Artificial intelligence’s continued influence and advancements for The Internet of Things (IoT) is transforming how businesses and consumers go about their daily activities. The technology that underlies this whole segment is evolving quickly, whether it’s the rapid rise of the Amazon Echo and voice assistants upending the consumer space, or growth of AI-powered analytics platforms for the enterprise market. The Internet of Things (IoT) space is one of the hottest avenues within the tech sector as society becomes increasingly connected to the web at all times. Due to the rapid growth, advancements and consumer demand, the Boston Consulting Group is forecasting the sector to top $267 billion in revenues within two years. Additionally, the number of firms investing in the development of IoT platforms and technologies is rising, particularly as the infusion of mesh technology will serve to enhance the operating efficiency of IoT platforms, enabling companies to develop and release new platforms for consumers and businesses alike. Active companies in the markets include Gopher Protocol Inc., Microsoft Corporation, NVIDIA Corporation, Facebook Inc., Alphabet Inc.
Gopher Protocol, a company specialising in the creation of Internet of Things (IoT) and artificial intelligence-enabled mobile technologies, announced a closing of the sale of a convertible debenture containing a fixed conversion price, which generated $750,000 in gross proceeds.
The financing is part of the Company’s strategy to reduce its dependence on derivative convertible financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible debenture financing. The investor that participated in this financing may, in its sole discretion, provide additional funding to the Company at similar terms of the current funding.
As previously announced on January 2 2018, an investor that had previously acquired convertible debt from the Company, invested $1 million in a common equity financing and agreed to potentially purchase an additional $500,000 in its discretion, potentially bringing the total investment to $1.5 million.
“The Company is pleased to be on a great track financially, it should be a very positive signal to the market that in January 2018, a private accreditor investor made the transition from being a lender to an equity investor,” stated Greg Bauer, CEO. “We believe the closing of the current convertible debenture with a fixed conversion price supports the notion that the investment community agrees that Gopher is on the right track going forward,” added Greg Bauer, CEO. Gopher Protocol has made a concerted effort to de-lever its balance and add shareholder equity to the balance sheet. As reported on its most recent Form 8-K, the Company continues to improve its financial outlook by eliminating all derivative liabilities by paying off its reaming derivative liability on March 5 2018.
Along with the recently announced growth capital financing, the Company is positioned to pursue growth and fund the rollout of its new technologies. The de-levering is part of the Company’s strategy to reduce its dependence on variable convertible debt financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by historical variable convertible debt financing.
“We are pleased to make this string of announcements, which we believe is evidence of the fact that we are on track to complete many of the tasks that I have laid out including our absorbing of our recent acquisition, as well as potentially new acquisitions, as we seek to combine our distribution channels with our new technologies,” stated Greg Bauer, CEO. “In simple words, the Company’s debt schedule following the current funding and the payment of the last derivative liability result in only one outstanding liability of $750,000 that may potentially be converted into common stock at a fixed price,” added Greg Bauer, CEO.
In other Tech and AI developments in the markets of note:
Microsoft Corporation is planning to include more artificial intelligence capabilities inside Windows 10 soon. The software giant is unveiling a new AI platform, Windows ML, for developers today, that will be available in the next major Windows 10 update available this spring. Microsoft’s new platform will enable all developers that create apps on Windows 10 to leverage existing pre-trained machine learning models in apps. Windows ML will enable developers to create more powerful apps for consumers running Windows 10. Developers will be able to import existing learning models from different AI platforms and run them locally on PCs and devices running Windows 10, speeding up real-time analysis of local data-like images or video, or even improving background tasks like indexing files for quick search inside apps. Microsoft has already been using AI throughout Office 365, inside the Windows 10 Photos app and even with its Windows Hello facial recognition to allow Windows 10 users to sign into PCs and laptops with their faces.
NVIDIA Corporation is one of the most prominent IoT hardware companies in the market at this moment. Nvidia’s Tegra automotive systems chips are already an integral part of Tesla Motors’ full lineup, powering the self-driving capabilities of the Model S, Model X and Model 3. The company also recently announced partnerships with auto parts manufacturer Bosch, to improve upon AI in automobiles and with Audi, to put the first fully self-driving car on the market by 2020.
Facebook Inc. recently obtained a patent for a new type of robot, one that can swiftly transform into a unique ‘two-wheeled self-balancing mode.’ In documents recently made public, Scott C. Wiley, an inventor at Facebook, detailed how the futuristic robot would work, providing rudimentary sketches of its appearance. If the drawings prove accurate, it will come equipped with a camera and microphone, a rotatable ‘main arm’ and a set of wheels to help it zoom around. The filing states: “The robot includes a body and a pair of drive wheels located at a first end portion of the body. Each drive wheel is coupled to a drive assembly operative to propel the robot along a surface. A third wheel is located on the body at a second end portion opposite the first end portion.
Alphabet Inc. recently announced its latest artificial intelligent home product in its ‘Google Clips’ device. The $249 device, which is designed to clip onto furniture or other fixed objects, automatically captures subjects that wander into its viewfinder. But unlike some trail or security cameras that are triggered by motion or programmed on timers, Clips is more discerning. Google has trained its electronic brain to recognise smiles, human faces, dogs, cats and rapid sequences of movement. The company sees huge potential with parents and pet owners looking to grab candid shots of kids and animals. The Clip shoots seven-second videos, without audio, that can be edited into GIFs or high-definition photos. These images can then be downloaded and shared via smartphone. But Google’s bigger ambition is the mastery – and commercialisation – of artificial intelligence, an area where it is largely investing. Google executives say success requires tight integration between hardware and software, which is why the search engine giant keeps plugging away at consumer electronics.