Remark Holdings Enters into Cloud Services Agreement with Microsoft
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.
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.
