
Revenue of $3.98M represented a 2% decrease compared to Q3 FY23. Vantage DX revenue grew year-over-year and Mitel revenue remained stable. Sunsetting legacy product revenue declined as expected.Vantage DX is the experience management solution that is purpose-built for Microsoft Teams. In Q3 FY24 Vantage DX monthly recurring revenue (“MRR”) grew by 69% compared to Q3 FY23, both from direct sales and activities with partners. Total Vantage DX revenue in Q3 FY24 was $0.67M, compared to $0.38M in Q3 FY23.Sunsetting legacy product revenue declined by 15% or $0.27M in Q3 FY24 compared to Q3 FY23. The ongoing decline of legacy product revenue is proceeding as expected.The Mitel business remains a stable source of recurring revenue and cash, with a 5% decrease in revenue from this segment in Q3 FY24. This marginal decrease is attributable to a decrease in the number of subscribers to Mitel’s software assurance program. The Mitel business represented 44% of total revenues in Q3 FY24 (46% in Q3 FY23).Revenue was 98% recurring in Q3 FY24 compared to 99% in Q3 FY23.Gross margin as a percentage of revenue was 88% in Q3 FY24, compared to 89% in Q3 FY23. The slight decrease was primarily driven by higher hosting, installation and delivery costs partially offset by a decrease in the costs of third-party software subscription resale. Management continues to execute a strategy to reduce hosting costs.MRR decreased by 3% to $1.30M in Q3 FY24 compared to $1.34M in the prior year. The decrease is primarily attributable to a decrease in the number of subscribers to Mitel’s software assurance program and the decline in maintenance and support subscriptions for legacy products. MRR is a non-IFRS measure, representing average monthly recurring revenues earned in a fiscal quarter.Operating expenses decreased 81% to $4.41M in Q3 FY24 compared to $23.36M in Q3 FY23. The significant decrease is primarily due to the impairment of goodwill and intangible assets in the comparative period, partially offset by severance costs. On a normalized basis excluding impairment losses, operating expenses increased by 5%.The Q3 FY24 loss from operations of $0.91M represented a 95% improvement compared to $19.76M in Q3 FY23. Normalized to exclude Q3 FY23 impairment losses, loss from operations improved by 14% in Q3 FY24 compared to the prior year.The Adjusted EBITDA (a non-IFRS measure) loss increased by $0.23M in Q3 FY24, primarily attributable to interest expenses.The Company’s cash and short-term investments balance was $5.63M as of December 31, 2023 (compared to $2.23M at March 31, 2023).
The financial statements, notes and Management Discussion and Analysis (“MD&A”) are available under the Company’s profile on SEDAR at www.sedar.com, and on Martello’s website at www.martellotech.com. The financial statements include the wholly-owned subsidiaries of Martello. All amounts are reported in Canadian dollars.
This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Martello Technologies Group
Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions to optimize the modern workplace. The company’s products provide actionable insight on the performance and user experience of cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello’s software products include Vantage DX, which provides Microsoft 365 and Microsoft Teams end user experience monitoring and optimization. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods and ” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including the execution of a strategy to reduce hosting costs, the aim to increase sales pipeline and revenue growth in FY25 with improvements to sales and demand generation processes, and the expectation that improvements to the sales and demand generation processes will drive growth in the Company’s sales pipeline for Vantage DX, bringing sustainable shareholder value in the future. .
Forward-looking information is neither a statement of historical fact nor assurance of future performance. Instead, forward-looking information is based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any of the forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:
Continued volatility in the capital or credit markets and the uncertainty of additional financing.Our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so.Changes in customer demand.Disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment.Delayed purchase timelines and disruptions to customer budgets, as well as Martello’s ability to maintain business continuity as a result of COVID-19.and other risks disclosed in the Company’s filings with Canadian Securities Regulators, including the Company’s annual information form for the year ended March 31, 2021 dated January 7, 2022, which is available on the Company’s profile on SEDAR at www.sedar.com.
Any forward-looking information provided by the Company in this news release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE Martello Technologies Group Inc.
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Technology
Global Times: Xi’s letter to lecturers in Shanghai inspires silver generation to contribute to city building
Published
23 minutes agoon
November 14, 2024By
BEIJING, Nov. 14, 2024 /PRNewswire/ — On a sunny afternoon in early November, the warm sunlight pours into a solarium by the Huangpu River in downtown Shanghai. Huang Baomei and several other senior citizens gather around a table, excitedly reading a special letter together.
