Digital Asset DirectNextech AR Solutions Corp.
Contact Details Proactive Investors Canada na-editorial@proactiveinvestors.com +1 604 688 8158 Proactive Investors Canada +1 604-688-8158 na-editorial@proactiveinvestors.com
December 08, 2022 08:43 AM Pacific Standard Time
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News ReleaseSPARK Microsystems
SPARK Microsystems, a Canadian fabless semiconductor company specializing in next-generation ultra-wideband (UWB), and UBITO, part of FRABA group and offering components for magnetic sensing, energy harvesting and wireless transmission, have partnered to develop a range of UWB-based wireless sensing and IoT solutions. This partnership will allow UBITO to leverage SPARK Microsystems’ UWB technology for wireless, battery-less sensor applications in multiple industries, including smart home, industrial automation, and condition monitoring. “A revolution in sensing technology – sensors with no wires or batteries – is achievable today thanks in part to innovations like SPARK UWB that deliver extreme energy efficiency to significantly reduce overall sensor power requirements,” said Raphael Mehrbians, CMO, SPARK Microsystems. “The combined benefits of SPARK’s UWB technology and UBITO’s energy harvesting make this partnership ideal for short range wireless communications targeting sensors and IoT applications.” UBITO’s products are based on its unique Wiegand energy harvesting technology for contactless, battery-less, and wireless sensors. The expanded product portfolio of UBITO solutions will generate sufficient energy to power wireless data communications and other sensing and IoT technologies over the UWB spectrum. These solutions will leverage SPARK Microsystems’ UWB technology to wirelessly transmit data at low-power, ultra-low latency, and high-speeds. UWB is an ideal wireless transmission technology solution because its transmitting power is only consumed by short pulses instead of a constantly powered frequency generator. The joint solutions will support the rapid development of IoT applications and are more sustainable because they will not require batteries to operate. The aggregate energy savings and reduced battery usage will ultimately help reduce landfill waste, CO 2 emissions and other toxic environmental contamination. “With SPARK’s UWB, a single pulse provides enough energy to wirelessly transmit data from a wireless sensor node supplied by energy harvesting from a Wiegand generator,” said Toby Best, General Manager, UBITO. SPARK is offering demonstrations of the joint UWB-based wireless sensing and IoT solutions at CES 2023. The demonstrations will show how SPARK’s UWB technology is used to wirelessly transmit data at low-power, ultra-low latency, and high-speeds in UBITO Wiegand wireless IoT solution. About SPARK Microsystems SPARK Microsystems is a fabless semiconductor company that is leading the way towards ultra-low power wireless communications for consumer and IoT-connected devices. With its patented technologies, SPARK Microsystems is bringing to market a high-performance wireless transceiver that allows for orders of magnitude improved power consumption, latency and more accurate ranging and positioning, while providing higher data rates than competing technologies. For more information, please visit www.sparkmicro.com. About UBITO UBITO is a newly formed enterprise that specializes in the development and promotion of Wiegand technologies for commercial and industrial applications. It functions as a concept incubator, while also marketing Wiegand sensor products for industrial application such as fluid meters and multiturn rotary encoders. UBITO is a member of the international FRABA group, whose history dates back to 1918, when its predecessor, Franz Baumgartner elektrische Apparate GmbH, was established in Cologne, Germany to manufacture relays. Since then, the company has played a trendsetting role in the development of rotary encoders, inclinometers and other sensor products. For more information, please visit www.ubito.com. Contact Details Rainier Communications for SPARK Microsystems Jenna Beaucage +1 508-340-6851 jbeaucage@rainierco.com UBITO Katerina Dramitinou katerina.dramitinou@fraba.com Company Website https://www.sparkmicro.com
December 08, 2022 10:24 AM Eastern Standard Time
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News ReleaseRadix
Authored by Amy Wilkinson, Radix. “ Not your keys, not your crypto. ” If you’ve traded a token or two in your time, you’ve likely heard this phrase thrown around before. For those who haven’t, the six-word warning is often said in reference to the use of centralized financial (CeFi) products when storing your cryptocurrencies, and the contradictory position this leaves your tokens in. With the idea that crypto was born to decentralize the financial ecosystem and remove holding power over your assets from money-hungry authoritative entities, holding your crypto on a centralized exchange or application that simply leverages Web3 to offer their services does the opposite. The age-old battle has recently escalated thanks to the FTX scandal that felt ever-so reminiscent of traditional financial corruption, with many rattled crypto investors directing their attention towards the development pinned to kick centralized criminals once and for