Venzee’s Proprietary Artificial Intelligence Algorithm Levels Up with Improved Data Accuracy and Speed to Market for Consumer Brands
Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ | OTCQB: VENZF) (“Venzee” or the “Company“), the artificial intelligence (AI) platform for product data, announced today its intelligent mapping function has reached a new milestone, processing more than 1 million product attributes helping significantly mature and evolve its core AI mapping algorithm.
According to Marco Sylvestre, VP of Product Development at Venzee, “Our partner relationships have afforded us the opportunity to deeply penetrate dozens of product categories across the global consumer retail vertical and ingest massive datasets. This provides us an important market advantage because AI engines such as ours learn from, and become increasingly more effective, based on the range of data they can consume.”
Like human intelligence, AI algorithms are shaped by experience and learning through success and failure. Over time, these learned experiences enable AI to perform tasks more efficiently and accurately as the software algorithm continues to refine itself based on previous outcomes.
The more an AI learns, the less human intervention is needed for a task.
“Venzee’s AI platform is the key factor differentiating Venzee from its competitors – because of our extensive partner relationships our AI is always evolving, always learning,” said Mr. Sylvestre. “As we input more data into our AI engine, we see dramatically less human intervention needed to operate our AI platform. This 1 million product attribute milestone is significant because the continued injection of data keeps advancing the capabilities of our platform and allows us to remain the most efficient product data syndication solution in the market.”
Compared to legacy product data syndication solutions, Venzee has proven its AI platform enables brands to reduce the time spent on product data transfer by as much as 90%.
According to Venzee CEO John Abrams, “We began building partner relationships in 2019 with companies deeply integrated with global consumer brands and retailers. Those relationships allow our AI software to outperform competitors typically reliant on costly and slow manual processes. Our platform is competitively designed to unlock additional value from partner relationships – when Venzee onboards a new partner, we process enormous quantities of new data from hundreds of brands in their client base. Our platform is not only Venzee’s competitive advantage, it is also a distinct competitive advantage for our partners and their brands.”
Mr. Abrams continued, “Our partners continue to provide us with a deep data advantage. This data advantage allows us to radically improve our AI, become an increasingly efficient platform for our customers and increase the distance we put between our technology platform and our competitors’ manual solutions. Venzee’s ever-evolving AI platform allows us to deliver rapid onboarding which strongly positions us to continue to grow market penetration at the rate we need to hit our revenue targets.”
With more than 500 major retail Mesh Connectors™ instantly available to brands, Venzee has become an important tool in the simplification and automation of syndication processes for brands globally.
The Company has previously announced it is in advanced contract negotiations with three additional partner clients that, if secured, would result in the Company exceeding its 2022 Mesh Connector™ sales targets of 13,000 and associated revenue goals. Although the Company is confident these contracts will be completed, there is no certainty that these opportunities will close.
About Venzee
Venzee (TSX-V: VENZ | OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to speed time to market and create competitive supply chain advantages. Venzee’s intelligent platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. Venzee is building the foundation for a future where seamless, accurate, automated data flow simplifies processes, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to create intelligent technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and displaces inefficient manual processes in favor of integrated, machine-driven solutions.
To learn more about Venzee, visit https://venzee.com/
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Peter Montross
Chief Operating Officer
Venzee Technologies, Inc.
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Venzee Technologies, Inc.
ir@venzee.com
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Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s management’s discussion and analysis for the year ended December 31, 2018, and the quarter ended August 29, 2019, which are available under the Company’s SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.
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