A day earlier, they received a letter from President Xi Jinping, after writing a letter to him weeks before to share their experiences and thoughts of providing free lectures to local residents in recent years as members of “Laoyangshu,” or “Old Poplar,” a grassroots lecture program in Shanghai consisting of retired officials, military officers, experts, teachers, and role models.
In his reply to the “Old Poplar” members, Xi praised the initiative as a meaningful approach to recount historical events, explain the Party’s new theories, and share the positive changes in the city with residents by blending the lecture content with the lecturers’ personal experiences.
Underlining the principle that cities should be built by the people and for the people, Xi called on the members of the program to inspire more people to embrace and implement the concept of a people-oriented city, the Xinhua News Agency reported.
“Xi’s letter has given us tremendous encouragement and strength,” Huang told the Global Times with a big smile on her face.
“Even though I’m not young anymore, I never find delivering lectures tiring,” she said. “Instead, sharing the positive changes that have happened, and are happening, in Shanghai and China with my personal experiences, brings me great joy.”
Simplify the profound
With her straight posture and quick reflexes, Huang appears much younger than her actual age of 93. This elegant and energetic elderly lady was selected as China’s first generation of “model workers” in the 1950s as a textile worker, and was awarded the “July 1st Medal” – a top medal for lifelong contribution – by President Xi in 2021. She has been a role model for her dedication and professionalism for generations.
Huang worked for 42 years at a textile factory in Shanghai. Now, as one of the eldest members of the “Old Poplar,” she passionately engages with residential communities, enterprises, and schools, sharing stories about China’s development with young people.
“At my busiest, I gave three lectures in a day, each lasting two hours, and the audience would give me a thumbs up,” Huang said proudly.
Development is a grand topic. Instead of discussing abstract concepts, Huang often shares her personal experiences filled with vivid and encouraging moments.
“When I worked in the textile factory, I tried many methods to improve efficiency and yield,” Huang told the audience that she made a lot of effort in optimizing the work process, and later successfully doubled the efficiency to simultaneously operate 800 spindles alone. Inspired by Huang’s talent and endeavor, the spinners at the local factory produced nearly half of China’s cotton cloth in the 1950s, a manufacturing miracle by then.
Moreover, Huang once had an opportunity to become a movie star, but she rejected. “Spinning is my specialty and life career,” she said.
Huang’s heartfelt narrations embody the dedication and relentless spirit of the older Chinese generation, and vividly represent the past decades of rapid development in the country, which have resonated deeply with many in the audience. “As long as my health permits, I will continue to try hard to inspire more people, especially the young ones, in ways that they like,” Huang told the Global Times.
Similarly, 75-year-old Hu Jun, another “Old Poplar” member, is also good at using relatable details to explain macro policies in methods that resonate with the public.
The “Old Poplar” program mainly targets residents of Shanghai’s downtown Yangpu district. When discussing China’s industrial restructuring, Hu used Yangpu as an example to illustrate how this cradle of modern Chinese industry has continuously adapted its industrial structure to keep pace with the times.
“Yangpu was once known as the ‘golden belt’ of industry. After China’s reform and opening-up in the late 1970s, it became the ‘Rust Belt.’ Now, through years of industrial upgrading, Yangpu has transformed into the ‘beautiful belt,’ evolving into a green and livable community,” said Hu.
Hu was an official in the Yangpu district government before retirement. He expressed his excitement and enthusiasm upon receiving the reply letter from Xi, saying it reflects the president’s great expectations for grassroots retired officials and his affirmation of Shanghai’s urban construction.
“Even though I am retired, I will continue to serve as a promoter and practitioner of constructing a people-oriented city.”
Both teachers and friends
The “Old Poplar” members have conducted more than 2,600 free lectures over the last five years. They not only do well in vividly explaining macro topics, but are also good at sharing relatable life experiences tailored to audiences of different ages, becoming both teachers and friends to local residents.
Li Peirong, 75, used to work in a local township-level subdistrict before retiring, from which she gained rich experience dealing with the elderly. Now as an “Old Poplar” member, Li’s lecturers are mainly for senior citizens, whom she teaches how to use electronics such as smartphones. “Most of my elderly audience members have learned how to use [smartphones],” she said.
