Technology

Pixie Dust Technologies Reports First-Half Fiscal Year 2024 Financial Results

Published

11 months ago

February 12, 2024

NEW YORK and TOKYO, Feb. 12, 2024 /PRNewswire/ – Pixie Dust Technologies, Inc. (NasdaqCM: PXDT) (the “Company”), a Japanese technology company focused on commercializing innovative products and materials utilizing proprietary wave technology, reported financial results for the six months ended October 31, 2023.

Recent Operational Highlights

Introduced a one-time purchase model for its proprietary speaker kikippa, in addition to the current recurring subscription modelAnnounced Company-sponsored experiment on the SonoRepro™ product, conducted by Dr. Akinobu Miyata, Director of Miyata Medical Clinic, in collaboration with the Japan Clinical Trial AssociationExhibited at CES 2024 held in Las Vegas, NV and received the Innovation Award for its iwasemi™ RC-α productAnnounced collaborative research agreement with Tohoku University School of Medicine for the purpose of developing and commercializing certain non-pharmaceutical skin disease treatments using wave control technologyAwarded the 2023 Good Design Award for the kikippa speaker

Six Months Ended October 31, 2023 Financial Results

The Company’s financial statements for the six months ended October 31, 2023 and the related notes, and related management’s discussion and analysis of the Company’s financial condition and results of operations can be found in the Company’s Form 6-K filed with the SEC, a copy of which can also be found on the Company’s website. The Company’s functional currency and reporting currency is the Japanese yen (which we refer to as “JPY” or “¥”). The terms “dollar,” “USD,” “US$” or “$” refer to U.S. dollars, the legal currency of the United States. Convenience translations included herein of Japanese yen into U.S. dollars have been made at the exchange rate of ¥151.46 = US$1.00, which was the foreign exchange rate on October 31, 2023 as reported by the Board of Governors of the Federal Reserve System. All figures are expressed in Japanese yen and U.S. dollars unless otherwise stated.

Total Revenue increased by 88.6% from approximately ¥158.6 million ($1.0 million) for the six months ended October 31, 2022 to ¥299.1 million ($2.0 million) for the six months ended October 31, 2023. The increase was primarily due to increases in product sales revenue, partially offset by decreases in revenue from commissioned research and development and revenue from membership service.Product Sales were approximately ¥225.7 million ($1.5 million) in the six months ended October 31, 2023, representing a ¥188.9 million ($1.2 million) increase from the same period in the prior year. The increase was attributable to the launches and sales of the following products: SonoRepro (launched in November 2022), kikippa (launched in April 2023), and iwasemi (launched in July 2022).Services Sales declined to ¥73.4 million ($0.5 million) in the six months ended October 31, 2023 from ¥121.9 million ($0.8 million) in the same period in the prior year. The decline was primarily due to the decrease in commissioned research and a shift in focus from the research and development of kikippa and other products to product commercialization.Research and Development Expenses decreased by 17.6% from ¥339.3 million ($2.2 million) in the six months ended October 31, 2022 to ¥279.4 million ($1.8 million) for the six months ended October 31, 2023. The decrease was primarily due to a shift in focus from the research and development of kikippa and VUEVO to product commercialization.Selling, General and Administrative Expenses increased by 63.3% from ¥643.9 million ($4.3 million) for the six months ended October 31, 2022 to ¥1.1 billion ($6.9 million) for the six months ended October 31, 2023. The increase was primarily due to increases in advertising and marketing expenses for new products, rent expense in connection with the Company’s new headquarters and depreciation expenses.Other Income increased significantly from ¥0.1 million for the six months ended October 31, 2022 to ¥41.4 million ($0.3 million) for the six months ended October 31, 2023. The increase was primarily due to the increase of foreign exchange gains as a result of the receipt of the net proceeds from the initial public offering of the Company’s common shares in U.S. dollars during the six months ended October 31, 2023.Net Loss was ¥1.2 billion ($7.6 million) in the six months ended October 31, 2023 compared to ¥885 million ($5.8 million) in the same period in the prior year.As of October 31, 2023, the Company had ¥2.4 billion ($16.0 million) in cash and cash equivalents, compared to ¥2.1 billion ($15.7 million) as of April 30, 2023, which were held and used for working capital purposes. The Company’s cash and cash equivalents generally consist of cash on hand, demand deposits, and time deposits maintained at various financial institutions.

Forward-Looking Statements

Certain statements contained in this press release are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual events may differ materially from current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes to the market for securities, political or financial instability and other factors which are set forth in the Company’s prospectus that forms a part of the Registration Statement on Form F-1 (File No. 333-272476), as amended, and in all filings with the SEC made by the Company subsequent to the filing thereof. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

About Pixie Dust Technologies, Inc.

