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New Veritas Research Reveals Nearly Half of Organizations Underestimate Their Level of Risk


Top risks include data security, economic uncertainty and emerging technologies such as AI

SINGAPORE, Oct. 18, 2023 /PRNewswire/ — Veritas Technologies, the leader in secure multi-cloud data management, today released findings of new research that shows 45% of organizations may be miscalculating the severity of threats to their business. The study, Data Risk Management: The State of the Market—Cyber to Compliance, which polled 1,600 executives and IT practitioners across 13 global markets, provides insights into the most pressing risks, their impacts and how organizations plan to navigate them.

Despite risk factors like interest rates and inflation pressing hard on organizations, ransomware and multi-cloud complexity are also growing concerns for businesses of all kinds. However, when survey respondents were initially asked whether their organizations were currently at risk, almost half (48%) said no. But after being presented with a list of individual risk factors, respondents of all levels recognized the challenges facing their organizations, with 97% then identifying a risk to their organizations.

Notably, 15% of those surveyed did not believe their organizations could survive another 12 months given the risks they currently face. There was a disconnect, however, between the C-suite and those working in the trenches of protecting their organizations’ data, which could point to a communications issue: 23% of senior executives predicted the demise of their organizations in the next year, compared to just 6% of analysts and technicians.

Matt Waxman, senior vice president and general manager for data protection at Veritas, said: “The first step in addressing a problem is recognizing it’s there. When the risks are laid out in black and white, it’s hard to ignore the reality of today’s complex business operating environment. The risks are everywhere and require constant vigilance. While an overwhelming majority of respondents ultimately acknowledged the presence of risks and most said they’re taking steps to address them, the data suggests it may not be enough.”

Clear and present danger

Given the macro landscape and daily news headlines, the survey responses are a clear reflection of the times. Participants identified data security (46%), economic uncertainty (38%) and emerging technologies, such as artificial intelligence (AI), (36%) as the top threats faced by their organizations today from among an extensive list of possible hazards. Traditional threats like competition and a shortage of talent took fourth and fifth place. Geopolitical instability fell even further down the list to seventh place.

AI is proving to be a double-edged sword for organizations. There have been numerous reports over recent months of bad actors adopting AI solutions to create more sophisticated and compelling ransomware attacks on organizations. It has additionally been recognized as a risk factor for businesses who fail to put proper guardrails in place to stop employees from breaching data privacy regulations through the inappropriate use of generative AI tools. Conversely, AI is also tipped to be one of the best solutions for businesses to fight back against hackers since its capabilities can be harnessed to automate the detection of, and response to, malicious activities.

Additionally, 87% of those surveyed admitted they had experienced a negative impact from risks, including reputational and financial harm. When asked which risks had resulted in actual damage to their organizations, data security was again highest, with 40% of respondents attesting to related damages. Economic uncertainty was the second most common risk to have affected organizations, with 36% having been hurt. Damages from competition came in third at 35% and emerging technologies, such as AI, at 33%.

The effects of data security breaches were underscored by the number of organizations who had been hit by ransomware attacks. A sizable majority (65%) said that over the past two years their organizations had been the victims of at least one successful ransomware attack in which hackers were able to infiltrate their systems. Twenty-six percent of those who experienced a successful attack said they did not report it. Breaches that caused a failure to comply with regulatory requirements cost respondents’ organizations, on average, more than US$336,000 in regulatory compliance fines during the last year.

Caught in the crosshairs 

For many respondents, the level of risk is rising. More (54%) were likely to say risks to data security have increased rather than decreased (21%) over the last 12 months. Yet they may not fully appreciate their own vulnerabilities. This perception gap emerges in light of how organizations representing specific sectors assessed their risk versus how their responses were scored via a risk rating scale.

Researchers assigned each respondent a “risk ranking” score based on their answers and what these revealed about their adherence to security best practices. While the public sector ranked as the most at-risk group, just 48% of those respondents rated themselves as being at risk. Similarly, only 52% of respondents from the energy, oil/gas and utilities sector viewed themselves at risk.

Most at-risk sectors

Most at-risk countries/regions

1

Public sector

1

UK

2

Energy, oil/gas and utilities

2

France

3

Media, leisure and entertainment

3

China

4

Construction and property

4

Singapore

5

Manufacturing and production

5

Japan

6

IT, technology and telecom

6

US

7

Business and professional services

7

Australia

8

Financial services

8

Nordics

9

Healthcare

9

DACH

10

Biopharma

10

India

Shoring up their defenses, but are they doing enough?

For organizations aiming to mitigate data security risks, many have increased their data protection budgets as much 30% over the last 12 months. The average data protection and security team size also grew by 21-22 staff members. Eighty-nine percent said staffing levels are now at an adequate level for keeping their organizations secure.

Along with staffing additions, organizations are exploring other ways to fortify their defenses. Despite ranking AI and emerging technologies as a top risk, 68% are looking at AI and machine learning to boost security. Given AI’s dual nature as a force for both good and bad, the question going forward will be whether their organizations’ AI protection can evolve ahead of hackers’ AI attacks.

