Digital marketing & customer acquisition services provider, OpenDNA Limited (ASX: OPN) today announced the appointment of dedicated channel partner for its Artificial Intelligence (AI) and Machine Learning technology.
As per the announcement, OPN had entered into an agreement with Qingdao Edge Technology Company Limited (“QEdge”) for the sales and distribution of its Artificial Intelligence (AI) and Machine Learning technology. Also, QEdge would market and sell the OpenDNA AI platform on a non-exclusive basis in China.
OpenDNA AI and Hyper-personalisation Platform (Source: Company’s Announcement)
Reportedly, OPN’s hyper-personalisation, profiling Artificial Intelligence System, enables personalised real-time and targeted marketing, which allow brands to market products based on consumer behaviour and profiles.
Based on a study, OpenDNA released industry forecast for 2019 which expects China would account for over 55.8% online retail sales globally. Also, smartphone penetration rates across China indicates consumers remain early and eager tech adopters. As per the company, the platform may have wide application to the Chinese consumer. AI Platform by OpenDNA builds and maps user interests in apps and websites they use, which creates psychographic maps of users’ interest and deliver the information based on the profile and previous behaviour, as reported.
The announcement read that PWC and Mckinsey Global Institute had identified China to gain from the penetration in Artificial Intelligence technologies and expects to benefit its productivity levels. Also, the government provides strong support in this sector in China.
Bryan Carr, Managing Director of OpenDNA, said:
“OpenDNA is delighted to have formalised a relationship with QEdge, a well-established IT company in China with a track record of working successfully with western brands in the China market. The company will work together to target sectors where it thinks it can deliver quick improvements in the world’s largest online market through the application of its AI platform to sectors such as eCommerce.”
General Manager of QEdge, Xiaodong Wang, said:
“QEdge is really excited to have access to OpenDNA’s technology and the company see great opportunity in China for OpenDNA’s AI platform. Based on the large volume of data being generated online every day and the alignment with the State Council issued AI Development Plan, QEdge see this as a great opportunity to expand into new industry sectors and generate new revenue streams for both companies.”
As per the announcement, State Council of China issued “New Generation AI Development Plan”, which prioritises China’s efforts on applications for AI and sets specific benchmarks for AI and AI-related matters with a target of gross output of RMB 1 trillion (AUD 200 billion) for the core AI industry and with another target of RMB 10 trillion (AUD2 trillion) for related industries by 2030. OpenDNA expects to leverage the New Generation AI Development Plan and grow customer base along with revenue lines.
OPN stock surged up by 4.65% to trade at A$0.045 on 29 May 2019 (1:14 PM AEST). Year-to-date return of the stock stands +22.86% along with a -21.82% in the past three months.
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