Advanced AI based Recognition Technologies on a single platform

TRU RECOGNITION LTD (UNLISTED)

 

Tru Recognition Ltd was established in early 2016 with the focus of the Company to transform the Security Industry by leveraging security cameras for more than just security purposes. 

Tru Recognition developed a worldwide first-to-market solution for recognising the make and model of vehicles for billboard marketing purposes. Deployments included campaigns for Porsche, Lexus, Chevy and even Paramount Studios for the launch of the Transformer 5 movie. Canon and Tru Recognition jointly developed a demonstration lab in Sydney. Canon invited many of their customers to the lab where Tru Recognition demonstrated a wide range of analytics using Canon CCTV hardware. This technology included Facial Recognition, Licence Plate Recognition and Demographics Recognition as an example. Through this process Tru Recognition learnt that a range of large corporate customers were confused about which Recognition Technologies to choose. They were also not achieving the level of accuracy expected. Furthermore, they wished to maximise their CCTV assets and leverage them for purposes other than Security. This led Tru Recognition to create its world first RaaS (Recognition as a Service) platform, being a multi-side and unified platform which utilised best-of-breed Recognition Technologies. 

These technologies were complemented with a series of pre-processing and enhancement capabilities. Rather than building AI models, which would mean confronting significant competitors head on, Tru Recognition approach was to build a platform which was AI agnostic. This would deliver much higher levels of business value and enable Recognition Technologies to be scaled in a way not previously seen. 

Latest Tru Recognition News

KEY INVESTMENT INSIGHTS

Clear Business Strategy

Tru Recognition has addressed the key challenges facing both customers and Artificial Intelligence (AI) producers in their desire to use and leverage AI. These are as follows: 

  1. Existing security camera systems are not designed with AI in mind. 
  1. Customers are limited to single supply providers 
  1. Complexity makes sensor/camera AI difficult to deploy and scale at an enterprise level 
  1. Concerns relating to privacy and ethics 
  1. Difficulty commercialising AI models 
  1. The ongoing commoditisation of AI models 
  1. Difficulty getting the appropriate camera feeds and security access 

These dynamics combined with the ever-increasing number of AI engines currently available (110+ facial recognition, 70+ Licence Plate recognition, 60+ Vehicle Make/Model recognition and 10+ Safety Equipment recognition) has resulted in the commercialisation and investment returns for both customers and AI companies to be minimal. 

By developing technology that is AI agnostic, in conjunction with the ability to run multiple AI engines, Tru Recognition have addressed the concerns of both users and producers of AI models. In combination with globally recognised channel partners and a high margin low-cost SaaS revenue model Tru Recognition have a significant strategic advantage over any other local or global player in the Recognition as a Service (RaaS) marketplace. 

Scalable Business Model

The Tru Recognition platform is a highly scalable global RaaS platform. The customer simply has to select the required AI Recognition Engines from the marketplace. Minimal technical work and coding is required and therefore minimal cost is incurred by Tru Recognition. 

Gartner Incorporated estimates that by 2025 Recognition Technologies will be a standard element in more than 80% of new video surveillance installations (compared to less than 30% in 2020) It places Tru Recognition in the position to scale rapidly without high costs. In addition, with the best-in-class global strategic channel partners the business is ideally placed to enable companies worldwide to maximise their existing recognition assets. With global 5G networks requiring commercialisation by telecommunication companies Tru Recognition is in the ideal position for global expansion. 

Successful Management

 

Tru Recognition has key personnel with track records of outstanding success and achievements. Key appointments include: 

  • Ilario Faenza – Executive Chairman. Ilario brings over 25 years’ experience in the IT & Telecommunications industries at the highest levels. He is passionate about the development of strategic partnerships to spearhead innovation and facilitate succession planning. Ilario is a successful dealmaker in the creative consolidation of products and service companies. He has launched start-ups and IPOs, managed M&A for companies in a wide-range of sectors and is a sought-after board member both in Australia and abroad. Ilario’s experience in Europe and the US gives him a unique international perspective. 
  • Max Bolkovsky – Chief Operating Officer and Executive Director. Max Bolkovsky brings with him 25+ years professional experience to the TRU Recognition team, both in Channel and Vendor organisations. Throughout his career, Max has worked closely with revenue, field and marketing teams. He has been pivotal in accelerating growth whilst developing and implementing strategies to secure business success. 

 

High Barriers to Entry

Tru Recognition have developed their own unique platform with an integrated pattern of transcoding, decision modelling, replay video and decision support.  In conjunction with strong relationships with critical partners this will ensure minimal direct competition. Tru Recognition is unique in the industry as it is AI agnostic. Unlike all other players, Tru Recognition allows the customer to choose the best engines and algorithms from the marketplace. This has avoided significant development costs and the reduced value of investments in technology as AI engines become commoditised. 

Tru Recognition has also been developing a strong global sales channel with Ingram Micro (CloudBlue Marketplace) and 5G network infrastructure manufacturers to ensure unprecedented access to telecom carriers. By being first it has made it significantly harder for other players to establish relationships. It is estimated TruRecognition has a 12-to-18-month advantage over any competitor who desires to replicate the Tru Recognition offering. 

Significant Investment Upside

Tru Recognition is ideally placed to take advantage of the key growth drivers in the market, mainly: 

  1. Customers looking for enterprise solutions which scale and reduce complexity. 
  1. 5G telecommunication companies having invested heavily in their networks now looking to monetise their investment. 
  1. The global and rapid rise in adoption of AI in recognition technologies. 