The research also appears to expose another chink in the armor with more than a third (38%) reporting that they have no data recovery plan in place or have only a partial plan. That presents cause for concern considering nearly half (48%) experienced data loss at least once in the past two years.

Waxman continued: “The caution is for organizations to avoid approaching their data security strategy with a false sense of confidence. The recent spate of high-profile data breaches has proven no organization is immune. If data is like gold dust, guard your treasure. Be prepared with a comprehensive cyber resiliency plan for protecting and recovering your data from edge to core to cloud. Rehearse the plan regularly and recalibrate as needed. Being forewarned is forearmed and by strengthening your data security posture, you can successfully navigate the risks.”

For more survey findings, download the report: Data Risk Management: The State of the Market—Cyber to Compliance.

Research methodology

Veritas commissioned Vanson Bourne to survey 1,600 respondents in August and September 2023 across Australia, Brazil, China, the DACH region, France, India, Japan, the Nordics, Singapore, South Korea, the United Arab Emirates, the United Kingdom and the United States. Respondents held executive or practitioner level positions in organizations of at least 1,000 employees from any sector.

About Veritas

Veritas Technologies is the leader in secure multi-cloud data management. Over 80,000 customers—including 91% of the Fortune 100—rely on Veritas to help ensure the protection, recoverability and compliance of their data. Veritas has a reputation for reliability at scale, which delivers the resilience its customers need against the disruptions threatened by cyberattacks, like ransomware. No other vendor is able to match Veritas’ ability to execute, with support for 800+ data sources, 100+ operating systems and 1,400+ storage targets through a single, unified approach. Powered by Cloud Scale Technology, Veritas is delivering today on its strategy for Autonomous Data Management that reduces operational overhead while delivering greater value. Learn more at veritas.com. Follow us on X at @veritastechllc

Veritas and the Veritas Logo are trademarks or registered trademarks of Veritas Technologies LLC or its affiliates in the US and other countries. Other names may be trademarks of their respective owners.

Harnessing AI to Find Ideal Business Partners in International Trade


REHOBOTH BEACH, Del., Sept. 23, 2023 /PRNewswire/ — Securing trustworthy business partners in international trade has always been a challenging task, requiring years of meticulous and painstaking groundwork, careful analysis, and the courage to deal with uncertainty. This article explores how cutting-edge AI tools, such as Volza, have been innovatively tackling these persistent challenges.

Evaluating potential partners from their online presence has been a formidable hurdle. There are no foolproof methods to ensure the competency and reliability of these entities based solely on their digital footprint. Conducting in-person visits, although insightful, is both time-consuming and costly. Moreover, transactions with unfamiliar buyers could result in bad debts, while dealings with unknown suppliers might yield subpar products or even lead to a total loss of the advance payment.

These hurdles are particularly daunting for professionals in the export-import industry aiming to broaden their global trade reach. In response, an AI-Powered tool like Volza allows professionals to strategically use the power of artificial intelligence and machine learning to navigate these challenges and make informed decisions. Volza provides an extensive global trade database, including complete shipment details through bills of lading. This tool arms users with essential information about active exporters and importers, capturing years of their export-import experience, current buyers and suppliers, transaction frequency, ongoing orders, shipment volumes, pricing, consignment numbers, and an exhaustive trade history. With this wealth of data, users can confidently assess and choose suitable business partners.

Vijay Sethia, Director of Chamanlal Sethia, one of India’s foremost rice exporters, testifies to the transformative impact of these tools. According to Sethia, the introduction of trade data portals has empowered them to dramatically expand their business operations. Gone are the days of protracted struggles, with years spent on marketing, traveling, and product sampling. Today, importers and exporters can swiftly map out their market, efficiently identifying trustworthy and reliable business partners in just a matter of hours.

While other trade databases like Panjiva and ImportGenius offer similar services, they seem to cover fewer countries. A glance at the Volza website shows that it provides trade data for more than 80 countries, while Panjiva and ImportGenius support a trade base across 10 and 14 countries, respectively.

Michael Robinson, Director of Volza, emphasizes their mission to expedite the entire process of identifying suitable business partners. “We aim to make it quicker, more cost-effective, and feasible. Users can bypass years of relentless effort, elevating their businesses to new heights with confidence, and in a fraction of the traditional timeframe,” he explains.

Platforms like Volza also overcome the obstacle of procuring direct contact details for key decision-makers. Whether it’s the export head, import head, or other relevant stakeholders, Volza’s built-in function provides access to their contact information and even links to their LinkedIn profiles.

In conclusion, AI’s integration into international trade is ushering in a transformative era. Platforms like Volza are making the identification and evaluation of business partners more efficient and reliable. By offering extensive trade data and essential contact information, these platforms are setting new benchmarks in the sector. It’s clear that AI-powered trade data tools are more than clever business strategies; they are now a prerequisite for success in the globalized marketplace. As AI and Big Data technologies continue to evolve, their impact on facilitating international trade will only expand, heralding a future where global business expansion is seamless and confident.

