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Half-Year Financial Statements 2022
March 14, 2023
Condensed Consolidated Financial Statements for the half-year ended 31 December 2022
SensOre Ltd (ASX:S3N) is pleased to present its Half Year Report.
RESULTS FOR ANNOUNCEMENT TO THE MARKET
All comparisons to the half-year ended 31 December 2022
This information should be read in conjunction with the attached Condensed Consolidated Financial Statements for the half-year ended 31 December 2022 of SensOre Ltd.
COMMENTARY ON THE RESULTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2022
The Group reported revenues of $1,971,957 for the half-year ending 31 December 2022, a significant increase on results from the previous half-year ending 31 December 2021. This was largely driven by continued growth services revenue in the AI-enhanced targeting and prospectivity mapping offered by SensOre and the addition of revenue from the acquisition of Intrepid Geophysics completed in August 2022.
SensOre and its controlled entities recorded a net loss after tax of $4,093,053 for the half-year ended 31 December 2022 (31 December 2021: net loss after tax of $3,334,777).
For further commentary on the results for the half-year ended 31 December 2022, please refer to the Review of Operations & Principal Activities in the Directors’ Report.
CONTROLLED ENTITIES ACQUIRED OR DISPOSED OF
There were no controlled entities acquired or disposed of during the period ended 31 December 2022.
Additional Appendix 4D disclosure requirements and commentary can be found in the accompanying Condensed Consolidated Financial Statements for the half-year ended 31 December 2022.
This Appendix 4D report is based on the Condensed Consolidated Financial Statements which have been reviewed by Grant Thornton with the Independent Auditor’s Review Report included in the Condensed Consolidated Financial Statements.
This announcement was authorised for release by the Board of Directors of SensOre Ltd.
Click here for the full ASX Release
This article includes content from SensOre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
S3N:AU
09 December
Zero Candida Receives South African Patent for its ZC- 01 device
Zero Candida (the "Company" or "ZC") (TSXV: ZCT), an Israeli FemTech medical device start-up, is pleased to announce the Company has received a final patent from South Africa PCT patent PCT-IL 2023050243 in South Africa. In addition, the company is actively pursuing a global patent portfolio with applications filed worldwide including in the United States, Brazil, and Europe.
Zero-Candida T technologies, Inc. (ZCT) is FemTech developing an AI smart tampon-like device based on a therapeutic light source with a selected wave-length and intensity that can treat the Candida fungus successfully of 99.999% an POC overnight. Vulvo-Vaginal Candidiasis ("VVC") affects about 75% of women globally, and ZCT's device is game changer that has the potential to change the treatment of women and the FemTech industry in the world. The first of its kind of technology using a controlled "Blue Light," destroys the vagina fungus at record speed and without side effects. The treatment is safe and administered using the tampon-like medical device which, according to medical experts, is an optimal solution for removing the fungus altogether and preventing the recurrence of the disease.
Zero Candida is working on creating technology that enables hybrid medicine services to be provided by gynecologists to populations that until now, have had no access to treatment, including among others, those in developing countries. The ZCT device collects and transmits treatment data to the attending physician in real time, for assessment, treatment personalization, and monitoring. Seamless data transfer through a Wi-Fi chip and VoIP, allows for the convenience of remote care and treatment consulting. Another significant advantage of ZCT's device is that the treatment is free from side effects, supporting the growing demand from women to improve their health without the use of chemicals.
Eli Ben Haroosh, Founder & CEO: "Zero Candida is a groundbreaking and game-changing company in the world of women's medicine, accordingly we will hold patents in every possible continent in the world. The company's doctors' team is one of the best in the world in the field of women's health, together with patents around the world, will give the company business strength".
Dr. Asher Holzer, CTO & Director: "As the company's chief scientist, I find it of utmost importance to obtain a patent for the company's inventions and product development. Zero Candida is a world leader in technology that includes hybrid medicine, and technology-based diagnostics".
