4 days ago
Exclusive: Dot Ai agrees to distribution partnership with Australia's CanTech
- Dot Ai has agreed to its first international distribution partnership with Australian specialist technology firm CanTech Group, according to a statement from the artificial intelligence-based software-as-a-service startup on Wednesday.
CanTech will act as a reseller and installation partner in Australia, helping clients use U.S.-based Dot Ai's cloud platform and real-time item tracking solutions.
The company, which offers a selection of tools that are designed to help businesses streamline their logistics and supply chain processes and bolster their operational security, said the collaboration comes as it is looking to expand its worldwide presence.
"With our first global partnership, we're not just entering a new region—we're establishing a model for future international deployments that blends local expertise with transformative technology," said Dot Ai CEO Ed Nabrotzky.
In July, Dot Ai announced that its manufacturing facility in Puerto Rico is now fully operational, adding that it is pushing to meet "rising global demand" and deliver "greater value" to its customers.
Shares of Dot Ai, which trades on the Nasdaq under the ticker "DAIC," have slipped by more than 12% over the past one-month period.
The firm went public in June via a blank-check tie-up with special purpose acquisition vehicle ShoulderUp Technology Acquisition Corp.
Along with the merger, Dot Ai said it has raised $12 million in so-called private investment in public equity (PIPE) financing to help support its strategic growth plans. These include the expansion of Dot Ai's research and development goals and go-to-market strategies as well as its manufacturing operations in Puerto Rico.
With PIPE deals, special purpose acquisition companies can raise additional funds from private investors like hedge funds and institutions in exchange for shares prior to the merger deal being completed.
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