About Volza:

Founded in 2017, Volza is dedicated to propelling global business expansion for export-import companies. Harnessing advanced analytics and dashboard tools, Volza unveils hidden opportunities and threats, empowering import-export businesses to thrive in today’s competitive market. As an industry disruptor, Volza offers access to comprehensive global trade data, facilitating confident decision-making. Discover more at https://www.volza.com/.

Pixalate Q2 2023 Ad Fraud Benchmarks for Web Traffic: North America Reports Highest Desktop Invalid Traffic Rate at 13%, Followed by Asia-Pacific


New research shows 12% Global Invalid Traffic (IVT) rates on desktop compared to 8.5% for mobile browsers.

LONDON, Sept. 22, 2023 /PRNewswire/ — Pixalate, the market-leading fraud protection, privacy, and compliance analytics platform for Connected TV (CTV) and Mobile Advertising, today released the Q2 2023 Desktop and Mobile Web Invalid Traffic Benchmark Report, analyzing the invalid traffic (IVT) rates for open programmatic advertising on desktop, mobile and tablet websites as of Q2 2023.

The report provides benchmarks for ad fraud across mobile and tablet devices and desktop browsers by global region and country.

Key Findings:

Open Programmatic Advertising on Desktop Web

  • 12% Desktop IVT rate in Q2 2023
    • Firefox Browser (24%) had the highest IVT rate in Q2 2023 among top 5 desktop web browsers
  • North America (13%) reports highest desktop IVT rate
  • Malaysia (21%) reported the highest desktop web IVT rate for any country

Open Programmatic Advertising on Mobile & Tablet Web

  • 8.5% global mobile & tablet web IVT rate in Q2 2023
  • Vivo mobile devices most vulnerable for mobile web IVT (11.8%)
  • At 9%, APAC & EMEA regions have higher mobile web IVT rate – peaking at 24% in South Korea
  • U.S. and Canada among lowest mobile web IVT rates 8.2% & 7.9% respectively

Download a free copy of the report here: Q2 2023 Desktop and Mobile Web Invalid Traffic Benchmark Report

About Pixalate

Pixalate is the market-leading fraud protection, privacy, and compliance analytics platform for Connected TV (CTV) and Mobile Advertising. We work 24/7 to guard your reputation and grow your media value. Pixalate offers the only system of coordinated solutions across display, app, video, and CTV for better detection and elimination of ad fraud. Pixalate is an MRC-accredited service for the detection and filtration of sophisticated invalid traffic (SIVT) across desktop and mobile web, mobile in-app, and CTV advertising. www.pixalate.com

Disclaimer

The content of this press release, and the Q2 2023 Desktop and Mobile Web Invalid Traffic Benchmarks Report (the “Report“), reflect Pixalate’s opinions with respect to factors that Pixalate believes can be useful to the digital media industry. Any data shared is grounded in Pixalate’s proprietary technology and analytics, which Pixalate is continuously evaluating and updating. Any references to outside sources should not be construed as endorsements. Pixalate’s opinions are just that, opinions, which means that they are neither facts nor guarantees. Pixalate is sharing this data not to impugn the standing or reputation of any entity, person or app, but, instead, to report findings and trends pertaining to programmatic advertising activity across CTV apps in the time period studied. Pixalate does not independently verify third-party information. Per the Media Rating Council (MRC), “‘Invalid Traffic’ is defined generally as traffic that does not meet certain ad serving quality or completeness criteria, or otherwise does not represent legitimate ad traffic that should be included in measurement counts. Among the reasons why ad traffic may be deemed invalid is it is a result of non-human traffic (spiders, bots, etc.), or activity designed to produce fraudulent traffic.” IVT is also sometimes referred to as “ad fraud.” Per the MRC, “‘Fraud’ is not intended to represent fraud as defined in various laws, statutes and ordinances or as conventionally used in U.S. Court or other legal proceedings, but rather a custom definition strictly for advertising measurement purposes.”

HUAWEI eKit Joins Hands with Distribution Partners to Explore Unlimited Opportunities in the SME Market

SHANGHAI, Sept. 21, 2023 /PRNewswire/ — During HUAWEI CONNECT 2023, Huawei held a distribution business session titled “HUAWEI eKit, Digitalization for Success”, outlined its approach to the distribution business: focus on distribution partners (DPs), stay subcontractor-centred, and help global DPs to keep developing the SME market through continuous innovation and competitive products & services. In addition, Huawei launched 17 new distribution products for domains such as campus networks and data storage, providing comprehensive solutions for SMEs.

HUAWEI eKit, a sub-brand designed for the distribution business under Huawei, strives to better serve the digital needs of SMEs, help DPs develop their businesses, and expand opportunities in the SME market.

