Fintech
Datametrex Successfully Completes First Phase of $40M AI Contract
Toronto, Ontario–(Newsfile Corp. – March 31, 2022) – Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the “Company“ or “Datametrex“) is pleased to announce that the Company and its wholly owned subsidiary, Nexalogy, have successfully completed the first phase of its artificial intelligence (AI) contract with the Canadian government.
This initial work is part of a multi-phase Canadian AI project that was previously announced on January 13, 2022. Over a few phases, the aggregated total value is approximately $40M CAD.
Nexalogy’s Social Media Automated Reporting Technologies (“SMART“) is being used to enhance its speed by minimizing human involvement. SMART significantly speeds up time involved in the analysis of social media influencer activities, which would serve the Canadian Government as a powerful tool for both analysts and data scientists with the goal to stop the spread of misinformation and propaganda online.
Due to confidentiality requirements, the Company is not permitted to provide further details about the contract and the scope of work.
“With our Nexalogy software being trusted in the global misinformation war by government agencies, this proves our technical advantage when it comes to social media intelligence and data analysis”, said Marshall Gunter, CEO of the Company.
According to the analysts of Mordor Intelligence, the cyber security market* was valued at USD $156.24 billion in 2020, and it is expected to reach USD $352.25 billion by 2026, registering a Compound Annual Growth Rate (“CAGR”) of 14.5% during 2021-2026. Rapidly increasing cybersecurity incidents and regulations requiring their reporting are driving the cybersecurity market. (Source: https://www.mordorintelligence.com/industry-reports/cyber-security-market)
About SMART
SMART reduces the time needed to interpret and integrate large sets of data by offering powerful automated analyses. Rather than replacing the human analyst, he/she sets the parameters of the data collection via keywords and other social media information (e.g., usernames and links). This allows for the identification of data needing extraction and analysis. SMART extracts the relevant data and produces automated reports, thus allowing clients to work with a more manageable information set. SMART allows an analyst to deal with hundreds of thousands of social media documents in minutes rather than hours or days.
Analysts can specify filters on the data to get automatic reports on subsets of the data focusing on specific times, entities, social media users, or topics. The resulting reports are delivered either as PDFs, DOCs, or via API for further processing. The report generation can be scheduled to occur either at regular intervals or to be triggered by specific changes in the conversation (e.g., a sudden increase in volume or an increase in mentions of a particular named entity).
Lastly, SMART analysis helps the user to easily access the required information and helps to detect patterns that currently go unrecognized. This is needed in both the context of the ‘short game’ of crisis reporting and the ‘long game’ of identifying narratives, as discussed within the BEND (Build Engage Neutralize Distract) framework.
For more information on this project or to learn how Datametrex can assist your organization in social media discovery or cyber security please visit: www.nexalogy.com
About Datametrex
Datametrex AI Limited is a technology-focused company with exposure to Artificial Intelligence and Machine Learning through its wholly-owned subsidiary, Nexalogy (www.nexalogy.com). Datametrex’s mission is to provide tools that support companies in fulfilling their operational goals, including Health and Safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, Company provides progressive solutions to support the supply chain.
For additional information on Datametrex and other corporate information, please visit the Company’s website at www.datametrex.com.
For further information, please contact:
Investor Relations & Communications:
Kristina Colpitts
Email: investors@datametrex.com
Telephone: 416-901-5611 x 204
Neither the TSX Venture Exchange nor it’s 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
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. In particular, there is no guarantee that the parties will successfully negotiate and enter into a definitive agreement on mutually acceptable terms or complete the Transaction in the manner contemplated herein, if at all, that the due diligence of any of the parties will be satisfactory, or that the parties will obtain any required board, shareholder, third-party and/or regulatory or other governmental approvals, if any. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
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