Anoto Group AB successfully completes the USD 3 million investment in its education subsidiary Knowledge AI Inc.
Stockholm, November 25, 2019 – Anoto Group AB (publ) (“Anoto” or the “Company”) today announced that the Company has raised USD 3 million for its US based education subsidiary Knowledge AI Inc (“Knowledge AI”).
On November 1, 2019, Anoto announced that Solt Works Co Ltd (“Solt Works”), an ICT Company listed on Kosdaq, had indicated its interest to invest USD 3 million in Knowledge AI subject to completion of satisfactory due diligence.
Following the successful due diligence, Anoto has today completed the investment from Solt Works of USD 3 million for a 16.667% stake in Knowledge AI.
“We are glad to finalize this investment with a strategic partner such as Solt Works. This investment will help us meet the continuously increasing demand for KAIT, which has grown more rapidly than we could ever have imagined,” said Joonhee Won, CEO of Anoto.
Anoto and Knowledge AI have entered into a license agreement under which Anoto grants Knowledge AI a perpetual license to use Anoto technology within the human resources field and medical field, and exclusivity for processing of data produced by products and related software using artificial intelligence within the educational field, in exchange for royalty payments. Knowledge AI will also buy pens from Anoto under a supply agreement entered into between the two companies.
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 25 November 2019, at 07:00 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: KAIT – 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.