all: decentralized finance (DeFi). DeFi, by nature, is exactly what crypto was built for. Following the 2008 financial crisis, Satoshi Nakamoto created Bitcoin as a new, decentralized monetary system that, if globally adopted, was intended to become a new financial system free of the flaws fiat currencies pose. Fast-forward 14 years, and the foundations set by Nakamoto have become a fully-fledged (albeit also flawed) industry. While many projects within the space fundamentally align with Bitcoin and maintain decentralization at their core, the wild pace at which they’ve been developed has resulted in an industry brimming with talent and opportunity that just isn’t quite mapped out for global adoption. As many have joined the scurry to pull their tokens out of centralized applications, fearful of the lack of ownership over their own holdings, there’s one fundamental issue with the migration of CeFi users to DeFi platforms: DeFi isn’t ready for it. Picture Eleven Madison Park – one of the best restaurants in the world – in its early days of growth. Now picture hundreds of hungry customers scrambling to the front doors of the restaurant following a less-than-satisfactory experience at an over-hyped restaurant down the street. It’s early. The lights aren’t on, the wine shelf needs a restock, the prep chefs aren’t finished, and the servers haven’t even arrived. Not only would it be absurd to expect a world-class dining experience under such circumstances, but a surge of demand in such a manner would most likely lead to an array of problems from an otherwise exquisite project and brilliantly thought-out plan of execution. This, on a much grander scale, is comparable to what we might come to see with a mass-migration from CeFi to DeFi. Crypto isn’t ready for mass adoption, but it will be (very) soon. Join over 10,000 others at RadFi2022 - hosted by the minds behind Radix DLT - on December 8 to find out how. Sign up for free to the virtual event here. Your Keys But… Still Not Your Crypto? To ensure you ‘own’ your crypto, you must ‘own’ your keys. ‘Keys’ in this case refer to a cryptographic sequence of characters known as a ‘private key’, which is generated by a decentralized crypto wallet and accessible only by the owner of said wallet. This ensures a wallet powered by decentralized software is non-custodial, meaning any big bad bosses who might have wanted to dip their mitts into your pot of honey are eradicated from the equation. While those who migrate their crypto holdings to a decentralized application (dApp) are right to assume whole ownership over their tokens, not all is quite as it seems when it comes to using dApps. Across virtually every smart contract platform, transactions are far from what they seem on the surface, and this is where a shift to DeFi really starts to get tricky. Although the user interface of a product may offer the feeling of security that your tokens are ‘in your wallet’, scratch beyond the surface and you’ll have a pretty tough time locating anything recognizable. Most smart contract languages used in DeFi today don’t actually know what an asset is. ‘Assets’ that exist on networks like Ethereum are actually just variable numbers on a list of balances maintained inside a smart contract, they’re not actually stored in a wallet. Essentially, on most existing networks in today’s DeFi, although it might look like you’ve got X amount of X token safely stored within your wallet - there’s actually nothing in there. Instead, your wallet simply knows from where to pull the numbers. This, in turn, makes what should be pretty simple concepts - like peer-to-peer transactions - become incredibly complex. Each time an on-chain transaction is processed, rather than one wallet sending tokens to another (as you’d expect), a message is sent to the smart contract that manages the list of balances instructing it to update the balance state for the two wallets involved. It sounds complicated, and it is - way more complicated than it needs to be. While the industry has moved at an incredible pace to develop innovative applications, areas for improvement of the underlying technology have been neglected, meaning more and more products are being built on inadequate foundations. The issue with how tokens exist on current networks cuts far deeper than inefficiency though. Having such intricate, long-winded, and convoluted processes for what should be a simple A to B transaction increases the risk of exploits and hacks within the crypto space. Since the set-up of a smart contract on networks like Ethereum boils down to how its developer has built it, the existing architecture for transactions on a decentralized network means the entirety of a financial ecosystem is left in the hands of developers. This, paired with the issues developers face working with programming languages like Solidity creates room for a number of opportunities for exploits and hacks that can leave you high and dry. This isn’t even sustainable for the few using it right now – it certainly won’t be for a global economy. Decentralized Exchanges Can Be as Risky as Centralized Ones One of the major problems tied to developer dependency lies within exchanges. Exchanging cryptocurrency on a decentralized exchange (DEX) should, in theory, be quite simple. However, as transactions on smart contracts