Internet of Things Technologies Company (iot squared), a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and STC Group (STC), has signed a Memorandum of Understanding (MoU) with Fogsphere, the region’s leader in AIoT and Computer Vision, to enhance cooperation in the field of Video Analysis and its integration with commercial and industrial IoT systems in the Kingdom of Saudi Arabia.
The MoU will further strengthen the industry’s 4.0 ecosystem along with commercial and public administration adoption of advanced, privacy-friendly, computer vision applications, in line with the Kingdom’s Vision 2030. It was signed by Mr. Othman Al Dahash, Chief Executive Officer of iot Squared and Mr. Pasquale Giampa, Chief Executive Officer at Fogsphere, during the Saudi Smart Manufacturing event in Saudi Arabia.
Through this partnership, Fogsphere will provide its computer vision and AIoT platform and engineering services to iot squared and support the development of its portfolio of AIoT-based solutions. The two partners will also collaborate to identify target markets, verticals and applications that require AIoT services in the Kingdom and provide them with the necessary solutions and State-of-the-Art AI algorithms.
Under the collaboration, iot Squared will enable enterprises and industries across the Kingdom to innovate new services, optimize operations and provide safer work environments via Fogsphere’s AIoT solutions.
Othman Al Dahash CEO – IoT-Squared
“Our collaboration with Fogsphere aims to accelerate the digital transformation of Retail, Industrial and PA with the adoption of AIoT technologies provided by Fogsphere, in line with the Kingdom’s Vision 2030 objectives. This will be achieved by adopting Fogsphere’s AIoT solutions that enable the Kingdom to overcome the limitations of market AI-only applications.”
Moreover, in line with the nation’s vision to fast-track digital transformation, Fogsphere and iot Squared will also cooperate in creating industry 4.0 use case in Saudi Arabia and leverage complex AI and computer vision implementations through its state-of-the-art, scalable and commercially flexible platform for AIoT use cases.
“The strategic cooperation between Fogsphere and iot Squared creates a solid beginning of a long-term relationship between the two parties. We are committed to supporting, with iot squared, all our customers and partners in Saudi Arabia to accelerate the digital transformation journey and the development of the industry’s 4.0 ecosystem, in line with the Kingdom’s Vision 2030,” said Mr. Giampa.
The agreement opened dialogues on various aspects of development, including new business opportunities and innovations within the public, commercial and industrial sectors. The cooperation would pave the way for the smart and fast adoption of the most advanced AIoT and computer vision technologies as a key enabler of the digital transformation initiatives in the Kingdom.
