Irisity has published the annual report for 2018
Irisity AB (publ) delivers continued international expansion and increases the development and innovation effort.
2018 has been characterized by intensified restructuring work for the SaaS business model, further development of our algorithms and the SaaS platform, and to reach out with IRIS ™ in an international market.
Before the year, we set two ambitious growth targets; to build an international market for IRIS ™ and to expand the organization to handle the new SaaS customers and carry out a comprehensive further development of our algorithms.
The market objective with the aim of initiating cooperation with at least 3-5 international customers was exceeded when we entered into a cooperation agreement with a total of 14 international companies (10 security companies and 4 camera manufacturers) at the end of the year. All of these companies are leaders in each market.
Our organizational goal for 2018 was to greatly expand our development capacity, which is strategic in order not only to consolidate but also to expand our position as a tear one algorithm developer. This goal was achieved primarily through the acquisition of Visionists AB.
During the year, efforts have been made to strengthen the IRIS™ platform in order to allow rapid roll out deployment by our SaaS customers. Furthermore, development efforts have been made to be able to launch several new algorithms in 2019, as we will also launch our patent-pending major initiative IRIS™Cortex, the next generation AI and neural network-based video analysis.
Building an international customer base with market-leading large companies takes both time and effort, which is why financial sustainability is required. In the fourth quarter of 2018, therefore, a directed issue was carried out, which provided the company with SEK 25 million before issue costs.
We are convinced that our strategy of primarily processing market leaders will pay off in the long term. The expected volumes of these companies are extensive. In 2019 we will continue to take our new SaaS customers to roll out and also gradually expand our customer base to new countries and regions.
The report in Swedish is available at www.irisity.com
For further information:
Marcus Bäcklund, CEO
Phone: +46 733 80 17 80
Erik Stenberg, CFO
Phone: +46 761 74 05 92
+46 73 380 17 80
Irisity AB (publ) is a leader in intelligent camera surveillance. With the help of AI and proactively working and self-learning algorithms, we upgrade both existing and new surveillance cameras and surveillance systems from passive to alarm units. With Irisity's SaaS solution, IRIS™ turns the attention to real sharp events rather than false alarms. Irisity's AI algorithms have high precision and can determine human activity at long distances in all lighting conditions right down to only ten pixels.
IRIS™ currently monitors a variety of application areas for hundreds of customers in Scandinavia and iinternationally. Including schools, nightly surveillance of the elderly in the home, parking, critical infrastructure and surveillance of different types of protection areas.
Irisity operates in a turbulent world where surveillance has undergone a shift from questionable integrity threats to obvious security factors. With an aggressive growth strategy in one of the world's largest and fastest growing industry segments, the company is investing in increased innovation pace and expanding the SaaS offering IRIS™ internationally.
Irisity AB (publ) is listed on Nasdaq First North under short name IRIS
The Irisity AB (publ) share IRIS is listed on Nasdaq First North Stockholm, Sweden
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