About Zero Candida:
ZC is a Public FemTech company incorporated under the corporate laws of the State of Israel. ZC is developing an AI smart tampon-like device based on a therapeutic light source with a selected wave-length and intensity that can treat the Candida fungus successfully of 99.999% an POC. Vulvo-Vaginal Candidiasis ("VVC") affects about 75% of women globally, each year 138 million women are affected, and 492 million over their lifetime. Recurrent VVC (4 or more episodes per year) is increasingly documented to become drug resistant to existing treatments and constitutes up to 10% of the cases of VVC. Existing treatments are unable to overcome the high rate of recurrence, since the root cause of the condition is poorly understood and addressed.
ZC has signed pre-clinical agreements with hospitals in Israel and Europe and has successfully completed a safety trial for the use of their pre-clinical device in large animals (sheep). The company is advancing the development of their final product for human use in preparation for a clinical trial that will take place in June 2025.
Zero Candida's device will bring the field of gynecology into the 21st century with hybrid medicine and technology-based diagnostics. At the same time as developing the treatment procedure, Zero Candida is creating technology to enable hybrid medicine services to be offered by gynecologists to populations that until now, received no treatment at all, including, among others, in the developing countries.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Zero Candida. Readers are cautioned not to place undue reliance on forward-looking statements.
Contact:
Victoria Gamble
E: Victoria@zero-candida.com
P: (647) 874 - 3767
Eli Ben Haroosh, CEO & Founder
E: info@zero-candida.com
Website: www.Zero-Candida.com
LinkedIn: @Zero-Candida
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09 December
Syntheia Commences SOC 2 Type I Certification, Reinforcing Commitment to Data Privacy and Security
Syntheia Corp. (“Syntheia” or the “Company”) (syntheia.ai), CSE – SYAI, a leading provider of conversational AI solutions for inbound telephone call management, is pleased to announce that it has commenced the Service Organization Control (“SOC”) 2 Type I certification process. This significant milestone underscores Syntheia’s commitment to safeguarding customer data and upholding the highest standards of security and privacy.
As part of this initiative, on October 18, 2024, Syntheia engaged Vanta Inc. (“Vanta”), a leader in continuous security monitoring and compliance automation. Leveraging Vanta’s platform, Syntheia is streamlining its SOC 2 Type I certification journey with real-time adherence to security best practices and the ability to identify risks before they escalate. This collaboration demonstrates Syntheia’s proactive approach to meeting stringent compliance requirements while delivering secure, reliable AI solutions to its customers.
As a conversational AI SaaS platform, Syntheia leverages advanced Natural Language Processing (NLP) technology to create virtual assistants that act as responsive, intelligent receptionists for businesses. With an increasing volume of sensitive data exchanged in customer interactions, data protection has become a critical priority. Achieving SOC 2 Type I certification will further enhance Syntheia’s ability to secure and protect customer information.
“Syntheia understands the importance of data security in today’s digital landscape, and it’s our top priority to maintain the trust of our clients,” said Paul Di Benedetto, Chief Technology Officer at Syntheia. “Starting the SOC 2 Type I certification process represents our dedication to transparency and accountability, as we work tirelessly to ingrain data privacy measures into every aspect of our operations.”
SOC 2, developed by the American Institute of CPAs (AICPA), is widely recognized as a benchmark for data security, evaluating an organization’s information systems and their adherence to essential trust principles such as security, availability, and confidentiality. By undergoing this rigorous certification, Syntheia aims to provide clients with enhanced confidence in the resilience of its platform against data breaches and unauthorized access.
The SOC 2 Type I certification journey reflects Syntheia’s ongoing commitment to delivering secure and reliable AI solutions. For more information about Syntheia and its data privacy initiatives, visit https://www.syntheia.ai/privacy-policy
For more information, visit syntheia.ai
About Syntheia
Syntheia is an artificial intelligence technology company which is developing and commercializing proprietary algorithms to deliver human-like conversations. Our SaaS platform offers conversational AI solutions for both enterprise and small-medium business customers globally.
