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spk02: Good afternoon and welcome to this Impixon Business Update call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. A telephone replay of the call will be available approximately one hour after the end of the call through April 1st, 2021. I would now like to turn the conference over to David Waldman, President and CEO of Crescendo Communications, LLC, the company's investor relations firm. Please go ahead, sir.
spk01: Good afternoon, and thank you for joining today's conference call to discuss Impiction's corporate developments and financial results for the 2020 fiscal year ended December 31, 2020. With us today are Nader Ali, the company's CEO, and Wendy Lunderman, the company's Chief Financial Officer. Today, InPiction released financial results for the fiscal year ended December 31, 2020. If you have not received InPiction's earnings release, please visit the company's investor relations page at ir.inpiction.com. During the course of this conference call, the company will be making forward-looking statements. The company cautions you that any statement that is not a statement of historical fact is a forward-looking statement. This includes any projections of earnings, revenues, cash, or other statements relating to the company's future financial results. any statements about planned strategies or objectives of the management for future operations, any statements regarding completed or planned acquisitions or strategic partnerships, and the anticipated impact of those transactions on our business, any statements concerning proposed new products or solutions, any statements regarding anticipated new customers, relationships, or agreements, any statements regarding expectations for the success of the company's products in the U.S. and international markets, any statements regarding future economic conditions, performance, including but not limited to the impact of COVID-19 on our operations, any statements of belief, any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this conference call and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Some of these risks are described in the safe harbor section of today's press release and in the public periodic reports the company files with the Securities and Exchange Commission. Investors or potential investors should read these risks. InPiction assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. In addition, to supplement the GAAP numbers, the company has provided non-GAAP-adjusted net loss and loss-per-share information in addition to non-GAAP-adjusted EBITDA information. The company believes that these non-GAAP numbers provide meaningful supplemental information and are helpful in assessing our historical and future performance. A table reconciling the GAAP information to the non-GAAP information is included in the company's financial release. I will now turn the call over to Nader Ali, InPiction's CEO. Please go ahead.
spk00: Thanks, David. Hello, everyone, and thank you for joining us. We've got a lot to cover today, so I'm going to jump right in. Despite the pandemic-related challenges that practically every business has faced around the world, 2020 continued to be a year of growth and expansion for InPiction. We grew revenue by 71% in the fourth quarter and 48% for the year compared to the previous year periods. Even sequentially, from Q3 to Q4 in 2020, we saw approximately 50% growth. We've acquired new technologies to expand our product offerings and market opportunities. We acquired new customers, and one of our new customers uses our technologies to help visualize the tracking of COVID-19 vaccine production, and something we're very proud of to be a part of, and I'll talk about some other customers in a bit. We also expanded our customer base and operations in Europe with new offices in the UK and Germany. And with the Nanotron acquisition in Q4, we entered new verticals like industrial, mining, transportation, and even smart farming. In addition to the growth and expansion, we've also continued to innovate and improve on our products. I want to touch on a few of those points with you. We launched a new version of our InFiction mapping platform. And really, what we were trying to do there was to support large enterprise organizations. And to do that, we simplified integration with third-party data and apps. We added single sign-on to manage multiple accounts, which is a key time saver for our larger partners who administer maps for several clients or tenants. We added UWB detection and IPv6 support for our InFiction Aware sensors that detect known and unknown devices and enforce no phone zones. We've also been adapting our depiction analytics to ingest data from our RTLS product line and to address new use cases and verticals as customers think about safety and security in the new hybrid work environment that we're all facing today. These analytics provide insights into space utilization to help plan staffing levels or to measure crowd density by zone. Some specifics here on the analytics side, there's new calendar views which allow users to quickly examine dates of interest, or maybe analyze specific zones with heat maps to scan for crowding and bottlenecks. Additional features we've added include loyalty metrics, event analysis. We've integrated weather data. Voice recognition and chatbot functionality has also been added. So lots of interesting developments on the analytics front. And let's go to the RTLS products. We've been improving, expanding, and expanding our capabilities there for more verticals that increase productivity and safety at work. I'll get into some very interesting and real-life customer examples that we're working with later in the discussion here. And then as you saw in a recent press release, we also introduced a new CO2 sensor for use in measuring indoor air quality. an important indicator of COVID and other pathogen transmission risks. So the total impact of all these capabilities gives us a significant technical and unique advantage. Unique because I think we're the only company that I know that's integrating