Deepspatial Inc. files patent for Artificial Intelligence driven Retail Management Software
September 21, 2021
Toronto, ON/ September 20, 2021 / Deepspatial Inc. (CSE:DSAI) (“Deepspatial”or the “Company”) is pleased to announce that it has filed patent applicationnumber 63244524 – Computer ImplementedMethod and System for Retail Management and Optimization with the United States Patent and Trademark Office (USPTO) for its proprietary methods of retail management with enhanced user experience for dynamic planning and decision making.
Advancements in information technology have revolutionized the landscape for e-commerce and retail. As digital transformations enrich and enhance existing businesses,retail businesses face new frontiers for expansion along with a novel constraint – location. As organizations adopt omni-channel strategies to deliver value, traditional retail needs to adapt to find novel solutions to thrive. In 2019, retailers in the United States announced over 9,000 store closings.In 2020, the onset of the current pandemic has only exacerbated the problem.Optimization of inventory management, pricing, supply chain, customer sentiment at existing locations along with identification of new markets and identification of stores which need to be shut down are unique challenges which need to be addressed in the retail segment.
The patented technology is a complete solution that addresses all the pain points encountered in the retail sector and using Deep Spatial Proprietary Artificial Intelligence (AI) driven algorithms in conjunction with the company’s proprietary data sets as well as customer’s data, insights are provided which are client-specific to make critical business decisions.
Key features of the retail management platform include InventoryOptimization, E-Commerce Optimization, New Location Identification andEvaluation, Customer Persona Targets, Pricing Recommendations, Trend Prediction And more. Layering together proprietary, public and client data sets, along with social media sentiment analysis to capture consumer and customer perspectives, Deepspatial’s Artificial Intelligence and Machine Learning engine determines what it the current state and predicts the future state for users tomake critical, bottom-line, business decisions.
Dr. Rahul Kushwah, CEO says, “By bringing together the data,our AI and ML engine can provide insights and predictions that are visualized on a map for easy understanding of the operational and competitive landscape.This gives companies the advantage to better understand the current situation and see what’s coming, giving them the confidence to make decisions that save money, increase efficiency, drive revenue and take the lead in high value markets.”
Dr. Kushwah appeared on Proactive Media to talk about the company and its patent filing.
The company has agreed to issue a consultant 100,000 common shares of the Company at a price of $0.145 per common share as compensation pursuant to a consulting agreement. The common shares are subject to statutory four month and one day hold period in accordance with the applicable securities legislation.
About Deepspatial Inc.
Deepspatial Inc. is an artificial intelligence, technology SaaS company at the forefront of geospatial artificial intelligence and geographic informational systems, specializing in providing robust, AI-poweredsolutions to businesses by leveraging the power of geospatial data. The company has currently built products that target four specific customer needs across industry verticals. These are (1) geodemographic customer profiling, (2) price recommendation engine, (3) inventory management and supply chain analytics(market entry and expansion), and (4) sentiment monitoring to measure and improve brand health.
For more information, please contact:
Investor Relations – Investors@deepspatial.ai
Caution regarding Forward Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOESIT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements andinformation based on current expectations. These statements should not be readas guarantees of future performance or results of the Company. Such statementsinvolve known and unknown risks, uncertainties and other factors that may causeactual results, performance or achievements to be materially different fromthose implied by such statements. Although such statements are based onmanagement’s reasonable assumptions, there can be no assurance that suchassumptions will prove to be correct. We assume no responsibility to update orrevise them to reflect new events or circumstances. The Company’s securitieshave not been registered under the U.S. Securities Act of 1933, as amended (the”U.S. Securities Act”), or applicable state securities laws, and maynot be offered or sold to, or for the account or benefit of, persons in theUnited States or “U.S. Persons”, as such term is defined inRegulations under the U.S. Securities Act, absent registration or an applicableexemption from such registration requirements. This press release shall notconstitute an offer to sell or the solicitation of an offer to buy nor shallthere be any sale of the securities in the United States or any jurisdiction inwhich such offer, solicitation or sale would be unlawful. Additionally, thereare known and unknown risk factors which could cause the Company’s actualresults, performance or achievements to be materially different from any futureresults, performance or achievements expressed or implied by theforward-looking information contained herein, such as, but not limited todependence on obtaining regulatory approvals; the ability to obtainintellectual property rights related to its technology; limited operating history;general business, economic, competitive, political, regulatory and socialuncertainties, and in particular, uncertainties related to COVID-19;risksrelated to factors beyond the control of the company, including risks relatedto COVID-19; risks related to the Company’s shares, including price volatilitydue to events that may or may not be within such party’s control; reliance onmanagement; and the emergency of additional competitors in the industry.
All forward-looking information herein is qualified in itsentirety by this cautionary statement, and the Company disclaims any obligationto revise or update any such forward-looking information or to publiclyannounce the result of any revisions to any of the forward-looking informationcontained herein to reflect future results, events or developments, exceptrequired by law.