Pixie Dust Technologies, Inc. is a Japanese technology company focused on commercializing innovative products and materials utilizing proprietary wave technology. The Company is currently focusing on two areas of product development: (1) “Personal Care & Diversity”, where wave control technology is applied to mechanobiology and intervention/assistance in vision, hearing, and touch, and (2) “Workspace & Digital Transformation,” where metamaterials (technology that creates properties through structure rather than material) and solutions to commercial design problems, such as in offices or construction sites, are applied.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pixie-dust-technologies-reports-first-half-fiscal-year-2024-financial-results-302058339.html

SOURCE Pixie Dust Technologies

Technology

MEMS Drive: Paving the Way for Super-High Image Resolution

Published

40 minutes ago

December 27, 2024

TAIPEI, Dec. 26, 2024 /PRNewswire/ — Fabless chip firm MEMS Drive Hong Kong Ltd manufactures cutting-edge MEMS actuators targeted at mobile imaging in portable electronics. The company uses its proprietary MEMS design and process to allow CMOS sensors to achieve swift and precise ‘SensorShift’ and is the first semiconductor company to implement 5-axis stabilization in mobile cameras.

“With edge computing capabilities steadily advancing, MEMS Drive utilizes precise movement matching algorithms and artificial intelligence [AI] to derive multiple image-enhancing features besides just stabilization, such as super-resolution and improving identification capabilities,” says Colin Kwan, CEO and President of MEMS Drive during an interview with EE Times Asia. “MEMS SensorShift-driven image sensors overturn traditional voice coil motors [VCMs], and could be applied to mobile phones, sports cameras, wearable tech, surveillance, autonomous vehicles, robotic vision and other products, bringing unlimited possibilities to the future of imaging systems.”

It is for these reasons that the company won an Innovation Award and Best Sensor of the Year award for its piezo technology-enabled autofocus actuator and optical image stabilizer (OIS) actuator at EE Awards Asia 2024. Now in its fourth year, EE Awards Asia honors some of the best products, companies, and leaders making a difference every day in Asia’s electronics industry.

The MEMS autofocus (AF) actuator is a piezoelectric multi-morphic thin film actuator that can move at Z-axis and tip-tilt directions to achieve a 3-axis compensation. The MEMS devices are designed to be based on standard silicon fabrication processes, thereby enabling good scalability and ease of handling, testing, and packaging.

According to Colin, this sensor-based technology offers multiple advantages. “It provides 3-axis image adjustments as compared to 1-axis counterparts on lens-based AF systems; it also moves three times faster and 10 times more precise by detecting positions of less than a pixel, compared to 3-5µm on lens-based AF,” he explains. “And finally, by not using a motor to move the lens around, it consumes up to 50 times less power and avoids heating problems that could affect the image’s quality.”

Meanwhile, its OIS, known as SensorShift, is said to be the world’s smallest MEMS OIS actuator. It provides a 5-axis OIS solution to improve clarity and achieve stable and precise image.

“All vibrations in pitch, yaw, roll, translational X, and translational Y can be compensated with a single MEMS chip,” says Colin. “Due to its high precision and fast response in active movement, we can achieve another application called super resolution. By shifting the imager 1 pixel or half a pixel in different directions, capturing the image at each position, and then merging and processing those images, we can get a 4X or even higher-resolution image.”

Colin notes that compared to traditional lens-based OIS, MEMS Drive’s MEMS OIS is a sensor shift solution that provides superior stabilization performance with multiple advantages, including a 10ms fast response, just 4mW of power consumption, sub-pixel precision, and high image resolution in low light and video without blur.

“Powered by our patented electrical conductive flexure [ECF] technology, the MEMS Drive actuator provides consistent, durable performance,” says Colin. “With over 2.5 billion test cycles completed in continuous operation, these innovations are crucial for ensuring the highest standards in automotive applications and safety.”

MEMS Drive’s technology is suitable for smartphones, automotive, wearable technologies such as AR/VR camera systems, sports cameras, smart city applications, and robotic vision.

In this video interview, Colin also talks about his outlook for the semiconductor and electronics manufacturing industry over the next year, upcoming challenges amid the increasingly complex designs and architectures, and the new opportunities in the market.

For more information about MEMS Drive Hong Kong Limited and its innovative solutions, please visit: memsdrive.com
Youtube / Bilibili : MEMSDrive
LinkedIn: MEMS Drive

View original content to download multimedia:https://www.prnewswire.com/news-releases/mems-drive-paving-the-way-for-super-high-image-resolution-302338882.html

SOURCE EE Times Asia

Technology

Nodepay Raises $7M Total Funding To Power AI Growth with Real-Time Data Infrastructure

Published

40 minutes ago

December 27, 2024

SINGAPORE, Dec. 27, 2024 /PRNewswire/ — Nodepay, a decentralized AI platform transforming unused internet bandwidth into real-time data pipelines for AI training, today announced it has raised a second round of funding, bringing its total to $7 million.

The latest funding round welcomed new strategic investors IDG Capital ($23 Billion AUM), Mythos, Elevate Ventures, IBC, Optic Capital, Funders.VC, Matthew Tan (Etherscan founder) and Yusho Liu (CoinHako Co-founder & CEO) as notable angels. They join an impressive roster of previous backers that includes Animoca Brands, Mirana, OKX Ventures, JUMP Crypto, Tokenbay Capital and more.