all of these key components of indoor intelligence into one platform, which really saves our customers time and money and can deliver better ROI. And I'd say the market is taking note of these accomplishments and what we're putting together here. We've been recognized and profiled by Gartner, which I'm sure, as many of you know, is trusted by large enterprise executives in several key areas. Two years ago, Gartner recognized us for the first time only as a niche player. Since then, in 2020, we've advanced firmly into the visionary quadrant. And then in this year's 2021 Magic Quadrant Report, we saw advancements, again, both on our ability to execute and completeness of vision, which are the two measurements that they look at. Also this year, we were rated by Gartner for our ability to offer critical capabilities across various indoor location services cases, including zone asset tracking, people tracking, RTLS for indoor location services. So pretty excited about the recognition and the support we're getting there. I don't know if you saw, but earlier this year we released our inaugural State of the Indoor Intelligence Survey. which analyzed the results of 143 responses across a range of industries and company sizes regarding the rate of adoption of indoor intelligence technologies during and following the pandemic. From our perspective, the study confirms that the adoption curve associated with indoor intelligence technologies is accelerating. We're seeing that from other sources, and we'll touch on that in a minute. Indoor intelligence solutions are being used for multiple purposes, including organizational operation improvements, customer-facing solutions, and employee-facing solutions. The top use cases deployed through 2020 covered job site, worker safety, building energy efficiency, asset tracking, and indoor navigation and wayfinding. And you'll see that that correlates with some of the use cases and customers that we're working with, so that tracks very nicely with what we're seeing. Given these and other findings from our research, it's evident that workplace transformation and the digital workplace solutions are going to play a huge role in 2021. And we're going to dig into that a bit here as well. And in fact, if you take a look at some of the outside research beyond just ours, you'll find that the pandemic has also accelerated real estate digitization programs, so essentially mapping, hybrid working models, and space rationalizations. Lots of companies are thinking about how to rework their spaces, how much space do they need in this new hybrid working environment. Corporate enterprise organizations here in the U.S. and in most parts of the world still haven't opened, as you guys know, but they are eager to get started, right? And they need to reinvent what that office environment will look like, and they need to prepare now because there's lots of talks about vaccination rollouts and timings, and people are all starting to think about similar timeframes. of reopening, so we're seeing a lot of interest and demand starting to heat up now because everyone's thinking about the same timelines. In the U.S., certain geographies are a little bit lagging behind, but there's definitely momentum in that movement. The adoption of technologies and solutions that facilitated remote work capabilities were a necessity over the last years, as I'm sure you've seen with Zoom and other solutions out there. While many businesses find that they can be reasonably productive with employees working remotely, many employees also found that it was difficult to work from home, right? So there's a mix of results there about working from home, and that's what's really driving this hybrid model. So not surprisingly, employers are planning and anticipating, you know, a hybrid workforce model that's going to continue to be here and to be able to offer flexible work locations to their employees to both increase safety and to appease what workers want and what employees want. Not everyone's looking for a five-day work week in the office, right? So some folks want to completely stay at home, some folks want to be in the office all the time, but there's going to be a mix of these things, and that's here to stay even after the pandemic disappears. In addition, there's also been a high emphasis on ensuring safety and security of employees in the work environment. How that looks and what that will entail in light of the most recent challenges is going to be a lot different than what it was in the past when we thought of safety and security, right? So, you know, whether it's COVID-19 or a future pandemic or other safety issues, this is now starting to play a bigger role in how businesses are thinking about safety in the workplace. So we're actually seeing the timing come together, as I mentioned, and we're anticipating that the traditional back-to-school season will also be a back-to-work season, if you will. So we're talking to a lot of large enterprise organizations are looking to reopen their businesses safely during the summer and fall. So they need to start thinking and planning and putting in solutions now to make that happen. So responsiveness, adaptability, flexibility, these are the important attributes of the new normal that businesses are thinking about. And they need to be smarter, safer, and secure, and InViction's ready to serve these customers. So let me tell you about one of our customers that's going through this right now, and how we're helping them to address these new challenges. Sorry, my voice is a little hoarse. I'm just getting over something, but bear with me. So this is a model where we're implementing actually with this customer, but also several other customers. And what we expect will be what's expanding in the coming months with many clients. And while we're limited by confidentiality in naming this customer, I can tell you they're one of the largest companies in their industry. They have more than 10,000 employees and numerous locations around the globe. So here's the problem they shared with us, and it's the same problem again that we are seeing countless