Deepspatial (DSAI.C), Toronto-based company focused on the enabling businesses and organizations harness the power of big data decision-making with AI, announced today that it had signed a revenue-generating contract in a new sector through its partner, with the Food, Civil Supplies, and Consumer Affairs Department in the State of Meghalaya.
Meghalaya is one of the Seven Sister States in northeastern India and has a population of approximately 3.0 million people. The mountainous state is the wettest place on Earth and has a diverse ethnic population with a layered form of governing bodies down to the tribal level.
Deepspatial’s GeoAI Platform will be used to optimize and increase the efficiency of how the government department reach and inform citizens about key public distribution services.
GeoAI is expected to provide predictive and prescriptive insights at specific granular levels for delivering informational and educational campaigns of the department which helps to educate and spread key information to the people of Meghalaya.
Dr. Rahul Kushwah, CEO of Deepspatial, commented on the agreement, “Governments are finally starting to realize the power of Geospatial AI for their efforts, and it’s hugely exciting that we are at the forefront of the adoption. We are confident our technology will prove necessary for the Food, Civil Supplies, and Consumer Affairs Department, and look forward to engaging with other states to implement Deepspatial’s Platform.”
The global market size for geotargeted marketing intelligence was valued at $10.7 billion USD in 2020 and is expected to grow to $32.0 billion by 2025.
Back in July, Deepspatial announced that it had picked up a government agricultural contract via its new partner, CRISP. The agreement called for GeoAI Platform to be used to help a state government in India facilitate numerous technological aspects of an ongoing agricultural project.
CRISP is an Indo-German Organization with national and international operations dedicated to human resource development and organizational development.
Deepspatial also announced a purchase order from a North American headquartered, global frozen food conglomerate in July.
In the deal, Deepspatial agrees to provide its GeoAI Platform to plan, optimize, and govern the client’s distribution network while enhancing its decision-making capability for market expansion.
The global frozen food sector was valued at $290 billion in 2021 and is expected to grow at a CAGR of approximately 6.34% from 2022 to 2030.
This growth presents some hefty challenges for industry players as in several jurisdictions they are contending with a lack of proper infrastructure which works against delivering frozen food products in a safe timely manner. AI products like GeoAI will help streamline operations and identify pain points for correction with real-time and predictive actionable data analysis.
Deepspatial reported $379,658 CAD in cash as of March 31, 2022, with a loss and comprehensive loss of $465,257 for the three months ending March 31, 2022.
Currently the company trades at $0.05 per share for a market cap of $4.33 million.
