Ate1 “US Investment Firm KAIT Signs $6 Million AI Solution Supply Contract”

[Asia Economy Reporter Hyunseok Yoo] KAIT (Knowledge AI), invested in by the KOSDAQ-listed company Aitone, has secured a solution supply contract worth 6 million USD (approximately 6.7 billion KRW) in the UAE (United Arab Emirates).

According to Aitone on the 7th, ‘Emirate AI,’ which signed the contract with KAIT, is a leading AI technology company based in Abu Dhabi in the Middle East region. Over the next two years, it will be responsible for distributing KAIT AI solutions across seven emirates of the UAE, including Abu Dhabi and Dubai.

The UAE, where KAIT solutions will be distributed through this contract, is known for establishing the world’s first AI-specialized university, ‘Mohamed bin Zayed University.’ It has also created a ministerial-level AI department overseeing related affairs, demonstrating its early focus on AI technology.

An Aitone official stated, “KAIT actively supplied AI education solutions to local school districts in various U.S. states last year, but faced limitations in expanding supply to global markets outside the U.S. due to the COVID-19 pandemic. However, with the gradual resumption of economic activities alongside COVID-19 vaccinations worldwide, KAIT’s global sales activities have begun to show visible results, and we expect a full-scale expansion into new countries going forward.”

KAIT is a U.S.-based AI education solution specialist company located in Boston, in which Aitone secured the position of the second-largest shareholder with a 16.67% stake in November 2019. At that time, Aitone also invested in KAIT’s parent company, Anoto Group, aiming to establish a cooperative relationship in AI core technologies. According to last year’s business report, Aitone’s shareholding in Anoto Group reached 19.98%.

Since investing in KAIT in 2019, Aitone has continuously built a cooperative relationship in AI core technologies. The company recently expanded its business capabilities based on virtual reality (VR) and augmented reality (AR), accumulated extended reality (XR) technology, and is now developing convergent solutions incorporating AI technology. Aitone plans to rapidly establish itself as a metaverse specialist company.

This content was produced with the assistance of AI translation services.