AI Firms Gain Foothold in e-Commerce, Software, He
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Posted On: 08/27/2024 5:07:55 PM
AI Firms Gain Foothold in e-Commerce, Software, Healthcare Industries
Artificial intelligence (AI) seems to be making a mark on different industries, with some companies even recording growth in the healthcare and retail sectors. These companies are using artificial intelligence to address issues in these sectors, from rising medical bills to sizing issues in e-commerce. This indicates a possible shift in how industries are approaching different problems.
One provider of AI-driven measurement solutions for e-commerce, MySize Inc., announced strong results from its second quarter. The company recorded a 53% increase in its revenues, driven primarily by its sizing tech and e-commerce platform powered by artificial intelligence. It also saw its gross profits rise significantly to reach $984,000, which reflects the higher margins links to its SaaS offerings powered by AI.
In its report, the company called attention to the growing role of artificial intelligence in transforming online retail and emphasized the growing demand for AI solutions, which could improve consumer satisfaction and decrease product returns.
The company’s performance comes at a time when more businesses in the space are integrating artificial intelligence in retail, with key players turning to predictive analytics and machine learning to optimize their operations. For example, another enterprise AI software provider, Zapata, saw a 40% increase in its second-quarter revenues. The revenues rose from $1.43 million in the same period in 2023 to reach $2 million. Zapata, which specializes in quantum-inspired artificial intelligence solutions, also reported improvements in its gross margins.
In a news release, Zapata CEO Christopher Savoie revealed that the company was focused on solving the biggest issues with AI, which included the risks posed to data security and privacy from artificial intelligence platforms, as well as the deficiencies of large language models.
Another company that has benefitted from AI is PayZen, a tech firm that uses artificial intelligence to make healthcare more affordable. The start-up was recently awarded $232 million in funding, which includes a $200 million credit line and $32 million in equity. The company’s platform, which is powered by artificial intelligence, creates personalized payment plans for patients and integrates them with systems in hospitals.
It also recorded significant growth as well as an increase in its revenues, with its CEO Itzik Cohen noting in a news release that the cash influx would help them disintegrate financial obstacles that prevent individuals from accessing healthcare.
This funding comes as hospitals and patients alike grapple with increasing medical costs. With this cash influx, PayZen remains focused on developing new artificial intelligence tools to address affordability in the healthcare sector while reaching more patients.
As AI startups bring to market innovative solutions that address real needs, these companies are likely to make further inroads in the segments they target given the pointers already shown by enterprises such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) that businesses are willing to incorporate AI solutions which can help serve their customers better.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: http://BMW.fm/Disclaimer
Artificial intelligence (AI) seems to be making a mark on different industries, with some companies even recording growth in the healthcare and retail sectors. These companies are using artificial intelligence to address issues in these sectors, from rising medical bills to sizing issues in e-commerce. This indicates a possible shift in how industries are approaching different problems.
One provider of AI-driven measurement solutions for e-commerce, MySize Inc., announced strong results from its second quarter. The company recorded a 53% increase in its revenues, driven primarily by its sizing tech and e-commerce platform powered by artificial intelligence. It also saw its gross profits rise significantly to reach $984,000, which reflects the higher margins links to its SaaS offerings powered by AI.
In its report, the company called attention to the growing role of artificial intelligence in transforming online retail and emphasized the growing demand for AI solutions, which could improve consumer satisfaction and decrease product returns.
The company’s performance comes at a time when more businesses in the space are integrating artificial intelligence in retail, with key players turning to predictive analytics and machine learning to optimize their operations. For example, another enterprise AI software provider, Zapata, saw a 40% increase in its second-quarter revenues. The revenues rose from $1.43 million in the same period in 2023 to reach $2 million. Zapata, which specializes in quantum-inspired artificial intelligence solutions, also reported improvements in its gross margins.
In a news release, Zapata CEO Christopher Savoie revealed that the company was focused on solving the biggest issues with AI, which included the risks posed to data security and privacy from artificial intelligence platforms, as well as the deficiencies of large language models.
Another company that has benefitted from AI is PayZen, a tech firm that uses artificial intelligence to make healthcare more affordable. The start-up was recently awarded $232 million in funding, which includes a $200 million credit line and $32 million in equity. The company’s platform, which is powered by artificial intelligence, creates personalized payment plans for patients and integrates them with systems in hospitals.
It also recorded significant growth as well as an increase in its revenues, with its CEO Itzik Cohen noting in a news release that the cash influx would help them disintegrate financial obstacles that prevent individuals from accessing healthcare.
This funding comes as hospitals and patients alike grapple with increasing medical costs. With this cash influx, PayZen remains focused on developing new artificial intelligence tools to address affordability in the healthcare sector while reaching more patients.
As AI startups bring to market innovative solutions that address real needs, these companies are likely to make further inroads in the segments they target given the pointers already shown by enterprises such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) that businesses are willing to incorporate AI solutions which can help serve their customers better.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: http://BMW.fm/Disclaimer
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