Wei Xianbin, Director of Huawei Enterprise BG Distribution MKT & Product Sales Dept, explained that HUAWEI eKit has established a complete DP system and maintained a healthy market. By marketable distribution products and IT tools, HUAWEI eKit can assist gold and elite DPs in serving lower-level installers and meet the business needs of countless SMEs, it has carried out distribution business in 41 countries and regions outside of China, and 125 partners have registered as gold DPs.

Products outside China
Products outside China

HUAWEI eKit is dedicated to developing distribution products that are easy to buy, sell, install, maintain, learn, and use for various business scenarios in the SME market. It has developed a wide range of products, including intelligent collaboration, wired and wireless networks, IP + optical access networks, storage, and IT platforms. During the first half of 2023, HUAWEI eKit had launched 31 products. At the session, HUAWEI eKit launched another 17, which includes the eKitEngine S220 and S310 series, L2 and L3 switches that support full 10GE uplink and Perpetual PoE; eKitEngine AP160, a wall plate AP that is 8 mm thin and supports the unique DVFS technology; and other new products that support SAN/NAS hybrid storage. By the end of the year, HUAWEI eKit will have more than 50 distribution products, which can be rearranged into solutions for over 30 typical scenarios.

In the future, HUAWEI eKit will continue to design marketable products that are easy to use, create a stable channel system, build a healthy market. HUAWEI eKit will help DPs develop subcontractors and installers. Together with partners, Huawei will drive the development of the SME market.

For more information, please visit https://ekit.huawei.com/#/ekit/home?countryCode=Global&lang=en   

Contact
hwebgcomms@huawei.com 

STL starts to ‘Make in America’ with its next-gen Lugoff OFC facility


  • Inaugurated by Hon. Henry McMaster, Governor, South Carolina
  • $56m USD investment
  • Commitment to drive US rural broadband build and enable the BEAD vision

COLUMBIA, S.C. and LONDON and MUMBAI, India, Sept. 16, 2023 /PRNewswire/ — STL (NSE: STLTECH), aleading global optical and digital solutions company, today formally announced the launch of its state-of-the-art manufacturing facility in Lugoff, South CarolinaThe Palmetto Plant. Named after the state tree of South Carolina, this facility, also designated as STL’s North American Headquarters, symbolizes STL’s commitment to the US market.

The Palmetto Plant was inaugurated by Hon. Henry McMaster, Governor of South Carolina, in the presence of government dignitaries, key customers, and representatives from the local Chambers of Commerce.

This strategic investment and expansion efforts in the U.S. further reinforce STL’s commitment to the Make in America vision. Addressing the market demand for 5G, FTTx, and the push for rural broadband, The Palmetto Plant, spanning over 168,000 sq. ft will specialize in future-ready optical solutions, including high fiber count cables with smaller diameters. The emphasis will also extend to pioneering designs, notably high-capacity ribbonized cables and ruggedized designs for rural deployments. To help operators tackle the industry-wide skills shortage, the new Lugoff facility is also prioritizing optical connectivity products that are simple to deploy, monitor, and maintain. Additionally, comprehensive on-site testing aligned with industry-standard GR20 guidelines ensures the high quality and reliability of its products.

STL Palmetto Plant Launch in South Carolina, US
STL Palmetto Plant Launch in South Carolina, US

STL has committed to being Net zero by 2030. Following in the footsteps of STL’s other global manufacturing units, the Lugoff facility also aims to achieve zero waste and reduce energy consumption progressively.

The Palmetto Plant employs over 150 people, including skilled manufacturing associates and seasoned industry specialists leading the company’s North American operations.

“The inauguration of STL’s manufacturing plant marks a significant stride forward for our state’s broadband efforts and will provide new opportunities for our people in Kershaw County,” said Governor Henry McMaster.South Carolina has built a national reputation as a leader in broadband expansion, and with STL establishing operations in South Carolina, that reputation will only expand.”

Excited about this significant milestone, Paul Atkinson, CEO, Optical Networking Business at STL, said: “Our new cable plant in Lugoff, South Carolina, is a testament to our commitment to the US market and our customers in North America. This facility mirrors our ethos and STL’s larger purpose – of Transforming Billions of Lives by Connecting the World. I am excited to see its impact on America’s rural connectivity and digital landscape.” 

From glass to fiber, cabling, and optical connectivity, STL is one of only 6 players worldwide[1] with end-to-end capabilities in this space. The company works closely with regional and national players and with industry associations like the FBA and the Power and Communication Contractors Association (PCCA) to create meaningful impact at scale.

About STL – Sterlite Technologies Ltd:

STL is a leading global optical and digital solutions company providing advanced offerings to build 5G, Rural, FTTx, Enterprise and Data Centre networks. Read more, Contact us, stl.tech | Twitter |

[1] Ex-China

WiMi Developed Mask R-CNN-Based CSO, Reference Point, and Intelligent Extraction Technique

BEIJING, Aug. 18, 2023 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced that it developed a Mask R-CNN-based technique for intelligently extracting CSOs (feature space objects) and its reference points brings a breakthrough in the field of high-resolution image processing and matching. The technique utilizes the latest advances in deep learning and computer vision to provide an efficient and accurate solution for automatic image matching and target localization.