Cautionary Statement
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Forward-looking statements in this news release include, but are not limited to the Company’s SOC 2 Type I certification process, the completion and timing for completion of the certification process and the Company’s operations. Readers are cautioned that forward‐looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made.
Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Please refer to the Company’s listing statement available on SEDAR+ for a list of risks and key factors that could cause actual results to differ materially from those projected in the forward‐looking information. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For further information, please contact:
Tony Di Benedetto
Chief Executive Officer
Tel: (844) 796-8434
Click here to connect with Syntheia (CSE:SYAI) to receive an Investor Presentation
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05 December
RocketBoots Renews Contract with Major Australian Retailer
Artificial Intelligence software company RocketBoots Limited (ASX:ROC) (RocketBoots or the Company), is pleased to announce that it has extended a foundation partnership with a major Australian retailer (the Customer)1 for the provision of ROC software across its retail locations.
Highlights
- RocketBoots extends its SaaS contract with a major Australian retailer
- The deal continues a 7-year foundation partnership across > 250 locations
- Contract term is 1 year with a prepaid annual contract value of $339K
- Advanced discussions continue across a number of international enterprise customers, with the Company focused on closing several near-term opportunities.
Australian Retail Agreement
RocketBoots confirms a contract extension with the Customer, which continues a 7-year partnership providing critical software across its Australian locations. Over this time, the Company has established opportunities to optimise operations, as well as integrate RocketBoots technology with other retailer systems further enhancing the Customers ability to leverage value across its operations.
Importantly, RocketBoots has continued to demonstrate a sustainable return on investment that underpins its commercial model where the Company is now building momentum and scaling the business to secure a share in the billion-dollar global retail, grocery and banking markets.
Key contract terms include:
- The continued provision of RocketBoots' software across its store network;
- Prepayment of contract value of $339K, up 5% from previous;
- Contract term of 1 year, with the option to extend in 1-year increments; and
- Either party may terminate the agreement at any time, however contract prepayment is non-refundable.
Commenting on the Customer contract extension, RocketBoots Chief Executive, Joel Rappolt, said:
“We continue to show our ability to retain and scale our software in key customer markets. RocketBoots has market validated and leading loss prevention software that allows our customers to realise significant value, which is critical considering the rise in retail theft having greater impact on profitability.
The Company continues to focus on scaling the business internationally across a robust pipeline with near- term opportunities.”
Click here for the full ASX Release
This article includes content from Rocketboots Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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04 December
Investing in Conversational AI: Understanding the Technology and Opportunities
Artificial intelligence in the enterprise landscape is rapidly evolving, paving the way for game-changing innovations that are reshaping the face of customer service. At the forefront of this transformation is conversational AI.
This technology, which encompasses natural language processing, machine learning, and automatic speech recognition, is revolutionizing how businesses interact with customers and streamline operations. For investors seeking to capitalize on emerging trends, investing in conversational AI technology presents a compelling opportunity.
Understanding conversational AI
Conversational AI refers to technologies that enable computers to understand, process and respond to human language in a natural and meaningful way. It's the driving force behind chatbots, virtual assistants, and other AI-powered communication tools that are becoming increasingly prevalent in our daily lives.
The core of conversational AI lies in natural language processing in business, which allows machines to interpret and generate human-like text and speech.
Conversational AI’s ability to provide personalized, efficient and round-the-clock service has led to this technology’s growing adoption across various industries. As businesses seek to enhance customer experiences and operational efficiency, conversational AI has emerged as a pivotal solution, particularly in the realm of AI-powered customer service.
Commercial applications driving growth
The versatility of conversational AI has led to its widespread adoption across multiple sectors:
- Customer service:AI-powered virtual assistants and chatbots are handling customer inquiries, reducing wait times, and improving service quality. This application is particularly transformative for businesses looking to scale their customer support operations efficiently.
- Healthcare: From virtual health assistants facilitating patient triage to appointment scheduling and providing basic medical information, there is no shortage of applications for conversational AI in healthcare. These systems are not only improving efficiencies in healthcare administration, it is also improving patient care and helping streamline the workload of healthcare professionals.
