[Asia Economy Reporter Jang Hyowon] KOSDAQ-listed company EightOne announced on the 21st that its invested AI solution specialist company 'KAIT (Knowledge AI)' has signed a solution supply contract worth $6 million (approximately 6.7 billion KRW) over two years with Saudi Arabia’s El Ajou Group Trading Company.
Earlier last month, KAIT also signed a $6 million solution supply contract with UAE-based AI technology company 'Emirate AI.'
Through this contract, KAIT will supply AI solutions to the Saudi Arabian education market via El Ajou for the next two years.
El Ajou Group, responsible for distributing KAIT solutions, is an integrated business solutions and high-quality office automation specialist company located in Riyadh, the capital of Saudi Arabia. It is known as a trading subsidiary of ‘Abdul Ghani El-Ajou & Sons Holding Trading Co., Ltd.,’ one of the top 100 companies in Saudi Arabia, the largest market in the Middle East. El Ajou has provided innovative automation solutions such as smart classrooms integrating educational audio, video, and conferencing solutions to various educational sites.
An EightOne official stated, “Saudi Arabia allocates 8.8% of its national GDP to education budgets, and unlike Korea, where private education holds a large share, Saudi Arabia invests heavily in public education. Therefore, the supply of KAIT’s educational solutions is expected to expand rapidly,” adding, “As the global economy, which had been stagnant due to COVID-19, is rapidly recovering, the delayed global sales performance of KAIT is gradually becoming visible.”
KAIT is a Boston-based AI education solution specialist company, in which EightOne holds a 16.67% stake, securing the position of the second-largest shareholder. At the time of investing in KAIT, EightOne also secured a 16.43% stake in its parent company, Nasdaq-listed Anoto Group AB, establishing a cooperative relationship for AI core technology.
Based on the AI core technology cooperation with KAIT this year, EightOne has recently expanded its scope to VR (Virtual Reality) and AR (Augmented Reality) technologies and is entering the XR (Extended Reality) business. The company stated that it is currently developing a converged metaverse platform incorporating AI technology, while simultaneously focusing on securing abundant VR and XR content to build business competitiveness.
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