Deepspatial Inc (CSE:DSAI) announced that it had secured a purchase order with a large global frozen-food conglomerate with headquarters in North America.
Toronto-based Deepspatial will provide the frozen-food organization with its Geospatial Artificial Intelligence (Geo-AI) Platform to plan, optimize, and govern the client's distribution network while enhancing its decision-making capability for market expansion.
CEO Rahul Kushwah said in a statement that the company is confident of making a significant impact in the frozen-food industry, by addressing the needs of one of the largest players in the segment.
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“As companies around the world seek to enhance their cold-chain operations to increase profitability and productivity, the demand for solutions like ours will continue to grow," Kushwah said.
"Our outcome-oriented Geo-AI Platform is a unique offering for the entire industry ensuring high growth for our clients, and for building long-term value for our shareholders.”
In 2021, the global frozen food market was valued at around US$290 billion, with a compound annual growth rate of around 6.3% seen from 2022 to 2030.
“Despite the rapid growth of the market, many companies are still facing expansion challenges due to multiple factors. In several jurisdictions, lack of proper infrastructure often results in a failure to supply safe, frozen food products in a timely manner,” Deepspatial said.
“Frozen food usually has a long shelf-life, however, if not stored well (rapid change in temperatures), the product is wasted easily. Distribution remains a pain point for the frozen food sector and companies are looking for solutions to these challenges.”
Deepspatial is an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI.
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