High-resolution image processing and matching have been an important research direction in the field of computer vision, but automatic matching has been facing great challenges due to local deformations in images and differences in lighting conditions. Previous methods are often limited by computational complexity and dependence on local features, making it difficult to achieve accurate results. WiMi’s technique can be used to extract CSOs and their reference points on images. With this method, the CSOs can be acquired automatically and provide accurate localization information for the subsequent image matching process.

WiMi’s R&D team successfully solved this challenge by introducing the Mask R-CNN model, a model extension based on Faster R-CNN commonly used for target detection and instance segmentation. The model is unique in that it can simultaneously predict the bounding box, category, mask and key points of a target, providing comprehensive information for image processing tasks.

In this new technique, WiMi first utilizes a large amount of high-resolution remote sensing image data for training the Mask R-CNN model. Through training, the model is able to learn the features of different target instances in the image and accurately predict their bounding boxes, categories, masks and key points. Based on the trained Mask R-CNN model, the technical team further proposes the concept of CSO and the reference point method. CSO refers to target instances with distinctive features, which can be intelligently filtered out by setting thresholds or rules. Reference points, on the other hand, are extracted from CSOs by a mask predictor and a key point predictor, which are used to locate important feature points of target instances.

The technical implementation logic of it is as follows:

Data preparation: first, a dataset of high-resolution remote sensing images for training and evaluation needs to be prepared. The dataset should contain images with different target types and deformation levels.

Model training: the Mask R-CNN model is trained using the prepared dataset. The goal of training is to enable the model to accurately predict the bounding frame, categories, masks and key points of the targets.

CSO reference point extraction: on the trained Mask R-CNN model, intelligent extraction of CSOs and reference points can be achieved by inputting a high-resolution remote sensing image. Definition of CSO: CSO refers to feature space objects, i.e., target instances with distinctive features. Target instances with distinctive features can be filtered out as CSOs by setting some thresholds or rules. Reference point extraction: the mask predictor and key point predictor of the Mask R-CNN model are utilized to extract the mask and key point for each CSO. The Mask Predictor will generate a binary mask for each CSO, which is used to accurately segment the target instance. The key point predictor will predict the key point coordinates of the target instance for locating the important feature points of the target instance.

Application of CSOs and reference points: the extracted CSOs and reference points can be used for a variety of applications, such as high-resolution remote sensing image matching. Depending on the specific application scenario, image matching or other related tasks can be realized based on the location and features of CSOs.

The breakthrough of this technique is that it not only efficiently extracts CSOs and reference points, but also accurately describes the shape and location of target instances. This makes the automatic matching of high-resolution images more accurate and reliable, providing a reliable foundation for subsequent image processing tasks.

The technique brings many important applications and advantages to the field of high-resolution image processing and matching. It can be widely used in the field of remote sensing image processing, such as urban planning, environmental monitoring and resource management, etc. It can help to automatically extract the features of urban buildings, road networks and natural environments, and provide accurate data support for urban planning and resource management. In addition, this technology can also be applied in the fields of security monitoring, traffic management and military reconnaissance, etc. It can help to automatically extract key targets in the monitoring screen and accurately locate them, so as to improve the efficiency and accuracy of security monitoring. In traffic management, the technology can help identify traffic signs, vehicles and pedestrians, providing reliable data support for traffic flow monitoring and intelligent transportation systems.

This technique has achieved remarkable results in related fields and has been widely noticed and recognized. Currently, the technology has been successfully applied to several practical projects with impressive results. For future development, WiMi will continue to strengthen its technology development and innovation, and continuously improve the performance and effect of Mask R-CNN-based CSO and its reference point and intelligent extraction technology. At the same time, the company will actively expand the application areas of the technology, and work with partners from various industries to promote the development of high-resolution image processing and matching technology, and contribute to the progress and development of society.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

Source: WiMi Hologram Cloud Inc.

OLIVER WYMAN STRENGTHENS INDONESIA CAPABILITIES WITH SENIOR APPOINTMENT


JAKARTA, Indonesia, Aug. 14, 2023 /PRNewswire/ — Global management consultancy, Oliver Wyman, today announced the addition of Erik Koenen as a Partner based in Jakarta. With his extensive experience in the Financial Services sector, Erik will collaborate with Oliver Wyman’s Southeast Asia leadership team to enhance the firm’s offerings in Indonesia.

This strategic move represents Oliver Wyman’s commitment to further invest in the Indonesian market. Currently serving a diverse range of clients in the Financial Services, Energy and Natural Resources, and Transportation sectors, the firm aims to deepen its capabilities in Indonesia, specifically in the areas of Digital Transformation (including AI and Advanced Analytics), Climate and Sustainability, Business Performance Improvement, and Enterprise Risk Management.

