LiveTiles Limited (ASX: LVT) is a software company, headquartered in New York. The company operates on a global scale including Australia and the USA. It provides sales and business development software solutions to government, commercial and education market. Some of the company’s products include LiveTiles MX, LiveTiles Bots, LiveTiles Design.
On 20th March 2019, the company announced its strategic partnership with Canadian company Testfire Labs. Testfire Labs is a Canadian startup, founded in 2017 which helps to provide enterprises with Artificial Intelligence (AI) based productivity tools. It has already received seed funding from the National Research Council of Canada Innovation Research Assistance Program, Alberta Innovates and other private investors. In spite of being a startup, the company is already one of the first approved AI vendors to the Canadian government.
LiveTiles is planning to combine its technology with Testfire Labs’ flagship product Hendrix.ai which would help them to deliver the world’s first AI meeting solution that will revolutionise meetings and collaboration in the workplace. Hendrix.ai is an automated AI based meeting assistant that transcribes summaries, conversations and action items, audits meeting history, and put them all into a simple, searchable and customizable dashboard to increase productivity and gaining insights. It provides more accurate and valuable data through analysis of meeting behaviours as well as great context to meeting summaries to the organisations. Hendrix.ai can seamlessly integrate with major conference and dial-in platforms such as GoToMeeting, JoinMe etc.
This new strategic partnership was the result of the major problem that LiveTiles saw as an opportunity. There is a problem of ineffective meetings across organisations of all sizes and sectors. This problem was further enhanced in the digital workplace environment where employees can now connect over multiple meeting platforms and communication chat channels. In fact, result from a recent study has shown that a professional spends an average of two hours per week in unproductive meetings which results in a total of US$541 billion of wasted effort in 2019. Cumulatively, 24 billion hours is estimated to be lost to unproductive meetings in the next year. With all the companies desiring to improve the productivity, cut down on unproductive meeting hours and reducing inefficiency within the workplace, the potential market for the solution is quite large.
The company will address this growing business need through its Intelligent Meeting Suite which is the integration of three AI technologies. Some of the features of this meeting suite are;
- Meeting times can be suggested by using LiveTiles Bot ‘Hopper’ which uses predictive analytics to determine patterns of behaviour to suggest the best suitable time for all attendees; thereby significantly reducing wasted effort in scheduling meetings.
- Hendrix.ai can enable teams to capture key information by transcribing voice-to-text.
- Every employee can consume and contribute knowledge through Starmind’s AI-powered neural networks.
On 6th February 2019, LiveTiles announced its plan to raise $15.3 million through a share placement.
The stock price surged by more than 12% and closed at A$0.505 as of 20th March 2019 (compared to the previous closing of A$0.450. in the last three months, the stock has given a rally of more than 47% while YTD return stands at 32.35% (excluding today’s gain).
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