do not actually involve "sending" tokens from one account to another, DEX users require their wallets to follow the same steps as above, only, with the additional need for two smart contracts interacting with one another to actually record the exchange of tokens. There’s one big problem here though: smart contracts don’t know how to do this. A solution was provided to remove this bottleneck, but it opened the floodgates for hackers. If you’ve used a DEX before, you’ll be familiar with the step that asks you to approve the transaction you’re about to make before it goes ahead. With the complexities that come from smart contract limitations, for DEXs to fulfill a transaction, they require your permission to spend your funds for you with the expectation that you’ll receive back the token you requested in exchange. Unless users opt-in to cap the limit they’re allowing the smart contract to spend, when these spend approvals ask a user to authorize the smart contract’s spending of those tokens, they’re often giving access for the smart contract to spend an infinite amount of the user’s holdings of said token. With many top-tier DEXs you can expect the platform to do as it promised - provided the smart contract is implemented correctly. But, DEXs can be built by anyone who has the know-how - and when it comes to picking one from the bunch, there are a lot of them out there. While the process might feel decentralized, when you click ‘approve’ you’re essentially giving the DEX, the smart contract, and the often anonymous developer the ability to literally drain your wallet. Apply that logic to almost any other form of trade that currently exists, and the idea is completely ludicrous. It’s like giving Walmart access to your bank account when you buy a carton of milk. Crossing our fingers and hoping for the best like this is never going to be enough to support the $400 trillion industry that is global finance today, or even begin the drive to mass adoption of DeFi. Tomorrow’s DeFi is Not The Same As Today’s While the picture this paints might not be pretty, it doesn’t actually represent real DeFi. Radically improving a global economy is not an easy feat, nor one that can be accomplished overnight. While many of the products we’re currently armed with in Web3 might not convince us to upshift & move our entire life savings to Web3 just yet, there are innovations across the industry that are starting to provide the infrastructure that DeFi actually needs – the future that finance actually needs. Take Radix - a layer 1 smart contract platform embedded with the world’s first “ DeFi engine ” virtual machine built with the intention of obsoleting traditional finance. Projects like this have long addressed the issues preventing Web3 and DeFi from scaling, and have spent the best part of the past decade building technology designed at the core to enable a functional and radically better future for DeFi. Thrusting the responsibility to secure an entire financial infrastructure onto developers isn’t good for anyone – nor is the attempt to build a novel financial system that doesn’t know what assets are. Smart contract languages like Scrypto – Radix’s developer-first programming language – enable developers to seamlessly build code without having to spend all their time worrying about the underlying architecture. For the first time in crypto, this would allow Web3 developers to build innovative features fit for purpose on a global scale. In an asset-oriented paradigm like Radix’s, assets like tokens are native to the network. Unlike Ethereum, Solana, and most other networks, this removes the complicated and risky process of sending, receiving, and exchanging assets because transactions on Radix work exactly how you’d expect them to. If the crypto industry is ever to globally scale, it needs to be rebuilt. Too many crypto projects have flown to market without effectively addressing the technology needed for DeFi, leading to devastating hacks being seen time and time again across the industry. While the industry learns from its mistakes and evolves to the next phase of evolution, developments like Radix that have been years in the making are two steps ahead – laying the foundations for better global finance to finally exist. In 2023, after 10 years in the making, Radix plans to launch smart contracts live on its public network. To find out more about how Radix plans to radically change the future of finance, join more than 10,000 others at RadFi2022 on December 8. Sign up for free to the virtual event here. DeFi is young. While the kinks haven’t been straightened out yet, the critical problems with central governance over independent finances are only growing. DeFi has some work to do, but the global opportunity it will provide for everyone can’t be ignored any longer, and with projects like Radix redefining the landscape, it won’t be. Want to learn more about Radix? Visit the website here. DeFi needs to be better - and it’s about to get radically better with Radix. Get your free ticket to join RadFi2022 on December 8 and learn what the future holds for decentralized finance. Find out how. This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice. Contact Details Amy Wilkinson amy.wilkinson@rdx.works
December 08, 2022 09:50 AM Eastern Standard Time
News ReleaseHibbett, Inc.