Seo Young Lee, Partner and Head of Southeast Asia, said: “Indonesia’s robust economic growth[1] and promising outlook have driven demand for Oliver Wyman’s expertise as businesses recover from the pandemic. The addition of Erik to the team, at this inflection point positions us well to meet these growing client needs in Indonesia and the region.”

Erik added: “I have always admired Oliver Wyman and its talented people, who approach challenges with humility and focus, to help organizations navigate complex and unprecedented issues. In Indonesia, I aim to further strengthen the firm’s local strategy and commitment to provide insightful guidance, work alongside our clients, and deliver breakthrough impact.”

With over 25 years of experience, including 16 years in Indonesia, Erik has held senior positions in prominent technology conglomerates, consulting firms, and banks. Prior to joining Oliver Wyman, Erik worked at Google Cloud, where he led the technology strategy targeted at the largest population of digital natives in Southeast Asia.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 6,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC].  

For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter/X @OliverWyman

Zenerate, Innovative AI Startup, Partners with SoLa Impact to Automate Affordable/Modular Housing Developments

LOS ANGELES, Aug. 12, 2023 /PRNewswire/ — Zenerate (https://zenerate.ai), an innovative AI startup in the Proptech space, has entered into a strategic partnership with SoLa Impact (https://solaimpact.com/), the leading private real estate developer of affordable housing in California. Zenerate has developed a powerful platform that employs generative design, artificial intelligence and advanced data analytics to optimize the feasibility analysis process for real estate projects, reducing turnaround time and maximizing development returns.

South Korean PropTech firm, Zenerate, partners with a real estate developer, SoLa Impact
South Korean PropTech firm, Zenerate, partners with a real estate developer, SoLa Impact

In a groundbreaking move to revolutionize the affordable housing sector, SoLa Impact has partnered with Zenerate, to streamline and automate the feasibility analysis process for their affordable and modular housing developments. The collaboration brings cutting-edge AI technology to the modular construction industry and dramatically accelerates the speed of planning, configuration, design, and the permit approval process for a wide range of SoLa’s affording housing projects.

SoLa Impact has been at the forefront of addressing the affordable housing crisis in Los Angeles over the last decade, consistently demonstrating its commitment to creating sustainable, community-focused housing solutions. SoLa currently has over 35 projects with almost 3,000 units at various stages of construction, the majority of which are dedicated to affordable housing. With the increasing demand in the affordable segment, the need for swift and accurate feasibility, configuration, and design analysis has become paramount in the real estate development landscape.

Martin Muoto, the Founder and CEO of SoLa Impact, expressed enthusiasm for the partnership, stating, “We are thrilled to collaborate with Zenerate in our mission to dramatically scale the development and delivery of high-quality affordable housing in California. By leveraging Zenerate’s cutting-edge technology combined with our proprietary standardization processes, we can bring significantly more units to market more cost-effectively and more quickly, with the vast majority of our projects to house people that are currently homeless and living in tents. Equally important, these are units that are an order-of-magnitude more energy efficient than the aging housing stock they are replacing. All units are fully electric, use water-efficient fixtures, and have ENERGY STAR-certified appliances, dramatically reducing GHG emissions while providing cost savings to California’s low-income Black and brown communities.”

The integration of Zenerate’s software into SoLa Impact’s modular operations will facilitate data-driven decision-making, allowing for a more efficient and comprehensive evaluation of potential development sites, construction costs, and market demand. By automating the feasibility and design analysis, SoLa Impact’s team will be able to evaluate more sites, repurpose vacant and sub-optimized locations, and build for maximum density and affordability.

The Co-Founder and CEO of Zenerate, Benji Shin, echoed Muoto’s sentiments, emphasizing Zenerate’s commitment to providing housing more quickly and affordably by leveraging Artificial Intelligence, particularly expert systems for code compliance and machine learning for rapid massing, configuration, and design. “We are thrilled to partner with SoLa Impact, whose deep commitment to creating sustainable, scalable, and affordable housing aligns perfectly with our mission. By automating key parts of the feasibility, configuration, and eventually, the permitting process, we aim to enable developers to run thousands of financial and design scenarios instantly, ultimately contributing to the advancement of affordable housing initiatives.”

The innovative approach undertaken by SoLa Impact and Zenerate is expected to have a significant impact on the speed and scale of affordable housing development in California, starting in Los Angeles – the largest affordable housing market in the United States with the most acute homeless problem – and then expanding to other local municipalities, and eventually, other states.

About Zenerate

Zenerate, a member company of Born2Global Centre, is a venture-backed innovative AI startup in the real estate development space, providing consulting services and web-based products for feasibility studies; Z-maps is a real estate development map that weekly updates all the latest projects in Southern California, and Zenerate App is a design automation tool that generates development scenarios with floor plans in real time for feasibility studies. Visit www.zenerate.ai for more information.

