red violet Introduces Geospatial Search and Information Retrieval Technology Within Leading idiCORE Investigative Platform

Rhea-AI Summary

Red Violet, Inc. (NASDAQ: RDVT) has announced the beta release of its advanced geospatial search technology via the idiCORE™ platform. This innovative technology combines geohash indexing and feature filtering to enhance data exploration, specifically tailored for investigative use. Initially applied to a comprehensive motor vehicle database, the release allows for detailed geographical searches and temporal filtering. Over 5,300 U.S. entities are expected to benefit from this tool, which aims to improve fraud detection and compliance. Full customer release is anticipated in Q4 2020.

Positive

• Launch of innovative geospatial search technology on idiCORE platform.
• Enhances investigation capabilities for over 5,300 U.S. entities across various industries.
• Initial application to a comprehensive motor vehicle database with plans for further expansion.
• Full customer release expected in Q4 2020.

Negative

• None.

BOCA RATON, Fla., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced the beta release of its geospatial search and information retrieval technology, available only through the idiCORE™ platform of red violet subsidiary Interactive Data, LLC (IDI).

By combining geohash indexing with wild card and feature filtering techniques, the technology enables users to leverage data in new and insightful ways. Powerful cross-linking of entities in IDI’s massive data repository enables efficient exploration of people, businesses, assets, and interrelationships, delivering greater and otherwise unattainable intelligence, including advanced understanding of both current and historical geographic relationships.

Initially applied to IDI’s comprehensive motor vehicle database with planned expansion across other data assets, investigators may select geographic regions defined by a center point and radius or a polygon through idiCORE’s intuitive application interface, with expanded vehicle search criteria including partial plate, make, model, color, model year, vehicle style, and more.  Interactive map-based specification of geographic areas provides a flexible mechanism to restrict search results to regions of interest.  Temporal filtering facilitates limiting results to those that are relevant to a specific time frame. Geolocation is implemented by indexing the geohash values of an adaptively discretized space filling curve.

“Driven by our focus on customer-centric solutions and led by innovation, we are pleased to deliver next-generation tools for the investigative community,” stated Derek Dubner, red violet’s CEO.  “Whether expanding views from the focal point of a crime scene or investigating fraudulent activity or other event-driven variables that dictate a geographic starting point, investigators now have the most advanced application to engage with data pertaining to specific locations, both current and historical.”

Built upon red violet’s proprietary, scalable, distributed memory, data processing platform, CORE™, idiCORE is currently used by over 5,300 U.S. entities, including fintech, collections, government, law enforcement, insurance, and legal, with use cases ranging from fraud detection and prevention, identity verification, due diligence, risk mitigation and legislative compliance.

IDI will expand the technology’s beta release through Q3, with full customer release expected in Q4 2020.

About red violet®
At red violet, we believe that time is your most valuable asset. Through powerful analytics, we transform data into intelligence, in a fast and efficient manner, so that our clients can spend their time on what matters most - running their organizations with confidence. Through leading-edge, proprietary technology and a massive data repository, our analytics and information solutions harness the power of data fusion, uncovering the relevance of disparate data points and converting them into comprehensive and insightful views of people, businesses, assets and their interrelationships. We empower clients across markets and industries to better execute all aspects of their business, from managing risk, recovering debt, identifying fraud and abuse, and ensuring legislative compliance, to identifying and acquiring customers. At red violet, we are dedicated to making the world a safer place and reducing the cost of doing business. For more information, please visit www.redviolet.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipate," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether IDI will expand the technology’s beta release through the 2020 third quarter with full customer release in the 2020 fourth quarter. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading "Forward-Looking Statements" and "Risk Factors" in red violet's Form 10-K for the year ended December 31, 2019 filed on March 12, 2020, as may be supplemented or amended by the Company's other SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:

Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com

FAQ

What is the purpose of Red Violet's geospatial search technology?

The geospatial search technology enhances data exploration for investigative use, enabling detailed searches based on geographic regions.

When is the full release of the geospatial search technology expected?

The full customer release of the geospatial search technology is anticipated in Q4 2020.

How many U.S. entities are expected to use the idiCORE platform?

Over 5,300 U.S. entities are expected to benefit from the idiCORE platform.

What features does the new geospatial search technology offer?

The technology offers features like geohash indexing, wildcard filtering, and the ability to conduct searches based on geographic areas and temporal criteria.

Which industry sectors will benefit from Red Violet's new technology?

The new technology will benefit sectors such as fintech, law enforcement, insurance, and legal industries.