- Financial services: AI is being used for fraud detection, personalized financial advice and automated trading systems. The integration of conversational AI in finance is also enhancing customer experiences and improving operational efficiency.
These applications are just the tip of the iceberg, as innovative companies continue to explore new ways to leverage conversational AI technology. The potential for growth in these sectors makes investing in conversational AI startups an attractive proposition for forward-thinking investors.
Innovative players in the conversational AI space
The conversational AI market is experiencing remarkable growth. In 2023, the market size was estimated at US$10.19 billion, with growth projections of up to US$79.4 billion by 2033. This represents a compound annual growth rate (CAGR) of up to 24.04 percent from 2024 to 2033.
This substantial growth is driven by increasing demand for AI-powered customer support solutions, advancements in natural language processing, and the integration of conversational AI across various business processes.
While tech giants like Google, Amazon and Microsoft are significant players in the conversational AI market, a new breed of innovative companies are making waves in this sector.
One such company is Syntheia (CSE:SYAI), a leader in AI-driven customer service solutions. Syntheia has garnered attention for its proprietary conversational AI platform, recently closed its oversubscribed go-public financing for proceeds of nearly $4 million which highlights the growing interest in this sector. Syntheia's focus on developing sophisticated AI solutions for customer engagement positions it as a company to watch in this rapidly evolving market.
Syntheia's value proposition
Focusing on the conversational AI market, Syntheia targets a projected market size of $32 billion by 2030, with a current valuation of $9.9 billion as of 2023. Through its platform-as-a-service (PaaS) business model, Syntheia emphasizes its innovative approach to enhancing customer engagement, with some key value propositions, including: a robust platform that features precise, human-like conversations; proprietary algorithms for natural language processing emphasizing tonality, sentiment and conversational behaviour; a proven track record with more than 750,000 successful AI conversations to date; and high growth potential.
Syntheia differentiates itself within the conversational AI market through its focus on creating human-like interactions. The company's proprietary algorithms go beyond simple question-answering capabilities, incorporating nuanced elements such as tonality and sentiment analysis. This approach allows for more natural and context-aware conversations, potentially leading to higher customer satisfaction and engagement rates.
Conversational AI benefits for businesses
The adoption of conversational AI offers numerous benefits for businesses across various sectors. In addition to enhanced customer experience with 24/7 availability and quick response times, this technology offers some strategic benefits for businesses, such operational efficiency, cost-reduction, scalability and consistency.
Another important benefit is the ability to generate data-driven customer and operational insights. Advanced AI systems can analyze conversation data for customer service improvement and capacity planning, among other things.
These benefits underscore why businesses are increasingly investing in conversational AI technologies and why this sector presents a promising investment opportunity.
Key takeaway
The conversational AI market presents a compelling opportunity for investors. With robust growth projections, diverse applications across industries, and continuous technological advancements, this sector is poised for significant expansion. Companies like Syntheia are at the forefront of this revolution, developing innovative solutions that are shaping the future of customer interaction and business operations.
As the market continues to evolve, staying informed about the latest developments and key players in the conversational AI space will be crucial for investors looking to capitalize on this growing trend.
This INNSpired article is sponsored by Syntheia (CSE:SYAI) This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Syntheiain order to help investors learn more about the company. Syntheia is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Syntheiaand seek advice from a qualified investment advisor.
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02 December
AI and Mobile Tech Offer Game-changing Shift in Autism Diagnosis
The convergence of artificial intelligence (AI) and mobile technology is ushering in a new era of healthcare diagnostics, particularly in neurodevelopmental conditions such as autism.
This technological synergy is not only transforming patient care through early detection and intervention, but is also creating compelling investment opportunities in the rapidly expanding healthcare AI market.
Investigating this emerging medical technology sector can provide valuable insights for investors who are looking to capitalize on these early-stage innovations.
AI healthcare market landscape
AI and machine learning are fundamentally altering the landscape of healthcare diagnostics. These technologies are enabling more accurate, efficient and accessible screening methods, especially for complex neurodevelopmental conditions.
