Deepspatial Inc (CSE:DSAI) told investors it has won a three-year contract valued at C$1.5M for government agriculture departments to use its geospatial artificial intelligence (AI) platform and solutions to efficiently conduct and validate crop-cutting experiments, on-field surveys, and other key processes for farmland activities across the state of Uttarakhand in India.
The outcome-based AI company explained that the agricultural project is an initiative of the Directorate of Agriculture in Uttarakhand, one of the first states in India to roll out a data collection project of this magnitude using new technologies.
The initiative will help ensure proper insurance coverage, support for facilities, and help create plans and protocols for the farmers of the state, the company added. Overall, the project focuses on providing key data insights for better decision-making and an advanced support system for farmers and government decision-makers.
"The agricultural industry is an important vertical for Deepspatial, not only for revenue-generating reasons and the overall growth trajectory of the company but also for the positioning of one of our technologies on a global scale,” Deepspatial CEO Dr Rahul Kushwah said in a statement. “We are extremely proud to have the opportunity to make a pivotal difference in the agricultural industry on this kind of scale."
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The Deepspatial platform is used by a multitude of sectors and industries and for a vast selection of use cases, the company said, noting that agriculture is a vast market opportunity as there are many processes in the industry that are still far behind in digitization.
Farmers, planners, government officials, manufacturers and others will benefit immensely by adopting new technology solutions such as artificial intelligence, geospatial mapping, and AI data-driven insights, Deepspatial said, noting that in 2022 India's agriculture market was valued at US$435.9 billion. In the forecast period of 2023-2028, it said the market is projected to grow at a compound annual growth rate (CAGR) of about 4.9%.
“It was no surprise to Deepspatial when we were awarded this government contract - as we've previously demonstrated the power and robustness of our technology along with the impact of our AI-driven platform and the uniqueness of our approach," Kushwah continued.
"We expect to announce several more meaningful contracts during the first half of 2023 and we remain focused on continuing to create long-term shareholder value - and speaking of shareholder value - we intend for Deepspatial to be a dividend-paying company in the not-so-distant future,” he concluded.
Toronto-based Deepspatial is an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI.
Contact the author at stephen.gunnion@proactiveinvestors.com