Li also promotes knowledge about electronic fraud prevention in her lectures. “We want to help more elderly people bridge the digital divide, and enjoy the benefits of modern technology.”
She said that receiving the reply from Xi makes her very proud, and further appreciates the significance of what she and other “Old Poplar” members are doing. “I never feel old,” she told the Global Times. “Even in retirement, we can continue to harness the power of our ‘silver generation’ in contributing to society.”
For young audiences, the “Old Poplar” has also made many efforts to prepare its lectures.
As former chairman of the board of supervisors of a technological innovation enterprise, 64-year-old Xin Peihua now mainly engages with young people through the “Old Poplar” program, giving lectures at internet companies.
Xin said she usually keeps her lectures to about half an hour, considering that most young people have busy work schedules. During and after the lectures, she talks with the young employees about work-related stress and their anxieties regarding potential layoffs, much like a caring senior family member. “Now when they’re feeling confused, they sometimes come to me to share their concerns and seek advice,” Xin told the Global Times.
Xin also regularly talks with the new couples at Yangpu’s marriage registries, sharing with them experiences of getting along with spouses and in-laws, maintaining marriage, and building a happy family. These small talks are so popular, that some new couples from other districts choose to register their marriages at Yangpu, said Xin.
She said that receiving a reply from President Xi is a “supreme honor” to her. “I want to serve as a flourishing old poplar, contributing my strength to the joint effort of building a beautiful city for the people, and creating a happy and fulfilling life together.”
Attract the young
The “Old Poplar” program was established in 2020, following Xi’s inspection trip to Shanghai the previous year.
In November 2019, during his visit to the city, Xi proposed the concept that “the cities are built by the people and are for the people,” and has issued several important directives regarding the construction of a people-oriented city in Shanghai.
During that visit, Xi met Huang and encouraged her to further share her experiences with the young people, to strengthen their confidence in the path, theory, system, and culture of socialism with Chinese characteristics.
Inspired by Xi’s words, Yangpu district established the “Old Poplar” program to share with the public the Party’s stories and promote the spirit of Shanghai city. The program has gathered over 300 retired senior citizens who are well-versed in theory, skilled in public speaking, and eager to contribute as volunteer lecturers, according to Deng Qing, head of the Bureau of Retired Veteran Cadres of the CPC Yangpu District Committee, which built the program.
To date, the “Old Poplar” has had a cumulative audience of more than 280,000. How to make young people interested in this format of lectures, and enjoy listening to the stories shared by these “grandpas” and “grandmas,” have been topics that the “Old Poplar” keeps considering.
To attract a Gen Z audience, the program has created accounts on popular video platforms like Bilibili, inviting its members to host livestream lectures. “A Huang lecture, for example, attracted 5,000 viewers during the live broadcast, with a total of over 50,000 views for the replay,” Deng told the Global Times.
The engaging and diverse lectures have been well received by the younger audience. Xu Yifan, a staffer at a Shanghai-based internet enterprise, said he has watched livestream and videos of “Old Poplar” lectures on Bilibili, and felt the deep love of the elderly lecturers for Shanghai and China.
“Their lectures convey knowledge but also power to us, strengthening our young generation’s aspirations for the future, and encouraging us to actively participate in the development of a people-oriented city,” Xu told the Global Times.
Cheng Yunuo is a fifth-grader at a primary school in Yangpu. She has attended many lectures held by the “Old Poplar” at her school.
“The experiences and insights of the older generation have made me deeply realize that, as a Chinese teenager in the new era, I have a responsibility to study hard and continuously improve my knowledge and skills,” Cheng said.
https://www.globaltimes.cn/page/202411/1323005.shtml
View original content:https://www.prnewswire.com/news-releases/global-times-xis-letter-to-lecturers-in-shanghai-inspires-silver-generation-to-contribute-to-city-building-302305260.html
SOURCE Global Times
Technology
Longsys Unveils New Products at Electronica Munich, PTM Business Model Drives Innovation in Automotive Storage
Published
23 minutes agoon
November 14, 2024By
MUNICH, Nov. 14, 2024 /PRNewswire/ — The much-anticipated Electronica Munich has officially opened. At this international event, Longsys(301308.SZ) launched a range of new products alongside its PTM (Product Technology Manufacturing) business model, with a focus on industrial and automotive storage solutions to meet the global demand for intelligent storage across various industries.
