LiveTiles Ltd (ASX:LVT) has secured multiple new LiveTiles Bots customers as a result of its joint campaign with Microsoft Corporate (NASQAQ:MSFT) in North America that began in December 2017.
This enabled Microsoft customers to take their first step into the artificial intelligence (AI) world via LiveTiles Bots.
READ: LiveTiles and Microsoft will roll out LiveTiles Bots artificial intelligence solution in U.S.
LiveTiles Bots is an intuitive web-based tool that enables organisations to create customisable virtual assistants to automate mundane and repetitive tasks, thereby improving workplace productivity.
Strong early adoption of LiveTiles Bots
Notably, the LiveTiles Bots customer acquisition is surpassing early expectations with multiple customers secured via joint campaign with Microsoft.
New customers range from mid-market to Fortune 500 companies, and span the financial services, healthcare, manufacturing, professional services and education sectors.
Early take-up of LiveTiles Bots has generated annualised recurring revenue of $0.8 million since 1 April 2018.
Well positioned to capitalise on growing AI market
There is a growing appetite for AI solutions in the enterprise space, which has created a significant opportunity for LiveTiles.
LiveTiles Bots helps businesses utilise the advantages of AI technology in a simple and cost-effective way, by giving non-technical users the ability to rapidly create and deploy customised AI solutions.
According to Gartner, global business value derived from AI is projected to total US$1.2 trillion in 2018, an increase of 70% from 2017.