About SoLa Impact

SoLa Impact is a family of real estate funds with a double bottom line strategy focused on preserving, rehabbing, and building high-quality affordable housing in low- and moderate-income communities. SoLa’s proven track record leverages data-driven social impact strategies to deliver superior financial returns. SoLa Impact’s fourth fund, the Black Impact Fund, has invested $1 billion in affordable housing in Southern California. SoLa Impact was ranked as the 7th fastest-growing minority-led private company by Inc. 500 and was awarded the Pension Real Estate Association (PREA) Emerging Manager ESG Award for SoLa’s demonstrated ability to deliver on its commitment to positive changes in environmental, social, and governance (ESG) matters. 

Patsnap Fully Opens 140 Data Products to Meet Growing Data Service Demands


LONDON, Aug. 3, 2023 /PRNewswire/ — On AUG 1st, Patsnap, a leading provider of innovation intelligence solutions, announced the full opening of 140 data types spanning three categories —Patent Data, Bio Chemical Data, and Innovation Data. Patsnap aims to cater to critical data service needs in key scenarios such as Company Innovation, Investment Intelligence, and Pharmaceuticals R&D. Users can access these invaluable data products through various delivery methods, including API and Datafeed. Interested individuals can now register for free on the Patsnap Data Open Platform (https://open.patsnap.com) and effortlessly experience these data products online.

This milestone marks a significant leap forward for Patsnap’s data services, unlocking the untapped value and application scenarios that data holds. Bian Fu, Chief Data Officer of Patsnap, emphasized the pivotal role of data in technological innovation, stating, “Data serves as the cornerstone and driving force behind innovation. Our objective is to empower more technology innovators, enabling them to harness the vast array of high-quality data offered by Patsnap to drive productivity, while ensuring data security. Through open data products, we strive to accelerate the development of innovation and business applications.”

Comprehensive Data Types and Extensive Coverage

Patsnap’s data products encompass over 140 data types across three categories, incorporating Patent Data, Bio Chemical Data, and Innovation Data. Notably, Patsnap offers specialized data products such as Patsnap Expanded Family, Patsnap Standardized Assignee, Patsnap Patent Value, Patsnap Classification System, as well as patent litigation, patent licensing data, and patent estimated expiration date data. Additionally, customized data portfolios can be tailored to meet specific enterprise requirements.

The Patent Data covers 178 million patent data entries from 170 global patent offices. It includes legal status data from 108 offices, estimated expiration date data from 138 offices, patent license data from 66 offices, and patent transfer data from 27 offices, among other valuable information.

Bio Chemical Data encompasses 790 million sequences and 490 million nucleotide and protein data points from 80 countries. It also incorporates 220 million chemical structures, featuring multinational chemical approval information and clinical trial data. The collection comprises 73,000 global new drugs, 44,000 targets, 16 million pharmaceutical-related patents, 62 million scientific literature sources, 810,000 clinical trials, and over 870,000 organization data entries.

Innovation Data encompasses 121 million enterprises worldwide, 2.75 million research fund data entries, 4.14 million government funding data entries, 956 thousand market reports, 808 thousand corporate merger data entries, and 22 million news sources, among other vital resources.

Leading Data Processing and Unmatched Quality

Over the years, Patsnap has conducted extensive mining and processing of both domestic and foreign patent raw data. This includes extracting structured fields, images, and PDF files, as well as standardizing key fields such as applicant, number, and address to ensure comprehensive data coverage and association accuracy. As a result, Patsnap has obtained several deeply processed data sets to cater to diverse needs.

The high-quality data products provided by Patsnap owe their excellence to the company’s industry-leading algorithm capabilities. Utilizing computer vision, machine learning, natural language processing, neural networks, OCR recognition, knowledge mapping, and large-scale modeling techniques, Patsnap processes and analyzes various data types. The data quality is thoroughly evaluated across seven dimensions, including accuracy, completeness, consistency, timeliness, compliance, comprehensiveness, and business professionalism. Additionally, Patsnap employs its self-developed Big Data monitoring and alert systems to gain insights, maintain control, and guarantee stability throughout the entire data production process.

Patsnap’s system capabilities ensure robust network security, data security, and personal information protection. The company has successfully obtained ISO27001 certifications in these areas.

Deep Cultivation of Key Scenarios: Investment Intelligence and Pharmaceuticals R&D

As global industries undergo digital transformation, the demand for high-quality data applications in critical scenarios such as Investment Intelligence, Pharmaceuticals R&D, and Cooperative Innovation has witnessed significant growth.

Within the Pharmaceuticals R&D realm, the need for big data support is particularly pronounced in drug target identification and evaluation, as well as in the creation and decision-making processes of new drug R&D projects. By providing pharmaceutical companies with extensive, high-quality data encompassing targets, drug company R&D pipelines, biological sequences, and other pertinent information, Patsnap plays a pivotal role in facilitating breakthroughs in new drug R&D and shortening drug development cycles.

In the Cooperative Innovation domain, Patsnap not only supplies IP data for enterprise self-built big data information centers but also aids companies in achieving their goals of competition monitoring and patent operation through the comprehensive application of diverse data products.

