Tech: OpenDNA scores China distribution deal for its AI machine learning platform
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AI-based consumer marketing business OpenDNA (ASX:OPN) has taken another step forward on its China-focused strategy.
The company announced this morning that it has “entered into an agreement appointing a dedicated distributor in China for the sales and distribution of its Artificial Intelligence and Machine Learning technology”.
Qingdao Edge Technology Company Limited (QET) is the Chinese company that will market and sell OpenDNA’s AI platform in the Chinese market.
Shares in OPN were up slightly over two per cent in morning trade to 4.4 cents.
Today’s deal announcement forms part of a recent push by OPN to build its exposure to the Chinese market.
Last September, the company’s share price surged as it raised some capital and purchased RooLife, an online e-commerce marketplace for Australian businesses to sell to Chinese customers.
Now, it wants to gain further access to Chinese consumers and the huge amount of data they produce — which itself is the lifeblood of any AI analytics product.
OpenDNA says its AI platform “maps user interests in apps and web platforms they use”; information which can then be packaged and sold to third parties who have a commercial interest in predicting changes in consumer behaviour.
“China has been identified by PwC and McKinsey Global Institute as having the most to gain from AI technologies, as it is expected to assist the country to improve its productivity levels,” OpenDNA said.
The sector also enjoys strong support from the Chinese government, with authorities setting an output target of $200 billion for core AI industries by 2030.
Spokespeople for OpenDNA and QET said both companies were excited by the opportunity to utilise their respective skillsets to gain access to China’s fast-growing IT sector.
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