Global Expansion of Storage Solutions
International Debut of the PTM Business Model
Longsys introduced its innovative PTM business model for the first time to a global audience at this event. PTM provides high-end, flexible, and efficient full-stack custom services to empower the intelligent transformation of industries such as automotive and industrial sectors, breaking through the homogeneity of existing products.
Through a series of mergers and an extensive global presence, Longsys has established subsidiaries and branches across Europe, the Americas, and Asia. This forms an international service chain from R&D through to production and sales. Additionally, the company has developed a flexible, efficient, and cost-optimized global storage manufacturing supply chain network to cater to diverse custom demands. This network not only provides efficient localized support and services but also lays a solid foundation for PTM’s global implementation.
New Products Showcased
In Germany—a powerhouse of the automotive and industrial sectors—Longsys unveiled high-reliability industrial and automotive-grade products, including the xSPI NOR Flash and Automotive Grade 2 LPDDR4x. The Lexar brand showcased products like the JumpDrive dashcam USB and PCIe Gen5 SSD, covering a broader range of automotive consumer markets.
xSPI NOR Flash
In-house Chip, Expanding Automotive Storage, Multi-Form Factor Packaging, High Frequency, Large Capacity
To better meet customer storage demands, Longsys has strengthened its design capabilities in controllers and Flash chips, gaining a deeper understanding of underlying technologies and manufacturing processes. xSPI NOR Flash, a key component of its in-house Flash chip capabilities, enhances its automotive storage range and expands its technical service capabilities.
The xSPI NOR Flash employs advanced 4xnm technology with a single chip capacity of 256Mb and supports on-chip ECC for improved data reliability. It supports x1 and x8 interface modes, with a maximum clock frequency of 200MHz, reaching up to 3200Mbps data transfer in DTR mode. Compared to traditional SPI NOR Flash, it significantly accelerates code read speeds, reducing system boot-up and response times. Industrial-grade products support operating temperatures from -40°C to 85°C and -40°C to 105°C, while forthcoming automotive-grade versions will comply with Grade 2 standards for rigorous automotive storage requirements.
Additionally, Longsys launched a 1.8V 256Mb traditional SPI NOR Flash product, compatible with mainstream industry command sets and available in multiple packaging options, including WSON8, BGA24, and SOP16. This product supports x1, x2, and x4 interface modes with a maximum clock frequency of 166MHz, achieving up to 1328Mbps data transfer in DTR mode, providing customers with compatibility, flexibility, and performance.
Longsys’s xSPI NOR Flash and SPI NOR Flash products, with high capacity, speed, and reliability, are ideal storage solutions across automotive, communications, industrial control, personal computing, security, and wearable tech fields, offering high-performance, dependable storage support.
Automotive Grade 2 LPDDR4x
Automotive-grade DRAM Products, AEC-Q100, High and Low-Temperature Tolerance
The Automotive Grade 2 LPDDR4x supports capacities of 2GB, 4GB, 6GB, and 8GB, with transfer rates up to 4266Mbps and a broad operational temperature range of -40°C to 105°C. Equipped with internal ECC for enhanced data consistency, it meets high data reliability requirements essential for automotive products.
With VDDQ voltage as low as 0.6V and support for PASR (Partial Array Self-Refresh) to reduce power consumption, this product optimizes data transfer for automotive electronics, supporting energy efficiency and handling high workloads. It also incorporates ODT and DQS technologies for signal stability and anti-interference, enhancing data transmission and supporting automotive intelligence demands.
After successfully launching automotive-grade eMMC and UFS products, Longsys has introduced automotive-grade DRAM, creating a dual-drive layout in automotive storage solutions for global customers.
Notably, Longsys’s Automotive LPDDR4x received the Best-in-Show award from Embedded Computing Design during the event, the only automotive-grade DRAM product to earn this honor. This achievement not only recognizes Longsys’s exceptional R&D capabilities but also underscores the market potential and global appeal of its automotive storage products.
Click on this video to learn more.
https://www.youtube.com/watch?v=exDIJqSegTE
Lexar® JumpDrive® Dashcam USB
Compact, Durable, Convenient
With the push for intelligent automotive advancements, public interest in data security for in-vehicle devices is rising. The Lexar® JumpDrive® Dashcam USB, with its compact and reliable design, provides a professional in-vehicle storage solution. Offering capacities from 64GB to 256GB and read speeds up to 200MB/s, it features a compact, seamless design to securely fit vehicle interfaces without obstructing access. Even in extreme temperatures, it ensures data safety and integrity. The JumpDrive® Dashcam USB supports loop recording and sentry mode, compatible with various vehicle brands and designed specifically for dashcam applications. Awarded the Red Dot Design Award in 2024, it’s recognized for both performance and design, making it ideal for vehicle monitoring.