Hibbett, Inc. (NASDAQ: HIBB), an athletic-inspired fashion and footwear omnichannel retailer with more than 1,100 Hibbett and City Gear stores nationwide, today announced a strategic investment in both Heady LLC, a digital product consultancy, and its sister company, Heady Digital Products Inc. (HDP), to accelerate digital transformation efforts. Heady provides full-service strategy, design, full-stack development, and growth marketing services for the most innovative brands. HDP is a provider of omnichannel digital experience management software for leading brands including Hibbett. The new investment and partnership reflect Hibbett’s continued focus on developing next-generation omnichannel capabilities. “After working together for the past five years, I am delighted to announce this investment in Heady,” said Mike Longo, President and CEO, Hibbett, Inc. “It is our fundamental belief that ongoing prioritization of our mobile apps will allow us to continue improving both the customer and team member experiences by addressing perennial pain points.” Since partnering with Heady LLC to build and manage their ecommerce apps, Hibbett has seen large increases in app downloads and user signups, as well as in-app sales. A key driver of success has been Heady’s agility and ability to continuously improve Hibbett’s apps through frequent updates. This is made possible by Heady’s robust roadmapping, best-in-class design, and development expertise. “I’m thrilled to take our long-term partnership with Hibbett to the next level," said Rahul Khosla, CEO, Heady and HDP. "The work we've done with Hibbett shows that brands that are truly committed to investing in their digital transformation journey will see dramatic business results over time as digital becomes an ever greater driver of revenue and profitability." The investment in HDP reflects Hibbett’s strong support of its leadership team’s expertise and vision for the future of digital products. Hibbett’s Shoe Launch Raffles, which are a major differentiator among its competitors and a significant driver of in-store traffic, are powered by HDP’s digital experience management solutions. Khosla commented: “This investment expedites our current roadmap and the build and launch of Malible, a plug-and-play product that will allow our core software technologies to serve a broader audience. We’ve enjoyed working closely with Hibbett and admire their leadership’s thoughtful and open-minded approach to new technology and how it can set them apart in their industry. We’re excited to continue exploring new opportunities together.” About Hibbett, Inc. Headquartered in Birmingham, Alabama, Hibbett is a leading athletic-inspired fashion retailer with 1,126 Hibbett and City Gear specialty stores located in 36 states nationwide, as of October 29, 2022. Hibbett has a rich history of convenient locations, personalized customer service, and access to coveted footwear, apparel and equipment from top brands like Nike, Jordan, and adidas. Consumers can browse styles, find new releases, shop looks, and make purchases online or in their nearest store by visiting www.hibbett.com. Follow us @hibbettsports and @citygear on Facebook, Instagram and Twitter. About Heady, LLC Heady is a digital product consultancy that partners with leading brands like LG, Motel 6, Scotts Miracle-Gro, David’s Bridal, CB2, Heyday, and Hydrafacial to build beautiful and engaging digital experiences that tackle their biggest challenges and achieve their most crucial business goals. Founded in 2015, Heady is a certified Great Place to Work™. For more information, visit www.heady.io, connect with us on LinkedIn, or follow @makeitheady on Twitter and Instagram. About Heady Digital Products, Inc. Heady Digital Products Inc. is a software-as-a-service company that serves the digital experience management needs of clients such as GAP, Heyday, Old Navy, Weill Cornell Medicine, and TB12. For more information on Heady Digital Products, Inc.’s newest software offering, Malible, visit www.malible.com. Contact Details Wendy Yellin pr@hibbett.com Company Website https://www.Hibbett.com
December 08, 2022 09:05 AM Eastern Standard Time
Digital Asset DirectSekur Private Data Ltd
Contact Details Corporate Department corporate@sekurprivatedata.com Company Website https://sekurprivatedata.com
December 08, 2022 09:00 AM Eastern Standard Time
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News ReleaseFatBrAin
For every company, protecting and increasing cash flow is one of the main concerns. However, so many companies do not have the resources to properly evaluate where they have unnecessary losses and how to optimize systems to increase their cash flow. This is especially true of small and medium-sized enterprises, also known as SMEs. SMEs make up over 90% of businesses around the world and approximately half of employment. In the U.S., SMEs account for 44% of all U.S. economic activity and produce the bulk of GDP output. SMEs are crucial to the economy but that doesn’t mean they always have the necessary support to excel in the growing technological world. Artificial Intelligence (AI) and big data have the potential to revolutionize the workforce. These technologies are able to increase efficiency