Anoto announces new strategy for its education software business CAIT
Stockholm, April 23, 2019 – Anoto Group AB (Anoto) today announces that the Board has resolved on a new strategy for its new education software business in order to attract outside investors to fund the growth in CAIT (Cognitive Artificial Intelligence Technology).
CAI Time Data Solutions Inc. (“CAITDS”) will be established in the USA as a standalone subsidiary with its own management team. CAITDS has already recruited a very strong advisory board, AI, Data Science and Systems experts as well as a network of sales forces. Funding of the growth of CAITDS will take place directly in CAITDS and the new investors and Anoto will therefore jointly own the new company.
Anoto will grant a perpetual license, which includes a lump sum fee to be paid by the licensee, to the newly incorporated CAITDS Inc. and CAITDS will buy pens from Anoto.
“Establishing CAITDS will enable us to fund rapid US venture style growth in CAIT and at the same time, reduce R&D and operating expenses at Anoto. It will also have the effect of not diluting Anoto shareholders for funding growth. It truly is a win-win solution for Anoto”, said Jörgen Durban, Chairman of the Board of Anoto.
For further information, please contact:
Joonhee Won, CEO
This information is information that Anoto Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on April 23, 2019 at 07:30 CET.
About Anoto Group
Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a leader in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and the related software. These smartpens enrich the daily lives of millions of people around the world. Now Anoto is a cloud based software solution provider based on its patented dot pattern technology which provides a methodology for accumulating digital big data from analogue inputs. Anoto Cloud includes Anoto’s four solutions: CAIT – the world’s first AI solution for offline education; ACE – Anoto’s new and improved enterprise forms solutions; aDNA – Anoto’s secure interactive marketing solution; and Dr. Watson – Anoto’s biometric authentication and security solution. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.