of other large companies facing. So they said, look, we're planning to reopen our offices soon. Some of our employees don't feel safe coming back in, and they'd like a flexible work location setup. So how do we, meaning the customer, how do we practically speaking provide a Environment that both reduces the chance of infection and helps our employees feel safe. How do we transition to a hybrid workplace with flexible work locations and scheduling? How do employees collaborate while some people are in the office and others are at home? How do we keep remote workers engaged? And how can we respond if we're notified of infected workers at our location? So to work through some of these challenges for this customer, we've now mapped over 1.5 square million feet of space. It's their headquarter campus with more than 15 separate buildings and 30 floors. The implementation requires complex and detailed mapping of the campus grounds. And by the way, many of our competitors would likely struggle managing the implementation of this magnitude. Their platforms just aren't responsive enough and would probably slow to a crawl doing the scale that we're talking about here. We've plotted and labeled the location of entrances and exits and valid pathways, destinations, amenities such as restrooms and other points of interest. And this work enabled the app user, the employee, they have an app, to search for and navigate to the desired destination. And it even offers turn-by-turn directions as they walk using our on-device positioning. So you can start seeing how our core technologies of mapping and on-device positioning, et cetera, are really driving this new return to work, right, in this hybrid model, because desks and offices are going to transform into generic ones that you will book and use as and when you come into a particular location. Next, we needed to allow for a flexible work location model. So to allow employees to book desks to work and rooms to collaborate. So we plotted nearly 5,000 individual desks and meeting rooms for this client. That's a level of detail that you will not see in most corporate mapping deliverables. Our maps, combined with our partners' app features, allows employees not only to reserve their workspace, but also to help ensure social distancing because the administrator can, for instance, turn off the availability of every other desk. So we're still kind of facing and living with certain rules and conditions of social distancing and pandemic restrictions, so that still has to be in the background here while companies are reopening and bringing employees back in. So we can help facilitate that. And for the employee, when they open their employer-provided app, you know, they'll get information like the company news feed and events listing. And most importantly, from our perspective, they'll see available spaces and they can now plan out their workday. The employee can find an appropriately socially distanced desk that's available. They can book a conference room or maybe, you know, book desks near other folks that they're collaborating with, search for particular amenities, whiteboards, flame monitors, other assets that the business may have because you can integrate asset tags into all of this as well. Really allowing business owners and facility executives to invest in the workplace and leverage technologies and solutions that will help them deliver on this hybrid work location. And that's what's going to attract and also help retain employees and to keep remote workers engaged and feel safe when they're coming back. So we're definitely seeing really strong demand for this new, smarter, safer, and secure workplace. And I'm really excited that we've got the ability to drive this transformation. Our teams have been working hard to adjust and pivot our solutions to help customers as they are reopening their offices. So let me switch gears a little bit because there's a whole other area that we are anticipating significant growth with and is opportunities for indoor location. And that's with RTLS technologies, real-time location services. So our acquisition of Nanotron at the end of last year has given us a strong foothold in this arena. Ultra-wideband, which we talked about on several calls, and CSS technology, the chirp technology, those RTLS tags and anchors are critical to helping employers keep their workers safe and inherently in inherently dangerous environments such as mining, industrial, or even factory settings, and I'm going to talk about a couple of examples there. These environments require real-time positioning of people and assets with positions and distance measurements that need to be calculated in milliseconds for worker safety use cases such as collision avoidance and proximity. Historically, our RTLS solutions have been offered in these sectors as modules or components of a third-party tag or solution. So we're extending our capabilities, investing in this area to deliver solutions to meet the needs of customers in these sectors with our own tags that incorporate both UWB and the CSS TRIP technologies. So let's talk about a few examples of how our customers are using these RTLS solutions in the mining and industrial factory settings. And I'll also share some examples of how this technology is being applied in some new areas as well. And if you look at the Gartner reports, et cetera, you'll see that this is, RTLS is one of the biggest segments in indoor locationing and generates a lot of dollars. So this is why we did this acquisition in the first place and why we're continuing to invest. So, you know, in my mind, I'm thinking of the office, return to office space as one big category. Factories, as you know, have been running for the most part even during COVID. And so this is another area that we think is really important. a growth potential for us and we're excited to be part of. All right, so mining is one sector that we think is definitely, you know, has some tough challenges. It's a dangerous environment and expensive to operate. Employers, you know, have to keep their workers safe, but they also need to comply with stringent