and diversify revenue streams, among other things. However, the companies utilizing these technologies are often large enterprises like Microsoft (NASDAQ: MSFT), IBM (NYSE: IBM), and Nvidia (NASDAQ: NVDA) and government agencies. FatBrain AI (LZG International, Inc.) (OTCQB: LZGI) (“FatBrain”) is looking to change this status quo. FatBrain markets itself as “AI for Everyone” and caters to SMEs. The company is interested in simplifying decision-making for SMEs and giving them the power to harness big data and AI to grow and expand their businesses. FatBrain believes that SMEs often do not have the manpower or capital to derive plausible solutions for their business because there is too much data and too many variables to contend with. This is where AI comes into play. AI allows these businesses to make effective changes toward growth and efficiency without depleting their resources. For example, one product the company offers is its FX Transaction Offering. Its program, FatBrain FX Fair Value Report (FVR) reviews your foreign exchange (FX) transactions and performs possible savings calculations. According to the International Monetary Fund, banks charge up to 25x more in transaction costs than the market FX rate. This impacts the bottom line of SMEs that engage in global commerce. FatBrain is an expert in foreign exchange and international payment services; the company has worked across a diverse amount of sectors that engage in global commerce and has helped companies find the most competitive rates of exchange along with recommending hedging strategies. FatBrain uses its cutting-edge AI for in-depth analysis of a company's historical transactions to identify FX cycles. From there, FatBrain makes recommendations and provides expert coaching to anticipate currency dynamics and match the company’s purchase cycles to unlock FX transaction savings. For SMEs, this makes a world of difference. FatBrain AI (LZG International, Inc.; OTC: LZGI) is the first and leading provider of powerful and easy-to-use AI solutions to millions of businesses of tomorrow driving the majority of the global economy, empowering them to grow, innovate faster and savemoney. FatBrain’s innovative solutions transform continuous learning, narrative reasoning, cloud, blockchain and Web3 technologies into auditable, explainable and easy to integrate products. FatBrain’ssubscription model allows all companies to deploy its advanced AI solutions quickly and easily, securely utilizing them on premises behind their firewalls or via cloud. The AI 2.0 pioneered by our teams is like WAZE for business growth, using advanced peerdynamics technology to automatically learn patterns from individual and peer behavior. This allows us to deliver coached, personalized AI solutions at hyperscale. FatBrain unifies insights from SaaS applications, turbo-charged by peer and market dynamics: 1) Realize attainable goals from explainable peer performance. 2)Turbo-charge human expertise with superhuman AI insights. 3) Accelerate growth through the contributory network effects. 4) Simplify harnessing data across common apps and market signals. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Shawn Carey ir@fatbrain.ai Company Website https://fatbrain.ai/
December 08, 2022 08:05 AM Eastern Standard Time
News ReleaseComcast Twin Cities
Comcast today announced it will be extending its smart, fast and reliable fiber-rich network to make its full suite of services available to more than 2,300 homes and businesses in the City of Wayzata, including residential broadband speeds faster than 1 gigabit per second (Gbps) and business speeds up to 100 Gbps. The $2.5 million project is on track to start connecting homes and businesses to high-speed Internet by late 2022, with completion of the network throughout Wayzata expected in 2023. The expansion of Comcast’s fiber-rich network to Wayzata, along with previously completed expansions in Rogers and Dayton, brings service to nearly 2,900 additional Twin Cities homes and businesses reached by Comcast since 2021. Over the past three years, Comcast has invested nearly $435 million in technology and infrastructure in Minnesota to enhance its network and product offerings to reach more residents and businesses in the surrounding area with gigabit-capable speeds. The Wayzata expansion brings the company’s statewide investment to more than $437 million. “Comcast’s expansion is welcome news for our residents and businesses in Wayzata,” said Johanna Mouton, Mayor of Wayzata. “As Mayor, I want to be able to offer more choices for our residents so that they can identify the services that work best for them and their needs. In addition, I know the services Comcast brings will be welcomed by our thriving service and retail business sectors.” “We have committed to investing in and expanding our network to ensure that more residents and businesses across our region have the important broadband connections they need for their educational, professional and personal lives,” said Kalyn Hove, regional senior vice president, Comcast. “We are proud to connect these communities with fast, secure and reliable internet service that is built to meet their needs today and into the future.” Residential customers in