For Investment Intelligence purposes, Patsnap provides data support to investment institutions in areas such as predictive research and signal finding, ESG theme investment, fundamental analysis, stock selection and portfolio building, as well as investment target screening and elimination.

To cater to the diverse data delivery requirements in different scenarios, Patsnap’s data products support multiple forms, including API and data packages. The API option is ideal for self-built system platforms, internal management system enhancements, and scenarios that demand continuous, real-time access to the latest data. Conversely, the data package option supports batch exports and periodic updates of historical data, catering to one-time scenarios such as self-built thematic libraries and subject research that require less frequent updates.

The Patsnap Data Open Platform (https://open.patsnap.com) is now open for free registration, enabling users to easily access and experience the service platform. Following thorough processing, the high-quality and scarce data provided by Patsnap will bridge the gap in the market for insufficiently abundant and high-quality open source data.

Additionally, 13 data products from three series, namely “Global Patent Data,” “Bio Chemical Data,” and “Innovation Data,” have been listed on the Shanghai Data Exchange, its International Board, and the Suzhou Bigdata Exchange, establishing them as integral components of the data element circulation market. Through the release of data products, Patsnap endeavors to unlock the value of data, offer insights, and provide decision support to an increasing number of science and technology innovators, thereby facilitating innovation breakthroughs in the fiercely competitive global market.

CIB FinTech and Huawei Jointly Win The Asian Banker’s Award for Best Data Infrastructure Implementation in China

SHENZHEN, China, July 29, 2023 /PRNewswire/ — At the Future of Finance China 2023, the prestigious international finance magazine The Asian Banker unveiled the winners of its Financial Technology Awards this year. Industrial Digital Financial Services Co., Ltd. (CIB FinTech for short) and Huawei Technologies Co., Ltd. (Huawei for short) jointly won Best Data Infrastructure Implementation in China in this category.

CIB FinTech and Huawei Jointly Win The Asian Banker's Award for Best Data Infrastructure Implementation in China.
CIB FinTech and Huawei Jointly Win The Asian Banker’s Award for Best Data Infrastructure Implementation in China.

The financial industry is currently witnessing tremendous inflation regarding the sheer amount of data it produces, and its value is rising with it. Financial institutions now need to obtain and use data in real time, posing higher requirements on data application, governance, and security.

Based on Huawei Financial Data Intelligence Solution that includes software and hardware products like Kunpeng, Kylin, Huawei Cloud, and data lakehouse, CIB FinTech has built an enterprise-level and all-scenario integrated analysis platform. As a self-service, real-time, and intelligent data service technical foundation, the platform consists of data, scheduling, management, and service sub-platforms. It replaces the original data warehouse system and functions as the new core of the group’s data services, improving data services from four aspects.

  1. Strengthens basic data capabilities
    Based on the large-scale distributed computing architecture, the new analysis platform integrates the batch data warehouse, real-time data warehouse, and IoT data warehouse to achieve high scalability and availability. It increases the number of nodes by 12 times and enlarges the high availability space by 20 times.
  2. Better enables data applications
    By building a low-code development platform, the group has created a full-process visualized data relationship graph. This significantly shortens the learning curve and simplifies application construction, speeding up R&D.
  3. Refines data governance and control
    A precise data map is drawn to accurately trace data sources and evaluate data value. Through multidimensional data management, the group can create forward-thinking data management solutions.
  4. Widens data capability sharing
    The group can give tenants access to data storage and computing capabilities, achieving an elastic supply, which allows its business departments to have an optimal experience in the obtaining and usage of data.

The new platform has laid a solid technical basis for the Industrial Bank to better deal with various businesses.

  • Risk control: The platform improves the key report data supply efficiency by 51%, so tens of billions of transactions can be analyzed in seconds. This helps the head office precisely analyze risks and prevent fraud.
  • Marketing: The bank boasts an optimized precise retailing model to cover tens of millions of customers. By building a closed-loop digital marketing process, its marketing campaigns have billions of person-times of interactions each year.
  • Technology: The reuse rate of public interfaces is improved by 10 times, significantly slashing R&D costs. Currently, more than 300 systems have accessed data services.

CIB FinTech and Huawei jointly reconstructed the enterprise-level data platform. Relying on a digital infrastructure that features self-service control, convergent capabilities, and intelligent O&M, the platform increases data asset value, optimizes data service experience, and transforms operational and profit models of banks, thereby enhancing both the customer experience and operational efficiency.

Huawei dives into the data domain and remains committed to exploring new scenarios, while at the same time collaborating with customers and partners to help financial institutions upgrade data and intelligence capabilities. Leveraging its fully-converged cloud-data-AI-computing Financial Data Intelligence Solution, Huawei accelerates the unleashing of data value and helps financial institutions innovate businesses.

For more information about Huawei Financial Data Intelligence Solution, please refer to https://e.huawei.com/en/industries/finance/data-intelligence

CONTACT: hwebgcomms@huawei.com