Nodepay’s network taps into a global community of users running privacy-protected nodes. By sharing their spare internet bandwidth, these participants earn rewards for creating a real-time data source that improves AI inference with accurate, timely information—an approach known as Retrieval Augmented Generation (RAG).

Darren Nguyen, co-founder of Nodepay commented: “Our mission is to develop solutions that create tangible value for both AI developers and its end users. We give contributors a share in the AI ecosystem they help fundamentally build.”

Nodepay’s infrastructure platform integrates real-time data retrieval, a Web3-focused decentralized answer engine, reinforcement learning for more accurate model output, and gamified human verification. Together, these components combine to create a fair, collaborative, and innovative AI ecosystem.

Eric Le, investment director of IDG Capital, said, “The team at Nodepay is democratizing the AI economy by providing a platform that allows users to share directly in the value they create. We’re proud to support their vision of making AI more accessible and beneficial to all.”

With this funding, Nodepay will continue to commercialize its infrastructure to benefit both its community and partner AI labs. As it prepares to launch on Solana, Nodepay stands ready to lead the next era of decentralized AI development and training.

Already serving over 1.5 million active users worldwide, Nodepay continues to expand its reach, solidifying its role as a leader in the integration of AI and blockchain technology. Users can expect further updates and new announcements through their social channels and official website.

About Nodepay
Nodepay is a decentralized AI platform dedicated to democratizing AI training through real-time data retrieval. By turning idle internet bandwidth into a valuable resource, Nodepay fuels the next generation of AI models and stands at the forefront of AI decentralization.

Photo – https://mma.prnewswire.com/media/2587832/7M_Raised_Funds.jpg

Logo – https://mma.prnewswire.com/media/2587833/1080x1080_Black___Nodepay_2_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/nodepay-raises-7m-total-funding-to-power-ai-growth-with-real-time-data-infrastructure-302339478.html

Technology

Plume Network Partners with Maseer to Tokenize $200M of Carbon Allowances

Published

2 hours ago

December 27, 2024

NEW YORK, Dec. 26, 2024 /PRNewswire/ — Plume Network is proud to announce a strategic partnership with Maseer, an Abu Dhabi based tokenization platform, to bring $200M in Carbon Allowances exclusively on-chain to Plume. Built on Plume’s Real-World Asset Finance (RWAfi) ecosystem, Maseer will offer a tokenized solution to one of the fastest-growing alternative asset classes: compliance carbon.

Empowering Climate Action Through Compliance Carbon Tokenization

Compliance carbon has been one of the fastest growing alternative asset classes given increased regulatory and business scrutiny on emissions. The S&P Global Carbon Credit Index, which tracks the most liquid segment of the tradable carbon credit futures markets, has seen a 15.68% annualized return over the past five years. The value of these markets reached nearly one trillion USD in 2023.

The partnership with Plume Network allows Maseer to bring fully collateralized carbon products on-chain, where they will be fully compatible with Web3’s potent DeFi sector. DeFi integration vastly enhances compliance carbon markets with superior liquidity solutions and greater access to a global body of investors, broader market demand, and new yield sources.

“We are excited to partner with Plume to bring carbon allowances on chain. Plume is uniquely positioned to bring this vision to fruition because they are the only chain purpose built for RWAs. They’ve raised the bar with their tokenization engine, infrastructure tooling, and ecosystem network effects. We believe Plume is on the bleeding edge of on-chain adoption of RWAs,” said Bradley Allgood, CEO of Maseer.

“Energy transition is an asset category that we have been increasingly focused on at Plume because of growing demand for climate action, both from a government and corporate sustainability perspective. Volumes for the global carbon credit market are forecasted to grow at a 39% CAGR from 2024 to 2033,” said Teddy Pornprinya, Chief Business Officer and Co-Founder at Plume Network.

What are carbon allowances?

Compliance carbon allowances trade under cap-and-trade programs known as Emissions Trading Systems (ETS). These systems create transparent, liquid markets that are government-mandated and regulated. As of April 1, 2024, approximately 18 percent of global greenhouse gas emissions are covered by emissions trading systems (ETS). Carbon allowances are distinct from project-based carbon offsets and offer a market-based approach to regulating a region’s emissions, with mandatory participation for specified industries. Carbon allowance supply is managed by government agencies and adjusted primarily through an annually declining cap. 

About Plume
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse real-world assets. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs. Learn more at https://www.plumenetwork.xyz/ or contact press@plumenetwork.xyz

About Maseer
Maseer operates out of Abu Dhabi Global Market (ADGM), the world’s leading Special Economic Zone (SEZ) for digital asset innovation. Maseer is led by Tokenization and Free Zone Veteran Bradley Allgood and is focused on the design of bringing real world assets on chain to be fully interoperable with DeFi. Maseer has developed strategic relationships with Sovereign Nations and Large Enterprises to identify the highest quality real world assets around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/plume-network-partners-with-maseer-to-tokenize-200m-of-carbon-allowances-302339461.html

SOURCE Plume Network