these areas will be able to take advantage of Xfinity’s full suite of internet products, including: Speeds faster than 1 Gbps and advanced WiFi technology from powerful gateways capable of delivering those speeds to support the ever-increasing number of connected devices in homes; Xfinity Mobile, built for the way consumers use mobile today, with the Internet at the core of the experience, the top ranked service in customer satisfaction can save customers up to $600 a year on their mobile bills; Flex, a free 4K platform for internet-only customers that seamlessly delivers streaming content; xFi, available in the Xfinity app, a digital dashboard to control home WiFi network that includes Advanced Security protecting every device on the network from malware and security threats. Residential customers will also be able to take advantage of the company’s Internet Essentials program that provides low-cost, high-speed broadband for income-constrained households. Since its inception in 2011, the program has connected more than 344,000 Minnesotans. Comcast also participates in the Affordable Connectivity Program (ACP), which provides qualifying households with a $30 monthly credit toward internet and mobile services. For local businesses, Comcast Business will offer a suite of connectivity, communications, networking, cybersecurity, wireless, and managed solutions to help organizations of different sizes prepare for what’s next. Powered by the nation’s largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation’s largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services. About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. Contact Details Comcast Jill Hornbacher +1 651-425-1695 Jill_Hornbacher@comcast.com Company Website https://twincities.comcast.com/wayzataexpansion/
December 08, 2022 07:00 AM Central Standard Time
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News ReleaseXpoint Technology
Xpoint, the leading geolocation and compliance technology company specializing in North American sports betting and iGaming markets, has announced that the company has been granted a license to provide geolocation technology services in Tennessee by the Tennessee Sports Wagering Advisory Council. Geolocation services have been essential in ensuring that sports betting remains compliant with existing legal regulations, much of which is contingent on sportsbooks and iGaming operators being able to prove that any requests placed by consumers using their platform are within their state borders. “I would like to thank the members and executive staff of the Tennessee Sports Wagering Advisory Council for approving our application for licensure to provide geo-verification services in Tennessee," commented Marvin Sanderson, CEO of Xpoint. “To be licensed to provide our geolocation technology solutions in another legalized sports betting U.S. State is a huge honor, and we are looking forward to working with multiple partners in Tennessee to help their players gamble safely, securely, and free from any fraud.” This announcement comes right around the corner of Xpoint receiving authorization to launch their geolocation services in the state of Ohio, United States. The company has launched live geolocation technology services with multiple partners in Canada and throughout the USA and is one of only two geolocation technology vendors licensed in New Jersey. ABOUT XPOINT Xpoint provides essential geolocation security solutions and intelligent location-based marketing insights to the global sports betting and iGaming industries. Xpoint’s innovative Verify and Lite platforms ensures partners meet their regulatory geo-compliance obligations, and deliver enhanced value through the generation of location-based data that can drive marketing programs. Xpoint was founded in 2019 and officially unveiled in Las Vegas in 2021, and is led by the company's CEO Marvin Sanderson, a global sports betting and iGaming industry leader. With North American offices in Toronto, Canada and Miami, Florida, Xpoint is changing the global geolocation market, bringing innovation to an industry that has, to date, viewed geo-compliance as a utility, not a new business opportunity. For more information, visit xpoint.tech and follow LinkedIn and Twitter for regular updates. Contact Details Xpoint Arisha Nomani +1 305-455-8776 arisha@xpoint.tech Company Website https://xpoint.tech/
December 08, 2022 08:00 AM Eastern Standard Time
News ReleasePixyle