Enterprise Storage, New Technology
Accelerating AI Terminal Storage Innovation
With advancements in AI, technology companies are experiencing new growth in cloud services, intelligent driving, and streaming, leading to increased demand for high-capacity SSDs and DRAM in AI terminals. This year, Longsys launched a series of innovative storage products, including eSSDs, RDIMMs, CXL 2.0 memory expansion modules designed for AI servers, and a new LP-CAMM2 memory module tailored for AI PCs, addressing new storage needs in the AI era and exploring more possibilities in edge AI with global partners.
At Electronica Munich, Longsys engaged with experts and users worldwide to discuss the potential applications of storage technology in industrial and automotive intelligence, aiming to drive global intelligent transformation through its PTM business model and a dual-brand lineup of innovative products.
About Longsys
Longsys is a globally leading semiconductor memory brand founded in 1999. As an innovative memory solution manufacturer that integrates R&D, design, packaging and testing, manufacturing, and sales services, Longsys upholds the corporate vision of “Everything for memory.” With memory technology innovation at its core, Longsys provides high-end, flexible, and efficient full-stack customized services to global customers. For more information please visit https://www.longsys.com/, and follow Longsys on LinkedIn, Facebook and Twitter.
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View original content:https://www.prnewswire.com/news-releases/longsys-unveils-new-products-at-electronica-munich-ptm-business-model-drives-innovation-in-automotive-storage-302305270.html
Technology
Petnow Wins Korean-German Innovation Award, Aims Nordic Expansion at SLUSH 2024
Published
23 minutes agoon
November 14, 2024By
South Korean Pet ID Leader Recognized for AI Solutions, Eyes Partnerships in Finland
SEOUL, South Korea, Nov. 14, 2024 /PRNewswire/ — Petnow Inc., the South Korean provider of pet biometric identification and ‘PetWayHome’ location-based lost pet recovery service, announced that the company was chosen as the Honoree of the Innovation in Business Award. Held by the Korean-German Chamber of Commerce and Industry, the 10th KGCCI Innovation Awards is officially sponsored by the Korean Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups. Petnow was awarded for its efforts to pioneer the pet tech industry while pursuing public interests with its AI technology.
Founder and CEO of Petnow Inc., Dr. Jesse Lim, stated “We have been proving our competitiveness by winning the Fresh Ideas Contest at Interzoo 2024, while expanding our client base in Germany by participating in the Global Market Expansion Program assisted by Start2Group in Munich.”. He also highlighted that “We are also looking forward to connecting with potential partners, namely various city municipalities, pet insurers, and vet clinic software providers at the upcoming SLUSH event in Finland.”
Supported by Seoul Business Agency, Petnow will be participating in SLUSH and its community side event ‘K-Startup Demo Day with Vertical’ that will be held at Maria01 (Lars Sonck Venue) to pitch on Nov 18. Any pet industry players interested in connecting with Petnow in person are welcome to pre-register at the Lyyti website for participation.
About Petnow Inc.: Developed to provide an animal welfare-friendly pet identification measure, the Petnow app has been distributed in 19 countries located in Europe, Asia, and North America to recognize dogs by scanning their noses that are unique like fingerprints. It is also the first app to support cat facial recognition that can identify two kinds of most popular pet animals. Since winning the Best of Innovation at CES 2022, the company has been securing SuperZoo 2023 NPS Award and iF Design Award 2024. The company has been collaborating with insurers, government departments, and licensees globally to actively add its application utilizing the technology.
Photo – https://mma.prnewswire.com/media/2555222/PetNow.jpg
View original content:https://www.prnewswire.co.uk/news-releases/petnow-wins-korean-german-innovation-award-aims-nordic-expansion-at-slush-2024-302302722.html
Global Times: Xi’s letter to lecturers in Shanghai inspires silver generation to contribute to city building
Longsys Unveils New Products at Electronica Munich, PTM Business Model Drives Innovation in Automotive Storage
Petnow Wins Korean-German Innovation Award, Aims Nordic Expansion at SLUSH 2024
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