government-imposed safety regulations. It requires real-time positioning of people and assets. Not near real time, this is real time, because knowing, for instance, that a person and a truck were on a collision course 10 seconds ago is not good enough. Positions and distance measurements often need to be calculated in milliseconds, as I was saying, and we can deliver to these requirements with our solutions. So we have a customer in the mining industry, we actually have several, that has integrated our transceivers into the light assembly that goes on a miner's helmet. They call them cap lamps. They've also integrated our technology into units attached to mining trucks, diggers, and haulers. They've attached them to ceilings and portals in key locations throughout the mine's tunnel system. And the result is, one, they can quickly locate workers, vehicles, and equipment. They don't waste time, right? If they need truck 72, they can go right to level 12, section 5A, and find truck 72. Two, we enable their collision awareness system. So specifically, if two vehicles or a person in a vehicle are getting too near one another, a yellow light provides a warning, and it gets progressive alarms going from yellow to red, and then to an audible buzzer as they get closer and closer. Three, ventilation is really important, as you can imagine, in these mines. Ventilation on demand. So mining ventilation that includes heating, cooling, and air exchange is a significant cost contributor for underground mines. So knowing the position and counts of your miners and machinery allows you to trigger ventilation activation and in the optimum volumes depending on where the activity is taking place. Plus there are a number of other intriguing applications of automation. So for instance, a vehicle's location can trigger the opening of a door as it approaches. They can even change traffic light signals to give priority to a heavier-weighted vehicle. So we're not only providing ROI in terms of safety for these customers, but also in terms of productivity and efficiency that definitely impact dollars. We also have another customer that we're working with to provide tags with our CSS and ultra-light bend technology for use in the factory setting in order to really enable real-time visibility of equipment and other critical assets within their facility to increase operational workflow efficiencies. Pretty standard across most industrial manufacturing type factories and what you would see in a production line for worker safety and things like that. So for worker safety to detect worker movement within and around specific sensitive areas and zones to automatically inform safety personnel of their status and location, things like that to drive this. And in this scenario we're extending our historical RPLS product line from modules and chips being included as components of a third-party product to really moving to our own complete solutions for the industrial manufacturing sector. So we're able to do this because we can leverage InPICTION's broad set of technologies, capabilities, and experience with finished sensors, anchors, tags, etc., and combine it with also our front-end capabilities with user interfaces, our analytics platform, our maps. So we're a Nanotron, you know, really – And we'll continue to, you know, move forward on the sprint with chips and modules. We're now taking it up the stack with complete solutions in the industrial manufacturing space. This not only helps us compete with some of the RTS leaders, but also significantly increases our ASP, our average selling price. These kinds of use cases can not only increase safety and lower costs, they can ultimately result in more, in the industrial use cases, more tons of hauled equipment or et cetera to the surface and provide other key metrics for these customers. So as I mentioned, some of these technologies are being applied to solve problems with new use cases in new industries. So I want to touch on a couple of new use cases that are kind of interesting and wouldn't have come to my mind right away. We have a customer, for example, in a country where large public pools are very popular and very crowded. So many of the visitors aren't great swimmers and the pool mandates each swimmer wear a rubber cap with a locator. So in this case, UWB transceiver tags are attached to the swimmer's caps and they communicate with our UWB anchors and location engine. If a swimmer's radio signal strength drops below a certain level for too long, which will happen if the swimmer goes underwater for too long, the lifeguard is alerted as to their location. And not only that, the parents of a child can monitor the well-being of a location, the well-being and location of their child in the pool through an app on their phone. So, you know, very diverse use cases where RTLS can have an impact. And safety and security is what drives, you know, many of these solutions, so we talked about collision avoidance. I'm talking about the swimming pool case here. And that's, you know, tied to what we set out in our vision within FICTION, which is to do good with indoor data. So I love these use cases where we're really helping, you know, provide safety and security for people that are involved and engaged with our solutions. But we're just scratching the surface of the many, many applications for RTLS and ranging solutions. And as we've discussed in the past, UWB is an important technology and will continue to be so in the future of indoor intelligence. We've talked about Apple incorporating into their phones and Samsung and others are also doing this. And so in particular with RTLS, this will continue to play a big role. Along with that, it's made us think about partners and opportunities in the space and seeking advice on how to grow this business. So I'm pleased to share with you guys that Rick Clemmer, who's the former CEO of NXP Semiconductors, a leading provider of embedded controllers for the industrial Internet of Things, mobile and communications infrastructure. He's going to be joining InPICtion as a member of its advisory board. Rick's expertise and experience