Five-Year Agreement expected to drive $240 million AI Business for Remark by
2029
Remark's AI Video Analytics (RVA) Platform to be sold and
marketed in Microsoft Azure Marketplace
Remark will utilize Microsoft's Azure Cloud and GPU Services
for the Inference and Training of its Proprietary AI Models
culminating in an Accelerated Deployment of AI Services and
Empowerment of Industry Transformation
LAS
VEGAS, Feb. 29, 2024 /PRNewswire/ -- Remark
Holdings, Inc. (OTC: MARK), a leading provider of artificial
intelligence solutions, today announced it has signed a cloud
services agreement with Microsoft, to deliver cloud services via
Microsoft Azure to Remark over the next five years. This
collaboration allows Remark to rapidly broaden its sales and
marketing through the Microsoft Azure Marketplace, providing
institutional credibility for prospective IT departments' approval,
as well as rapidly scaling Remark's AI inference and training
models. The five-year agreement is expected to drive $240 million of AI business for Remark by
2029.
Five-Year Agreement expected to drive
$240 million AI Business for Remark
by 2029
Currently, there are approximately 100 million domestic security
cameras and 200 million global cameras excluding China, that do not provide intelligence or AI
analytics. Assuming a base case of $1,200 annual stream per camera to empower it
with AI analytics, this represents a $360
billion total addressable market.
Concurrent with the establishment of the collaboration with
Microsoft, Remark AI, a business unit of Remark Holdings,
introduced its first SaaS-based AI video analytics platform, Remark
Vision Analytics (RVA), that integrates Microsoft Azure Cloud and
GPU Services. RVA provides sophisticated AI capabilities that allow
local, state, and federal law enforcement customers and private
sector customers to improve public safety. Such capabilities of RVA
include weapons detection, fire and smoke detection, crowd
management and safety, license plate recognition, traffic analysis,
unattended objects, and abnormal behavior analysis, among other
capabilities. RVA is the first in a series of strategic
applications from Remark AI that provides transformational computer
vision applications across six vertically-focused divisions. As
part of its strategy to deliver best-in-class solutions to
customers, Remark AI will release additional computer vision
offerings that integrate Microsoft Azure Infrastructure Cloud
Services, and GPU services. Remark AI computer vision applications
support private cloud, hybrid, or on-premise deployments and are
managed by the customer, ensuring adherence to privacy and security
requirements and regulations. The computer vision applications from
Remark AI use Azure GPU services to train Remark AI's large,
multimodal image models to analyze mission-critical events or
incidents in real time.
Shing Tao, Chief Executive
Officer of Remark Holdings, comments, "Remark AI's computer vision
technology is now validated and marketed by Microsoft sales teams
around the world; this allows us to scale faster globally. With
this collaboration, our ability to target larger customers and
provide more robust solutions is significantly increased.
Microsoft's cloud services are an integral part of Remark's
AI and allow us to widely expand the number of clients
including commercial, military, and municipalities. Each of these
prospective clients is seeking increased efficiencies and
effectiveness by engaging Remark AI computer vision. By adding our
platform to the Microsoft Azure Marketplace, we expect our
offerings to be widely adopted.
Currently, 85% of our perception, learning, and cognition are
accomplished through vision which makes computer vision the most
important essential part of the AI landscape. Our debut of RVA with
Microsoft provides an immediate practical solution that helps our
customers augment their security operations while reducing the
operational cost."
"Through its integration with Azure, Remark's RVA will deliver
insights and measurable value to customers worldwide," said
Mike Gaal, General Manager,
Enterprise Sales, Software and Digital Platforms at Microsoft Corp.
"Computer vision can help improve the operating efficiency of all
diverse industries from security to construction to retail."
About Remark Holdings, Inc.
Remark Holdings, Inc. (OTC: MARK), the industry
leader in AI-powered analytics computer vision and smart agent
solutions, delivers an integrated suite of AI tools that help
organizations understand their customer demographics and behavior
while monitoring, understanding, and acting on potential security
threats in real-time. Remark consists of an international team of
sector-experienced professionals who have created award-winning
video analytics. The company's GDPR-compliant and CCPA-compliant
solutions focus on sectors including government agencies,
hospitality, public safety, retail, and transportation. The
company's headquarters are in Las Vegas,
Nevada, USA, with operational offices in New York and international offices in
London, England. For more
information, please visit our corporate home page at
www.remarkholdings.com and our product page at
www.remarkvision.com
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment, and
regulations. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in the future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties, and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions, and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contact
Fay Tian
Vice President of Investor Relations
Remark Holdings
F.Tian@remarkholdings.com
(+1) 626-623-2000
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SOURCE Remark Holdings, Inc.