VANCOUVER, BC, Feb. 6, 2024 /CNW/ - infinitii ai inc. ("infinitii ai", the "Company") (CSE: IAI) (FSE: 7C5) (OTC: CDTAF) has secured a professional services contract in a new market vertical with Inverite Insights Inc. ("Inverite"). Vancouver-based Inverite (CSE: INVR) (OTC Pink: MRBLF) (FSE: 2V0), is a leading AI-driven software provider that leverages real-time financial data for businesses to better transact with consumers.
"We are pleased to engage with Inverite, a market leader in financial verification and data enrichment solutions to develop new data models and increase its AI capabilities," stated infinitii ai CEO Jean Charles Phaneuf. "This project validates the versatility of our AI expertise and the transferability of our machine learning technology as we expand into new vertical markets."
Inverite is contracting with infinitii ai to develop machine learning capabilities and new data models based on algorithms that predict probability to repay and/or likelihood to default on loan applicants. The contract encompasses professional services, continuous maintenance, optimization, and solution development fees. Additionally, the contract licenses infinitii ai's intellectual property, establishing a new source of recurring revenue outside its traditional smart city and industry infrastructure markets.
"infinitii ai has an excellent reputation for building AI-driven software leveraged by large enterprise customers across North America," stated Karim Nanji, Inverite's CEO. "Our companies will work together in close collaboration to accelerate our data science and AI initiatives to further empower business and consumers to make well-informed financial decisions in an Open Banking environment."
Drawing from a Global Tech Trends Survey by Equinix Inc., the Globe and Mail reported that more than one in four, or 27% of Canadian organizations are struggling to find skilled talent with an AI/machine learning background. The US-based talent search firm Careerlist claims that almost every legacy software business is looking to integrate or build some kind of AI model and the talent market for AI engineers and leaders is incredibly tight.
When infinitii ai launched its professional services initiative in December, Phaneuf stated the intent to leverage the Company's unique AI talent base for new sources of revenue. The professional services contract with Inverite follows after another one announced Jan. 31 with Trekk Design Group, LLC to integrate PreView, TREKK's patented sewer and storm surveillance monitoring system with infinitii flowworks.
About Inverite Insights Inc.
Inverite Insights Inc. ("Inverite") (CSE: INVR) (OTC Pink: MRBLF) (FSE:2V0) is a leading provider of Software-as-a-Service (SaaS) and Risk-Management Strategy (RMS) solutions that empowers businesses to acquire, enrich and use real-time financial data to better transact with consumers. Utilizing Inverite's proprietary and proven artificial intelligence data-driven technology platforms, businesses are empowered in real-time with access to a 360 financial profile that includes enriched banking data. Inverite leverages artificial intelligence, predictive financial recommendations, risk scores and open-banking strategies to put the power of financial data into the hands of businesses and consumers, promoting more robust relationships and higher intent toward future engagements.
For further information about Inverite, please visit: inverite.com.
About infinitii ai inc.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a machine learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade County, Montreal, Boston, Dallas, Region of Peel, York Region and Los Angeles County, among others. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial and SCG Flowmetrix.
infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Forward-looking statements
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