This game-changing transformation is evidently reflected in current market conditions and projections. Precedence Research estimates the global AI healthcare market size will grow from US$26.69 billion in 2024 to US$613.81 billion by 2034 at a CAGR of 36.83 percent.
This exponential growth is driven by the increasing demand for innovative healthcare solutions, particularly as the prevalence of chronic diseases rises and the need for efficient patient care intensifies. In the neurodevelopmental space, where early diagnosis can significantly impact treatment outcomes, AI-driven solutions are proving to be lucrative.
Paradigm shift in diagnostic solutions
The integration of AI with mobile technology is democratizing access to sophisticated diagnostic tools. Mobile-based solutions offer several key advantages:
- Accessibility: Diagnostic capabilities are no longer confined to clinical settings, allowing for assessments in diverse environments.
- Cost-effectiveness: By leveraging existing smartphone technology, these solutions reduce the need for expensive specialized equipment.
- Early intervention: The ubiquity of smartphones enables earlier and more frequent screenings, crucial for conditions where timely intervention is paramount.
In neurodevelopmental healthcare, early diagnosis and intervention can significantly alter the trajectory of a condition. These mobile-based solutions can be particularly impactful in this area, especially among children. They empower healthcare providers and researchers to conduct assessments and gather data in ways previously not possible.
For conditions such as autism spectrum disorder (ASD) and attention-deficit/hyperactivity disorder (ADHD), AI algorithms can analyze complex patterns of behavior and neurological responses, potentially identifying subtle indicators that might be missed in traditional assessments.
Early and accurate diagnosis facilitated by these technologies can lead to:
- Timely interventions tailored to individual needs.
- Improved long-term outcomes for patients.
- Reduced healthcare costs through early detection and management.
- Enhanced quality of life for individuals and families affected by neurodevelopmental disorders.
Pioneering mobile neurological testing
At the forefront of this technological revolution is Australian health technology firm BlinkLab (ASX:BB1), founded by neuroscientists from Princeton University. BlinkLab’s groundbreaking innovation combines the power of AI and the ubiquity of mobile technology to provide a smartphone-based platform for effective and efficient neurobehavioural testing.
Key features of BlinkLab's solution include:
- AI-driven mobile diagnostics capable of conducting various neurobehavioral assessments, including prepulse inhibition and eyeblink conditioning.
- Remote testing capabilities, reducing dependence on local clinical resources.
- Partnerships with esteemed institutions, like Princeton University and Erasmus Medical Center, enhancing credibility and research capabilities.
- Demonstrated effectiveness in early diagnosis through clinical trials, showing significant sensitivity and specificity in identifying conditions like autism.
BlinkLab's approach not only enhances the accessibility of neurodevelopmental assessments but also provides a platform for ongoing research and development in the field.
AI and mobile tech in autism diagnosis
Through BlinkLab’s AI-based mobile phone app, healthcare providers are able to conduct neurobehavioural evaluation from anywhere. This enables remote and rapid testing to help diagnose neurodegenerative or neurodevelopmental conditions such as autism and ADHD.
There is no single test to date to diagnose autism. The current protocol for diagnosis typically involves a series of evaluations including screening questions, assessments and a behavioural evaluation of a child’s interaction with others.
BlinkLab’s smartphone-based diagnostic app uses minuscule facial reflexes, evoked by the app, to generate a digital biomarker for autism and sends the data to the clinician. The platform also AI modeling and analysis methods to map the brain functions in areas of the brain involved in autism.
Results of a recent large-scale study involving 441 children showed BlinkLab’s Dx 1 testing tool achieved a sensitivity of 91 percent and specificity of 85 percent. These results highlight BlinkLab’s technology’s significant potential as a rapid accurate test in autism diagnostics, a market expected to reach US$5.4 billion by the end of 2036.
This data also bolsters the confidence that BlinkLab Dx 1 will surpass the accuracy parameters required for regulatory approval in the upcoming FDA registration trial, scheduled to commence by the end of 2024.