It is estimated that as a minimum, there is a US $10 billion market opportunity for Tru Recognition. This does not include future and adjacent market opportunities. 

There are currently over 1 Billion CCTV cameras globally and growing at 30 % p.a.  This clearly underpins the growth that recognition technology will be undertaking in the future. 

Commercialisation

The RaaS Platform has global appeal with very strong commercialisation channels and opportunities. The RaaS platform addresses real world problems for customers thereby transforming their businesses via automation. 

RaaS leverages previous investment by customers in cameras and sensor technology, as well as managing end-to-end video & imagery pipelines across the enterprise in a highly scalable manner. This has not been previously possible. The one-stop plug and play marketplace and orchestration engine allows customers to select the best AI/Machine learning models and engines suitable for their needs. 

The scaling of recognition technologies, combined with monetisation and optimisation of 5G networks, will deliver financial benefits and increase efficiencies. This in turn will lead to significant RaaS opportunities unfolding. The benefits will include, but not be limited to: 

  • Single infrastructure 
  • Reduced video latency and bandwidth 
  • Repeatable processes, and 
  • Multiple recognition technologies using the same platform. 

Some examples of recognition technology that can be used are: 

  • Aggression recognition 
  • Heat maps 
  • Queue length recognition 
  • People counting 
  • Fuel drive-off recognition, and 
  • Empirical customer experience recognition. 

Tru Recognition is rapidly transitioning into a SaaS business (instead of a services/consulting company) as the RaaS (Recognition as a Service) platform rolls out. It is anticipated a gross margin of 80% or more will be achieved with limited or nil bespoke customer service required. 

 

Market Segments

Tru Recognition is currently focusing on four specific business areas with a geographic focus on Australasia. The four Industry sectors are: 

  1. Retail 
  1. Resources 
  1. Healthcare 
  1. Travel & Transport 

The primary focus on the commercial rollout is through channel partners – Telstra, xAmplify, Risk 2 Solution and a major international 5G provider. As the business grows and scales up Shipping Ports, Agriculture and Aquaculture segments will also be developed. 

Geographically the business will expand into North America and Great Britain. In May 2023 Tru Recognition launched into the North American market at the Ingram Cloud Summit with CloudBlue. The CloudBlue partnership will enable Tru Recognition to: 

  • Rapidly expand global scalability with access to 120,000 globally active reseller channels looking for new revenue channels 
  • Provide powerful service catalogues, ordering and automated provisioning 
  • Enable Tru Recognition to easily scale globally 
  • Enable “federation” and partnerships with telecommunication and cloud providers 

 

 

Global Partners

Tru Recognition has developed relationships with significant global channel partners both at a local and global level in a relatively short period of time. The implementation of the RaaS platform into Dallas, Texas with a global 5G provider is a major endorsement of the technology. The 5G manufacturer undertook a detailed financial analysis to validate the likelihood of success before commencing with the Company. The opportunity is globally significant to Tru Recognition though the business is not dependent on this opportunity for success. It does however significantly validate the RaaS platform. 

Reasons to Invest in Tru Recognition

Clear organisational vision.

“To be the leading worldwide recognition and correlation platform”.  

Market Differentiation.

    • No direct competition
    • Twelve-to-eighteen-month lead on any future competitor
    • Developed patentable IP and relationships with critical partners

 

Leverages the key growth drivers in the market place:

    • Rapid Enterprise Adoption of AI at a global level
    • Customers are looking for enterprise solutions which scale and to reduce complexity
    • Monetisation of 5G technology (has been built but underutilised)

 

Addresses the market challenges for AI users:

    • Leverages the significant underutilised investment in cameras and sensor technology
    • Provides a comprehensive approach towards privacy, security and ethics concerns
    • One stop plug and play marketplace allows customers to select the best AI/Machine learning models for their needs
    • Allows end-to-end video & audio imagery pipelines in a highly scalable manner that was not previously possible

 

Significant growing addressable market

      • $10B+ by 2025
      • Enormous adjacent AI markets – $42B by 2025
      • Currently 1 Billion CCTV cameras globally growing at 30% p.a.

    Recurring high margin revenue streams

          • Recognition as a Service (RaaS)
          • + 80% Gross Margins

     

KEY PEOPLE

  • Ilario Faenza

    Executive Chairman

    Ilario brings a wealth of startup experience to TRU Recognition, garnered over numerous years dedicated to such ventures. His extensive background in this area is poised to greatly benefit Tru Recognition. Notably, Ilario boasts a demonstrable history of successfully propelling business growth within the enterprises he’s been a part of, solidifying his track record as a valuable asset. Ilario brings over 25 years’ experience in the IT & Telecommunications industries at the highest levels. He is passionate about the development of strategic partnerships to spearhead innovation and facilitate succession planning. Ilario is a successful dealmaker in the creative consolidation of products and service companies. He has launched start-ups and IPOs, managed M&A for companies in a wide-range of sectors and is a sought-after board member both in Australia and abroad. Ilario’s experience in Europe and the US gives him a unique international perspective.

  • Max Bolkovsky

    Chief Operating Officer and Executive Director

    Max Bolkovsky brings with him 25+ years professional experience to the TRU Recognition team, both in Channel and Vendor organisations. Throughout his career, Max has worked closely with revenue, field and marketing teams. He has been pivotal in accelerating growth whilst developing and implementing strategies to secure business success.

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