Venzee's Proprietary Artificial Intelligence Algorithm Levels Up
with Improved Data Accuracy and Speed to Market for Consumer
Brands
CHICAGO, March 2, 2022 /CNW/ - Venzee Technologies Inc.
(TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the
"Company"), the artificial intelligence (AI) platform for
product data, announced today its intelligent mapping function has
reached a new milestone, processing more than 1 million product
attributes helping significantly mature and evolve its core AI
mapping algorithm.
According to Marco Sylvestre, VP
of Product Development at Venzee, "Our partner relationships have
afforded us the opportunity to deeply penetrate dozens of product
categories across the global consumer retail vertical and ingest
massive datasets. This provides us an important market advantage
because AI engines such as ours learn from, and become increasingly
more effective, based on the range of data they can
consume."
Like human intelligence, AI algorithms are shaped by experience
and learning through success and failure. Over time, these learned
experiences enable AI to perform tasks more efficiently and
accurately as the software algorithm continues to refine itself
based on previous outcomes.
The more an AI learns, the less human intervention is needed for
a task.
"Venzee's AI platform is the key factor differentiating Venzee
from its competitors – because of our extensive partner
relationships our AI is always evolving, always learning," said Mr.
Sylvestre. "As we input more data into our AI engine, we see
dramatically less human intervention needed to operate our AI
platform. This 1 million product attribute milestone is significant
because the continued injection of data keeps advancing the
capabilities of our platform and allows us to remain the most
efficient product data syndication solution in the market."
Compared to legacy product data syndication solutions, Venzee
has proven its AI platform enables brands to reduce the time spent
on product data transfer by as much as 90%.
According to Venzee CEO John
Abrams, "We began building partner relationships in 2019
with companies deeply integrated with global consumer brands and
retailers. Those relationships allow our AI software to outperform
competitors typically reliant on costly and slow manual processes.
Our platform is competitively designed to unlock additional value
from partner relationships – when Venzee onboards a new partner, we
process enormous quantities of new data from hundreds of brands in
their client base. Our platform is not only Venzee's competitive
advantage, it is also a distinct competitive advantage for our
partners and their brands."
Mr. Abrams continued, "Our partners continue to provide us with
a deep data advantage. This data advantage allows us to radically
improve our AI, become an increasingly efficient platform for our
customers and increase the distance we put between our technology
platform and our competitors' manual solutions. Venzee's
ever-evolving AI platform allows us to deliver rapid onboarding
which strongly positions us to continue to grow market penetration
at the rate we need to hit our revenue targets."
With more than 500 major retail Mesh Connectors™ instantly
available to brands, Venzee has become an important tool in the
simplification and automation of syndication processes for brands
globally.
The Company has previously announced it is in advanced contract
negotiations with three additional partner clients that, if
secured, would result in the Company exceeding its 2022 Mesh
Connector™ sales targets of 13,000 and associated revenue goals.
Although the Company is confident these contracts will be
completed, there is no certainty that these opportunities will
close.
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial
intelligence platform for product data used by global brands to
speed time to market and create competitive supply chain
advantages. Venzee's intelligent platform automates inefficient
last-mile retail processes with a frictionless, machine-driven
solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is
inevitable and will significantly benefit growers, makers, brands,
sellers, regulators, and consumers. Venzee is building the
foundation for a future where seamless, accurate, automated data
flow simplifies processes, removes friction, and creates value for
all those that rely on the myriad of data and information
surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to
create intelligent technology that removes friction from the global
supply chain. Its Mesh Connector™ product disrupts and displaces
inefficient manual processes in favor of integrated, machine-driven
solutions.
To learn more about the Venzee platform, visit venzee.com
Twitter: @usevenzee
LinkedIn: linkedin.com/company/venzee-inc/
Podcast: https://www.rethinkingsupplychain.com/
Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the terms of the Offering, the
completion of the Offering and the expected use of the net proceeds
received by the Company. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; and regulatory risks. Additional
information about these assumptions and risks and uncertainties is
contained under "Risk Factors and Uncertainties" in the Company's
management's discussion and analysis for the year ended
December 31, 2018, and the quarter
ended August 29, 2019, which are
available under the Company's SEDAR profile at www.sedar.com, and
in other filings that the Company has made and may make with
applicable securities authorities in the future.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information
contained in this news release is expressly qualified in its
entirety by this cautionary statement.
The Company does not undertake to update any forward-looking
information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term
is defined in policies of the TSX-V) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE Venzee Technologies Inc.
