OrangeKloud partners with AI Singapore (AISG) to enhance No-Code App Building Technology with Artificial Intelligence

Rhea-AI Summary

OrangeKloud Technology Inc. (Nasdaq: ORKT) has announced a collaboration with AI Singapore (AISG) under the 100 Experiments programme to enhance its eMOBIQ® No-Code platform. The project aims to create AI agents that automate app development, eliminating the need for code syntax or manual drag-and-drop processes. This advancement will enable non-programmers to build enterprise applications rapidly using natural language, potentially reducing development time from weeks to hours.

The collaboration seeks to combine large language model (LLM) knowledge with enterprise domain expertise, positioning OrangeKloud at the forefront of Singapore's AI capabilities. CEO Alex Goh emphasized the potential for significant commercial value and benefits to Singapore's digital economy.

Positive

• Collaboration with AI Singapore to enhance No-Code app building technology
• Potential to reduce app development time from weeks to hours
• Enabling non-programmers to build enterprise applications using natural language
• Positioning OrangeKloud at the center of Singapore's AI capabilities
• Potential for significant commercial value

Negative

• None.

Insights

Tech Expert

This partnership marks a significant leap in no-code app development. By integrating AI agents into OrangeKloud's eMOBIQ® platform, the company is poised to revolutionize the app creation process. The elimination of code syntax and manual drag-and-drop operations could dramatically lower the barrier to entry for app development.

The potential to reduce app development time from weeks to hours is a game-changer. This could lead to increased productivity and innovation across various sectors. However, it's important to monitor the quality and security of AI-generated apps. The success of this venture will largely depend on the robustness of the AI agents and their ability to understand complex business requirements.

Market Research Analyst

OrangeKloud's collaboration with AISG could significantly enhance its market position. The no-code market is projected to reach $45.5 billion by 2025, with a CAGR of 28.1%. By integrating AI, OrangeKloud is tapping into two high-growth sectors simultaneously.

This move aligns with Singapore's Smart Nation initiative, potentially opening doors to government contracts and partnerships. However, investor should note that commercial success depends on effective implementation and market adoption. The company needs to demonstrate clear ROI for enterprise clients to drive widespread adoption and revenue growth.

Financial Analyst

While the partnership shows promise, its financial impact remains speculative. OrangeKloud (ORKT) investors should look for concrete metrics in future earnings reports, such as customer acquisition costs, retention rates and revenue per user. The CEO's mention of "significant commercial value" is encouraging but lacks specificity.

The collaboration could potentially reduce OrangeKloud's R&D costs by leveraging AISG's expertise. However, it may also necessitate increased investment in AI infrastructure and talent. Investors should monitor the company's operating margins and cash burn rate in the coming quarters to gauge the financial implications of this strategic move.

SINGAPORE, Aug. 20, 2024 (GLOBE NEWSWIRE) -- OrangeKloud Technology Inc. (Nasdaq: ORKT) (“OrangeKloud” or “the Company”), a Singapore-based technology company offering the eMOBIQ® No-Code platform for development of mobile applications, today announced a collaboration with AI Singapore (AISG) under the latter’s flagship 100 Experiments (100E) programme.

As per the collaboration, the project will:

• Create a chain of AI agents — autonomous software systems — that work together to build an automated app development process.
• Eliminate the need to utilize code syntax as well as manual drag-and-drop in the app-building process, enabling an environment where everybody, even non-programmers, can build faster and more easily via natural language.
• Build enterprise applications rapidly by leveraging state-of-the-art AI and proprietary engineering techniques to combine large language model (LLM) knowledge and enterprise domain expertise.
• Reduce the time needed to progress from an initial idea to a functional App, from weeks to hours.

“We are excited with this collaboration,” said OrangeKloud CEO Alex Goh. “Once deployed, this solution could place our company at the center of Singapore’s drive to enhance its AI capabilities. The synthesis of No-Code technology with AI has vast potential, we believe, for the rapid, intuitive creation of enterprise apps by non-programmers – a development that could have immense benefit for Singapore’s digital economy.”

AISG’s Director of AI Innovation, Laurence Liew, added, “Under AISG’s 100E collaboration with OrangeKloud, the utilization of AI together with OrangKloud’s technology has allowed the team to build a highly productive No-Code app building platform. This will accelerate OrangKloud’s customers ability to design, build and deploy apps quickly.”

Mr. Goh said that the collaboration has the potential for “significant commercial value.”

About OrangeKloud Technology Inc.
OrangeKloud Technology Inc. (NASDAQ: ORKT) is a Singapore-based technology company which offers the eMOBIQ® No-Code platform to develop mobile applications specially designed for Small and Medium Enterprises (SMEs) and corporations. A suite of eMOBIQ® mobile applications designed to digitalize and streamline operations in warehousing, sales ordering, delivery, manufacturing, and other key areas. The industry sectors focused on include Food Services & Manufacturing, Precision Engineering, Construction, etc.

About AI Singapore (AISG)
AI Singapore (AISG) is a national programme launched by the National Research Foundation (NRF), Singapore, to catalyse, synergise and boost Singapore’s artificial intelligence (AI) capabilities to power our future digital economy.

AISG will bring together all Singapore-based research institutions and the vibrant ecosystem of AI start-ups and companies developing AI products, to perform use-inspired research, grow the knowledge, create the tools, and develop the talent to power Singapore’s AI efforts.

AISG is driven by a government-wide partnership comprising NRF, Smart Nation Group (SNG), Infocomm Media Development Authority (IMDA), Economic Development Board (EDB), Enterprise Singapore (EnterpriseSG), amongst others.

For more information on AI Singapore, please visit https://www.aisingapore.org.

FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and OrangeKloud Technology Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

OrangeKloud Technology Inc. IR Contact:
1 Yishun Industrial Street 1 #04-27/28 & 34 A’Posh Bizhub
Singapore 768160
(+65) 6317 2050
Email: ir@orangekloud.com

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What is the purpose of OrangeKloud's collaboration with AI Singapore?

OrangeKloud is collaborating with AI Singapore to enhance its eMOBIQ® No-Code platform by creating AI agents that automate app development, enabling non-programmers to build enterprise applications rapidly using natural language.

How will the collaboration between OrangeKloud (ORKT) and AISG impact app development time?

The collaboration aims to reduce the time needed to progress from an initial idea to a functional app from weeks to hours, significantly accelerating the app development process.

What technology will OrangeKloud (ORKT) use to enhance its No-Code platform?

OrangeKloud will leverage state-of-the-art AI and proprietary engineering techniques to combine large language model (LLM) knowledge with enterprise domain expertise in enhancing its No-Code platform.

How does OrangeKloud's CEO Alex Goh view the collaboration with AI Singapore?

CEO Alex Goh is excited about the collaboration, stating that it has the potential for significant commercial value and could place OrangeKloud at the center of Singapore's drive to enhance its AI capabilities.