FRONTEO Announces That More Than 50 Companies Have Adopted Products Equipped with Its AI Engine KIBIT
06 Julio 2017 - 8:00AM
FRONTEO, Inc. (“FRONTEO”) (NASDAQ:FTEO) (TSE:2158), a leading
provider of artificial intelligence (“AI”) based big data analysis
services, announced at its Ordinary General Meeting of Shareholders
on June 29th that more than 50 companies have introduced products
equipped with KIBIT, the AI engine developed by FRONTEO.
FRONTEO’s AI business includes the “KIBIT Knowledge Probe”
system for the supporting analysis of business data, the “KIBIT
Patent Explorer” system for patent research and analysis, the
“KIBIT Email Auditor” system, the “AI Process Outsourcing” system
that promotes processes that use AI, the “AI Utilization Expert
Development Program”, and the “Financial Institution Solutions”
system.
FRONTEO’s AI business had 45 companies as clients and achieved
280 million yen in sales in FY2016 (ended March 31, 2017), which is
more than double FY2015 (ended March 31, 2016) with 20 companies as
clients and 110 million yen in sales. Adoption of FRONTEO’s
services has continued to grow in the current fiscal year, and the
cumulative number of companies implementing the services is now
more than 50 as of June 29, 2017. These solid achievements are
results of increased awareness in the improvement of operational
efficiency and the creation of added value through the use of
companies’ text data assets, the increased understanding of the
implementation of artificial intelligence, positive customer
feedback regarding trial results that had been conducted up until
the previous year, and the Company’s ability to provide a full
range of related services for software products equipped with
KIBIT.
KIBIT Knowledge Probe is widely used in the
analysis of various text data handled by companies. In particular,
it is attracting attention for its improvement of customer
satisfaction, compliance efforts, and application in Regtech
(Regulation × Technology) for financial institutions. Further
developments such as the implementation to support the judgment of
fund managers during investments are expected. KIBIT Knowledge
Probe has also started to be used in HRtech (Human Resource ×
Technology) to improve retention rates by finding signs that point
to employee turnover.
Utilization of KIBIT Patent Explorer by
manufacturers is increasing, especially in the chemicals sector. In
addition to the utilization by professionals in human resource
development programs, Patent Explorer is also penetrating into the
intellectual property sector, such as the establishment of a
platform for KIBIT Patent Explorer users to exchange collected
information. In addition, KIBIT Email Auditor has been adopted by
foreign companies.
Products equipped with KIBIT offer affordable
implementation and running costs, and are highly regarded among
AI-related products as a result of their user friendly features,
application with a small amount of data, and their practical
effectiveness such as providing analysis results in a short amount
of time. FRONTEO will further strengthen the adoption of
KIBIT-related AI products while continuing to provide a sound
development and sales framework.
About FRONTEO, Inc.FRONTEO,
Inc. (“FRONTEO”) (Nasdaq:FTEO) (TSE:2158) supports the analysis of
big data based on behavior informatics by utilizing its technology,
"KIBIT". FRONTEO's KIBIT technology is driven by FRONTEO artificial
intelligence based on knowledge acquired through its litigation
support services. KIBIT incorporates experts' tacit knowledge,
including their experiences and intuitions, and utilizes that
knowledge for big data analysis. FRONTEO continues to expand its
business operations by applying KIBIT to new fields such as
healthcare and marketing. FRONTEO was founded in 2003 as a provider
of e-discovery and international litigation support services. These
services include the preservation, investigation and analysis of
evidence materials contained in electronic data, and computer
forensic investigation. FRONTEO provides e-discovery and litigation
support by making full use of its data analysis platform, "Lit i
View", and its Predictive Coding technology adapted to Asian
languages. The company name was changed from UBIC, Inc. to FRONTEO,
Inc. as of July 1, 2016.
For more information about FRONTEO, contact
global_pr@fronteo.com or visit http://www.fronteo.com/global/.
Safe Harbor StatementThis
announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the amount of data that FRONTEO expects to manage this year and the
potential uses for FRONTEO's new service in intellectual
property-related litigation, contain forward-looking statements.
FRONTEO may also make written or oral forward-looking statements in
its reports filed with, or furnished to, the U.S. Securities and
Exchange Commission, in its annual reports to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about FRONTEO's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: FRONTEO's
goals and strategies; FRONTEO's expansion plans; the expected
growth of the data center services market; expectations regarding
demand for, and market acceptance of, FRONTEO's services; FRONTEO's
expectations regarding keeping and strengthening its relationships
with customers; FRONTEO's plans to invest in research and
development to enhance its solution and service offerings; and
general economic and business conditions in the regions where
FRONTEO provides solutions and services. Further information
regarding these and other risks is included in FRONTEO's reports
filed with, or furnished to the Securities and Exchange Commission.
FRONTEO does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release and in the
attachments is as of the date of this press release, and FRONTEO
undertakes no duty to update such information, except as required
under applicable law.
CONTACT: FRONTEO Global PR
global_pr@fronteo.com
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