Remark AI solution wins a $6 million 30-month recurring revenue subscription contract to provide Rio De Janeiro police cars with license plate and mobile facial recognition capabilities utilizing Remark's proprietary artificial intelligence solutions
Remark AI's license plate and mobile facial recognition solutions allow the police force to automate, screen and identify suspected vehicles and persons of interest while following their routine patrol traffic.
LAS VEGAS, May 31, 2023 /PRNewswire/ -- Remark Holdings, Inc. (Nasdaq: MARK), a leading provider of artificial intelligence solutions, today announced it has won the first phase of a rollout by the Rio De Janeiro police department to equip their existing police car fleet with license plate and facial recognition capabilities. The deployment, scheduled to be completed over the next 120 days, is a 30-month recurring revenue subscription contract valued at over $6 million. The current technical due diligence period, when passed, will immediately grant additional revenue opportunities for Phase 2 and Phase 3.
Remark AI partnered with iProp.Tech, a local Brazilian system integrator to execute and implement the requirements requested by the Rio De Janeiro police department.
"We are excited to partner with Remark AI to implement its proprietary artificial intelligence solutions to improve the license plate and mobile facial recognition capabilities requested by the Rio De Janeiro police department," says Eduardo Ventura, CEO of iProp.Tech. "Winning this contract establishes the credibility to bid for the $130 million opportunity solicited by the Sao Paulo City Government to provide license plate and facial recognition solutions throughout the city."
"This solution is just the beginning of many lucrative opportunities. With 26 states in Brazil, and only two states at this moment looking for these AI solutions, we have a lot of ground to cover. Since São Paulo and Rio De Janiero are the most influential states in Brazil, we have no doubt that the remaining states will start inquiring about the same solutions," Eduardo Ventura further commented. "In addition, the private sector in Brazil represents a tremendous opportunity as we work to provide better security for condominiums and residences, while reducing operational costs for the security team."
Omar Castro, Head of Latin American Sales at Remark Holdings, comments, "We are proud to be working with our partners on such a significant initiative to improve the safety and security in Rio De Janeiro. Before we started this project, the police in Rio did not have the resources to identify a person or license plate of interest in real time while on patrol. Now, with our proprietary AI solutions, we are providing them with the solutions needed to make this happen. We are honored to have landed a major project such as this one as our first in Brazil, and excited at the other opportunities this project has put in front of us."
About Remark Holdings, Inc.
Remark Holdings, Inc. (Nasdaq: MARK), the industry leader in AI powered analytics computer vision and smart agent solutions, delivers an integrated suite of AI tools that help organizations understand their customer demographics and behavior, while monitoring, understanding and acting on potential security threats in real time. Remark consists of an international team of sector experienced professionals that have created award winning video analytics. The company's GDPR-compliant and CCPA-compliant solutions focus on sectors including government agencies, hospitality, public safety, retail and transportation. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our home page at www.remarkholdings.com
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Company Contacts
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007
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