Global impact and accessibility
The global reach of mobile-based diagnostic tools like BlinkLab's platform cannot be overstated. In regions where access to specialized healthcare is limited, these solutions offer a lifeline.
The widespread adoption of smartphones globally provides an existing infrastructure for deploying these diagnostic tools, potentially reaching millions who might otherwise lack access to early screening and diagnosis.
This democratization of healthcare access is particularly crucial for neurodevelopmental conditions, where early intervention can significantly alter the course of an individual's life. By bringing sophisticated diagnostic capabilities to remote or underserved areas, these technologies have the potential to level the playing field in global healthcare.
Investment landscape
For investors looking to capitalize on the burgeoning AI healthcare market, companies like BlinkLab present a unique opportunity. If growth projections for the AI healthcare market are any indication, early entry into this groundbreaking market could yield significant returns.
With its innovative approach to neurodevelopmental diagnostics, BlinkLab is well-positioned within this high-growth market segment. The company's focus on mobile-based AI diagnostics aligns with broader trends in healthcare technology, including:
- The shift towards personalized medicine.
- Increasing emphasis on preventative care and early intervention.
- Growing demand for remote healthcare solutions.
Key takeaway
The integration of AI and mobile technology in neurodevelopmental diagnostics represents a significant leap forward in healthcare. Companies like BlinkLab are at the vanguard of this revolution, offering solutions that promise to enhance early diagnosis, improve patient outcomes, and potentially reshape the landscape of neurodevelopmental care.
For investors, this rapidly evolving sector presents an opportunity to participate in the growth of a market that not only offers potential financial returns but also contributes to meaningful advancements in global healthcare.
This INNSpired article is sponsored by BlinkLab (ASX:BB1). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by BlinkLabin order to help investors learn more about the company. BlinkLab is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with BlinkLab and seek advice from a qualified investment advisor.
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27 November
Biden Admin Awards Intel US$7.9 Billion for Semiconductor Sector Growth
The Biden administration has announced a US$7.87 billion funding agreement with Intel (NASDAQ:INTC) under the CHIPS Incentives Program as part of its efforts to bolster the US semiconductor manufacturing industry.
The award represents one of the most substantial semiconductor manufacturing investments facilitated by the CHIPS for America program.
Intel plans to invest over US$90 billion in the United States by the end of the decade, enhancing the US capacity for manufacturing leading-edge semiconductors. These advanced chips are integral to crucial industries such as artificial intelligence and defense systems.
The company's expansion plan spans facilities in Arizona, New Mexico, Ohio and Oregon. The expansion is expected to generate approximately 10,000 permanent manufacturing jobs and 20,000 construction jobs across the four states involved.
The Department of Commerce’s direct funding will support Intel’s fabrication and packaging of these chips, addressing vulnerabilities in the global semiconductor supply chain.
Secretary of Commerce Gina Raimondo hailed the partnership as pivotal for revitalizing the domestic semiconductor industry and securing US technological leadership.
“The CHIPS for America program will supercharge American innovation and technology and make our country more secure,” she stated in the announcement.
Meanwhile, Intel’s CEO Pat Gelsinger reiterated the company's commitment to advancing semiconductor manufacturing on American soil, citing bipartisan support as a driving force behind the company’s investment strategy.
Intel’s semiconductor manufacturing process technologies, including Intel 3 and Intel 18A , are poised to contribute significantly to the US domestic semiconductor ecosystem.
CHIPS for America, part of the broader CHIPS and Science Act, is a cornerstone of the current administration’s economic agenda.
The initiative aims to re-shore critical manufacturing capabilities and stimulate economic growth, enhancing US competitiveness and addressing economic vulnerabilities.
Overall, CHIPS for America has allocated approximately US$19 billion in incentives to date, supporting projects across 20 states and facilitating the creation of an estimated 125,000 jobs.
Public investments in the semiconductor and electronics industries have played a large role in catalyzing over US$450 billion in private sector commitments in these industries since the beginning of the Biden-Harris administration.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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