The poor product discovery experience of consumers is costing online sellers and ecommerce companies billions in lost sales as they fail to live up to user expectations. Helping them address this problem, visual AI startup for e-commerce, Pixyle AI, is today announcing a €1M seed funding round from South Central Ventures with a mission to connect retailer’s online audience with the products they are really looking to buy. Founded in 2018 by Svetlana Kordumova, a PhD in AI and Computer vision from the University of Amsterdam, Pixyle AI helps fashion retailers with image recognition solutions, enabling them to deliver a better online shopping experience, boost e-commerce sales, and improve efficiency in catalogue management with smart product data entry. Pixyle’s visual AI finds the location of fashion items in images, determines the category of the item i.e dress, sneaker etc and then Pixyle AI digs deeper into the image to classify attributes i.e. colour, pattern etc in language that shoppers use. This enhances the product data and improves the relevancy in search results for product discoverability, leading to higher conversion rates. The tags generated by Pixyle AI can be easily absorbed into a retailer’s existing e-commerce stack, making their search and discovery platform run seamlessly and faster. Svetlana Kordumova, founder and CEO of Pixyle AI commented: “In search, understanding customers’ shopping intent is vital. We are laser focused on this using neural networks that train Pixyle’s AI algorithms to see and interpret images exactly how humans would. For example, in ecommerce when site visitors are looking for a specific product to buy and type “short summer dress with flower print in purple and pink” in order for these kinds of dresses to be shown to the customers, in the catalogue they need to be tagged with length “short”, occasion “summer”, with “floral” pattern, and “purple” and “pink” colours. It starts with building the right taxonomy. Having the right metadata associated with product images helps retailers capture everyday popular search queries as well as long-tail searches. We’re trying to make online shopping as frictionless as possible, and hopefully a bit more fun and enjoyable by letting people easily find what they are really looking for.” The premise behind Pixyle AI is that search engines and site search are failing shoppers owing to inconsistent, incomplete and inaccurate data quality linked to products that isn’t helping them find what they are looking for. Research shows that 94% of searches deliver irrelevant results and 72% of sites completely fall short of search expectations. As a result, the majority of shoppers abandon their search and they’re not coming back. Google has estimated (in the US alone) the cost of such bad search experiences is $300B in lost revenue each year ( source ). Svetlana Kordumova added: “Retail footfall has increased post pandemic but online shopping for clothes will continue to grow. We are also encouraged by the growth of the fast-growing fashion resale market, which presents a significant first-mover opportunity for Pixyle AI to help the circular economy take off. We have built algorithms specifically for user-generated images, allowing the AI to detect and recognize fashion items even in blurry, homemade selfies.” Pixyle AI, with offices in Amsterdam and North-Macedonia, helps brands and retailers all over the world including Tendam (Spain), Otrium (Netherlands) and Miinto (Denmark). Since going live in 2019, Pixyle AI has worked with retailers having tagged over 250M images, improving the relevance and accuracy of product attributes with 95% accuracy and increasing conversions by 10% on average. Pixyle AI will use the seed funding round to further expand our geographic reach, enhance the product offering, and move into new verticals. Jan Kobler, Managing Partner at South Central Ventures commented: “Ecommerce has gone from strength to strength in recent years with several innovations to help the channel become second nature for consumers. A pivotal part of engaging online shoppers is product search, being able to find what you want easily and quickly. However, search has been hugely underserved and remains an unmet need for retailers and shoppers until now. Pixyle AI is laser focused on this opportunity and is already moving the dial with more sales for retailers. They have built a robust tech stack, which has been tried and tested in the market and is ready to scale. We are very much looking forward to working together with the founders and helping them grow their business in years to come.” About Pixyle AI Pixyle AI is on a mission to transform the way people discover products online by helping retailers build better search with visual AI. Pixyle AI provides image recognition solutions for fashion retailers, enabling them to improve efficiency in catalogue management, deliver a better online shopping experience and boost e-commerce sales. The team is based between offices in Amsterdam and North-Macedonia and works with retailers all over the world including Tendam (Spain), Otrium (Netherlands) and Miinto (Denmark). For more information please visit https://www.pixyle.ai/ About South Central Ventures South Central Ventures is a VC firm with a long and continuous presence in the Balkans. Operating out of four offices - Ljubljana, Zagreb, Belgrade and Skopje - the team has invested in over 40 early-stage tech companies and has been an integral part of the regional startup community. With a strong base of international LPs and network of reputable co-investors, South Central Ventures is the go-to-investor for regional tech companies with global ambitions. SCV’s portfolio companies include Cognism, AdScanner, Agrivi, Orgnostic, among others. For more information please visit: https://sc-ventures.com/ Contact Details Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.pixyle.ai/
December 08, 2022 07:00 AM Eastern Standard Time
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