with UWB and related technologies, and of course, his general business acumen will be invaluable to InPICtion, and we are lucky to have someone of Rick's stature involved in working with us. We are also co-investing with Rick in an app-based sports performance analytics firm called Game Your Game. Game is currently focused on the golf industry with a suite of products that leverage IoT sensors, maps, and location technologies to serve golfers and golf facilities with products that are designed to help players improve their scores, and to enable course managers, greenskeepers, and architects to lower costs and improve the pace of play. So this is just one example of how the sports industry is also leveraging location-based technologies, including IoT sensors, mapping and RTLS technologies, and the data that can be derived for them to help understand and enhance player and team performance, to increase fan engagement, to increase safety and improvement, improve operational efficiencies in sports venues. And this information can be leveraged by the players, coaches, sports broadcasters, fans, teams, venue owners, and managers. We're seeing that across the sports industry, from the NFL and others, start using this type of technology. So this is another interesting use case and opportunity that I think we can definitely, you know, look at as growth potential for InPICtion in the future. And we started with this, you know, co-investment with Rick. But I think that's another area that will continue to be an opportunity for us. So to summarize, we are growing revenue. We're innovating our products and expanding our solutions and experiencing incredible demand in this return to office space that I've talked about, which we're investing more and more of our time and resources into. And I believe that trend will continue, and I'm very bullish on where that could lead in the coming quarters as companies across the globe try to figure out how to get back to work in this new normal that we're all living in, in terms of hybrid work models. So suffice it to say, we're looking forward to a great 2021. You know, I think companies are We're going to have to start moving now to be able to reopen in the summer and fall. And so we're definitely seeing that top of the funnel interest and demand and looking forward to converting that as we execute and grow in 21. So in a bit I will come back and answer some of the questions that you submitted to our IR firm. But first I'd like to turn it over to Wendy Lunderman our CFO for discussion on the 2020 financial results. Wendy?
spk03: Thank you, Nala. Revenues for the year ended December 31, 2020, were $9.3 million, as compared to $6.3 million for the comparable period in the prior year, for an increase of about $3 million, or approximately 48%. Revenues increased approximately $1.2 million from the SISDOT licensing agreement, approximately $900,000 from the Nanotron acquisition, and approximately $900 from $900,000, I apologize, from existing product lines over the prior comparable period. Gross profit for the year ended December 31, 2020 was $6.7 million compared to $4.7 million for the comparable period in the prior year for an increase of 42%. The gross margin for the year ended December 31, 2020 was 72% compared to 74% for the year ended December 31, 2019. This decrease in margin is primarily due to lower gross profit margins from the Nanotron acquisition. Loss from operations for the year ended December 31, 2020 was $23.8 million as compared to $20.8 million for the comparable period in the prior year. This increase in loss of approximately $3 million was primarily attributable to higher operating expenses offset by the increase in gross profit for the year ended December 31, 2020. Net loss attributed to stockholders of depiction for the year ended December 31, 2020 was $29.2 million compared to $34 million for the comparable period in the prior year. This decrease in loss of approximately $4.8 million was primarily attributed to the increase in operating expenses offset by the increase in gross margin and the decrease in the valuation allowance adjustment. Non-GAAP adjusted EBITDA for the year ended December 31, 2020 was a loss of about $17.1 million compared to a loss of $11.1 million for the prior year period. Non-GAAP adjusted EBITDA is defined as net income or loss before interest, provision for income taxes, depreciation and amortization, plus adjustments for other income and expense items, non-recurring items, and non-cash items, including stock-based compensation. Perform a non-GAAP net loss per basic and diluted common share for the year ended December 31, 2020 with a loss of $0.71 per share compared to a loss of $18.75 per share for the prior year period. Non-GAAP net loss per share is defined as net loss per basic and diluted share adjusted for stock-based compensation, amortization of intangibles, provision of doubtful accounts, severance costs, acquisition costs, costs associated with public offerings, and one-time charges, including the loss on exchange of debt for equity and valuation allowance adjustments. Cash on hand at December 31, 2020 was approximately $18 million. However, we raised approximately $78 million in net proceeds since January 1, 2021, from sales of our securities, including the exercise of warrants. This concludes my comments, and I'd now like to turn the call back over to Nader.
spk00: Great. Thanks, Wendy. David, would you please lead us through the Q&A discussion?
spk01: Yes. Thanks, Nader. And like last quarter in our earnings data announcement press release, we suggested interested parties submit their questions in advance. We'd like to address those questions for you now. Some of them were duplicative, so we did our best to reconcile those where possible. If you have any further questions after the call, please feel free to follow up with Investor Relations and we'll be sure to respond as quickly as possible. So our first question, you recently raised a good amount of money and state the use of proceeds may include future acquisitions or other strategic activities. Can you elaborate on this?
