Deepspatial AI Secures Major Government Contract worth $800,000 for its AI Platform

Rhea-AI Summary

Deepspatial, an AI company, secures an $800,000 government contract to address global food crisis. The contract spans three years and aims to deploy AI technology in over 4,500 locations in India. This strategic partnership signifies Deepspatial's commitment to public sector challenges and showcases its potential for growth and impact on food security.

• Strategic Initiative in Food and Civil Services Sector
• Pioneering Solutions for the Global Food Security Challenge

TORONTO, ON / ACCESSWIRE / March 20, 2024 / Deepspatial (CSE:DSAI)(OTCQB:DSAIF) ("Deepspatial" or the "Company"), an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI, is thrilled to announce a significant government contract valued at over $800,000. This end-to-end service agreement spans an initial period of three years, marking a significant milestone in Deepspatial's venture in addressing the global food crisis.

The global food crisis is affecting millions of people around the world. Global food insecurity and hunger are present everywhere around the world: from urban slums and isolated communities in the developing world, to cities in industrialized countries. the UN's Food and Agriculture Organization estimates the costs of food insecurity to the global economy to be as high as $3.5 trillion per year.¹ In 2023, record levels of acute food insecurity persist due to protracted food crises and new shocks. In 48 countries, 238 million people are facing high levels of acute food insecurity - 10% more than in 2022.² In 2023, the main drivers were conflict/insecurity, economic shocks, and weather extremes. The applicability of Deepspatial's AI platform in addressing food security presents promising growth prospects for the company across multiple nations while addressing a crisis which carries a significant economic and social toll to the global economy.

Over the next eight months, Deepspatial will deploy its cutting-edge AI platform across more than 4,500 locations within one state in India, starting in April 2024. This ambitious project aims to enhance public distribution, market enforcement, and consumer protection through advanced data analytics and AI technologies. Deepspatial's platform will ensure that essential goods and services reach those in need efficiently and effectively. This technology will play a pivotal role in enhancing market discipline and safeguarding consumer interests by providing real-time insights and analytics for decision-makers.

This strategic partnership was secured in collaboration with a leading system integrator, through a competitive bid and RFP process. The collaboration signifies Deepspatial's commitment to leveraging its proprietary technology to address complex challenges in the public sector, ensuring efficient service delivers and enhanced consumer satisfaction.

"We are excited to embark on this journey, expanding our footprint in the government sector," commented Dr. Rahul Kushwah, CEO of Deepspatial AI. "This contract not only signifies trust in our technology and team but also opens new avenues for us to make a substantial impact on global food crisis through AI." Deepspatial's expansion into the food and civil supplies domain underscores its versatility and the scalability of its geospatial AI solutions, promising to set new benchmarks in service excellence and innovation.

^{1https://www.citigroup.com/global/insights/citigps/food-security}

^{2https://reliefweb.int/report/world/global-food-crisis-what-you-need-know-2023}

About Deepspatial Inc.
Deepspatial is an outcome based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI. From finding the most efficient supply chain routes to knowing where to develop next, Deepspatial's AI-driven platform enables its clients to visualize what's going on, predict what's coming, analyze data, and optimize processes to make smarter decisions for a better future. For more information, visit www.Deepspatial.ai and follow us on Twitter, Instagram or LinkedIn.

Caution Regarding Forward-Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. 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 the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19;risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.

Contacts
For more information, please contact:
Investor Relations
Corey Matthews
Investors@deepspatial.ai

Chief Exeuctive Officer
Dr. Rahul Kushwah
Rahul@deepspatial.ai

SOURCE: DeepSpatial Inc.

View the original press release on accesswire.com

FAQ

What is the value of the government contract secured by Deepspatial?

Deepspatial secured a government contract valued at over $800,000.

How long does the contract with the government span?

The contract spans an initial period of three years.

In how many locations in India will Deepspatial deploy its AI platform?

Deepspatial will deploy its AI platform across more than 4,500 locations in India.

Who is the CEO of Deepspatial AI?

Dr. Rahul Kushwah is the CEO of Deepspatial AI.

What is the main focus of Deepspatial's AI platform deployment in India?

The focus is on enhancing public distribution, market enforcement, and consumer protection through advanced data analytics and AI technologies.