Deepspatial Inc told investors it has received a positive response to its artificial intelligence (AI)-driven platform from large enterprise and government organizations over the last few months, resulting in several new contracts spanning several industries.
In a business update, the Toronto-based company said it booked around $100,000 in revenue from January to March 2022 and has a strong sales pipeline with significant revenue potential consisting of new sector and government opportunities.
"We expect significant growth in booked revenue in the coming quarters as we continue to execute meaningful contracts and engage in lucrative opportunities in our sales pipeline,” CEO Dr Rahul Kushwah said in a statement.
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Deepspace said its patent portfolio also continued to expand, with five additional US patents anticipated to be filed in the next quarter. To meet forecast project deadlines and new client orders, it said it is enlarging its data-science and technology team.
"Our team is working diligently towards augmenting with our clients following successful pilot projects,” Kushwah continued. “Deepspatial's solutions are evidently needed in industries like retail enterprise, education, agriculture, and infrastructure as we've seen with our current customers - and we plan to be the go-to-solution for AI-driven insights and decision making for more industries and sectors around the globe.”
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