RENOWORKS LAUNCHES FIRST PHASE OF BIG DATA AND ARTIFICIAL INTELLIGENCE TECHNOLOGY TO BUILD PREDICTIVE DESIGN PLATFORM FOR REMODELING INDUSTRY
Renoworks to bring deep learning and data intelligence to the remodeling and new home construction industry; Renoworks engages data services consulting firm to leverage its leading digital product assets and content library
CALGARY, ALBERTA, January 17, 2018 – Renoworks Software Inc. (TSXV: RW) (“Renoworks” or the “Company”), a leading provider of digital home imaging software and web solutions for new home construction and existing home renovations, is pleased to announce the initiation of its technology build to develop predictive design intelligence, the Renoworks Design Engine.
Renoworks has completed a comprehensive assessment of opportunities for Artificial Intelligence (AI)/Deep Learning applications, based on impact and viability. Renoworks has the development team in-place to provide the knowledge and tools required to develop and introduce these new platforms into the Company’s technology stack.
Renoworks Design Engine should assist and simplify the process for homeowners and contractors to visualize remodels and new home construction projects. Once deployed, the technology could rapidly provide more options and insights for enterprise, contractors and homeowners. Management believes the investment in Deep Learning/AI can be of strategic importance to creating value for the Company and its shareholders.
Doug Vickerson, CEO of Renoworks, stated, “The home remodeling and new home construction industry is an ideal space for deep learning and AI right now. Kicking off this technology build reaffirms our commitment to leading the industry by developing state-of-the-art intelligence.” Mr. Vickerson continued, “We are seeing very good traction for our visualizer platform, expansion of our digital assets, and can accelerate cutting edge technology and substantial market opportunities with our current team.”
Renoworks has engaged Shift Analytics, a leading strategic data services consulting firm headquartered in Calgary that specializes in business and data intelligence. Combined, Renoworks and Shift Analytics aims to provide deeper insights and further develop its dataset the Renoworks dataset to better inform the building products industry around design decisions. More specifically, data collected surrounding design and purchase behavior, specific brand interactions and affinity to certain manufacturer product will be used to inform the Company’s existing and future customers.
Mr. Vickerson stated, “Since inception we have operated our platform assembling a massive dataset in our digital product library so there is significant potential for data driven innovation and applications.” Mr. Vickerson explained, “The data collected will be very valuable to our clients in understanding consumer trends, behavior, and identify actionable insights that will add immense value to homeowners and contractors. Once configured, this new data platform will offer new solutions and opportunities for monetization.”
Renoworks Software Inc. develops and sells unique digital visualization software for the remodelling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodelling industry’s greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment – even in their own home – before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from four main business lines: Enterprise, Renoworks PRO, Renoworks GSB and Renoworks SDK (Software Development Kit). For more information, visit www.renoworks.com
For further information please contact:
Doug Vickerson, CEO
Renoworks Software Inc.
2721 Hopewell Place NE
Calgary, Alberta, Canada T1Y 7J7
For investor information please contact:
Contact Financial Corp.
810 – 609 Granville St.
Vancouver, BC, Canada V7Y 1G5
Forward Looking Information
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
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