EDMONTON, Alberta - (NewMediaWire) - May 21, 2024 - TheNewswire Visionstate Corp. (TSXV: VIS) ("Visionstate" or the "Company"), a leading provider of smart facility management solutions, is thrilled to announce a groundbreaking collaboration with the Alberta Machine Intelligence Institute (Amii). This strategic partnership will propel the WANDA platform into the forefront of machine learning (ML) innovation.
The science of ML is advancing at an unprecedented pace. Amii, a global leader in machine intelligence, brings unparalleled expertise to the table. The working relationship will embark on a involve a project validation and product development process which will solidify Visionstate's on going leadership in providing cutting-edge software to the facility management sector.
Visionstate has identified key areas of its software platform to leverage artificial intelligence to significantly improve operational efficiencies such as schedule and resource optimization. In working with Amii, Visionstate will utilize the expertise of a world leader in ML to execute on the Company's AI strategy.
"We are very excited about working with Amii," explained Visionstate IoT President Shannon Moore. "The impact of artificial intelligence will continue to reverberate throughout our lives and the way we do business. For Visionstate, this is a pivotal development as we continue to explore and execute on opportunities to introduce ML in a practical manner."
The project validation process will dive deeply into the specifics of the ML project. It will ensure Visionstate's initiative is well-defined, validated and ready for model development.
"Project validation de-risks our journey and lays the groundwork for a successful implementation," Moore explained.
Market Size and Wide Applicability of AI in Facility Management
The adoption of AI in facility management is not only a strategic move but also a necessity in today's dynamic business landscape. The global market for AI-driven facility management solutions is poised for substantial growth. As businesses recognize the value of AI in optimizing schedules, resources, and operations, the market size continues to expand.
AI models for schedule and resource optimization enable businesses to deploy the right resources at the right time. Whether managing staff shifts, allocating machinery, or optimizing supply chains, AI brings speed, flexibility, and intelligence to bear on complex problems.
The impact of AI in facility management also spans many industries, including healthcare, transportation, finance, retail, manufacturing, education, entertainment, agriculture, and more. By optimizing schedules, resource allocation, and operations, AI unlocks new levels of efficiency. In terms of business value, AI adoption translates into cost savings, improved service delivery, and enhanced competitiveness. The global market potential for AI-driven facility management solutions is substantial, with estimates reaching billions of dollars.
"Visionstate has a very clear path forward when it comes to AI and ML technology," Moore explained. "This project meets all of our requirements, including, IP ownership, the fact we are working with one of the leading ML institutes in the world, and the significant revenue potential this product will provide for our WANDA platform."
As part of the Pan-Canadian AI Strategy, Amii's threefold mission aligns perfectly with Visionstate's vision:
Advancing Research: Amii pushes the frontiers of machine-intelligence research, exploring novel algorithms, techniques, and applications.
Applied Solutions: Their ability to translate scientific breakthroughs into practical business solutions is unmatched.
Talent Incubation: Amii accelerates the development of skilled professionals, bridging the gap between academia and industry.
The validation process is expected to take approximately six weeks and will be followed by development of the ML model to be integrated with Visionstate's facility management software.
About Visionstate Corp.
Visionstate Corp. (TSXV: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Visionstate IoT Inc. is a wholly owned division of Visionstate Corp. Through Visionstate IoT Inc., it helps businesses improve operational efficiencies, reduce costs, and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA(TM) smart device now extends to hospitals, airports, shopping centres, and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences. As an equity partner in Sol Spaces, Visionstate Corp. holds approximately 40% ownership in the company, reaffirming its commitment to driving social impact and sustainable development through its investment portfolio.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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