spk00: Sure, yeah. As I discussed over the course of the call, we're definitely in a solid financial position to execute on our growth strategy. This may include acquisitions that complement or further enhance our overall platform and would ideally be creative earnings. That's what we're typically looking for. The bottom line is that we intend to put this capital to work to deliver growth in terms of top line, bottom line, as well as our stock price and market cap. So that's the focus of how we're gonna invest this capital and where we're headed with it.
spk01: Great, thank you. Our next question, you mentioned you're working with Fortune 500 companies and large pharmaceutical companies, but have not released any names. Can you give a better sense of the types of companies and some examples of the work you're doing for them?
spk00: Yeah, so, you know, Most of our customers, as you've heard me say in the past, don't allow us to name them. And these are typically larger household name type companies that for security or other reasons decide not to share that information. So we've talked about some of our customers today, but I can share a few descriptions of the types of companies that we engage with and work with. And even some of the examples today you heard me mention. you know, tens of thousands of employees or millions of square feet. So I'll help you understand that, you know, we are dealing with larger companies. But, you know, some clients are, for example, a major technology company that's looking at managing employees and visitors for security purposes. And then also thinking, you know, about contact tracing. And now is going to have to think about, you know, the return to work stuff that we've talked about today. We've got a major pharmaceutical company for our mapping and asset tracking capabilities. an international hardware manufacturer for both our mapping and wayfinding solutions on their campus and with our partner implementing desk booking and hoteling for their office space. I would probably add that our pipeline is growing significantly as companies look to reopen the offices as I alluded to in the call. So we're engaged with a variety of companies including multi-billion dollar financial services companies, technology companies, manufacturing, online marketplace companies, and of course, government agencies that we traditionally work with. And I've been listening to some of these customer calls, and it's clear the customers have some real pain points that we can help solve for them as they're reopening. So it's an opportunity for us to see that we've got real product market fit as we move forward with these solutions. So we're excited about that.
spk01: Great, thank you. Our next question is, we see that you have continued to hire. Can you expand on if and how these hires are helping to generate additional revenue?
spk00: Sure, yeah. I mean, we are hiring primarily in sales, marketing, and customer success to drive and support the expected growth and revenue. We're focused on scaling this business, and that does require some upfront investment in these areas.
spk01: Great, thank you. Our next question is, what are the future projections for the company?
spk00: Well, so we don't provide guidance, haven't provided guidance historically or projections related to the company. But as I stated before, we do believe our solid financial position combined with the increased interest in the solutions and the acceleration in the market that we're going after do you know, make me feel optimistic about our growth as well as our ability to execute on these new markets and verticals.
spk01: Great, thank you. Our next question is, outside the pandemic tracing efforts, what are the top industries or uses where in-piction products will be leveraged?
spk00: So the biggest demand, again, that we're seeing is around this whole return, you know, to the office, the new hybrid work from home or office model. And that's across different industries or verticals if you will. And so I believe that will drive definitely a lot of growth for us. And the best thing about it is it's global. So we're seeing opportunities not only here in the U.S., but across the globe. And then second would be the RTLS market. I mentioned that that's also one of the biggest segments in the indoor location space. And sometimes through older technology solutions with RFID, and so we've got an opportunity to grow that business with our ultra-wideband solutions. So we've got a lot of untapped potential with our products and how we apply them to these industrial manufacturing sectors. And then finally, I'd say, you know, one of our core swim lanes and really the foundation of where InFiction got its start is in the security and safety space with our sensors or device detection sensors and so those are typically larger dollar value projects up front and you know there's interest from government agencies and certainly large commercial customers alike so that's that continues to be a potential growth opportunity for us great thank you and our last question is are there any plans to get the platform into hospitals
spk01: or if you're already working with hospitals to get infection mapping integrated. If so, are there any prime areas or hospitals the company is already working with?
spk00: Yes, absolutely. So we are currently deployed and active at a number of hospitals, including multiple locations of the national chain. Hospitals are a great fit for us, right? One, because they're usually complex facilities. We've all probably gotten confused trying to find a a lab or, you know, a patient's room. So they use this a lot for wayfinding, intelligent navigation, but we're also working with healthcare-focused solution providers to integrate with systems such as asset tracking to find, you know, IV pumps or other equipment that you'll typically see in the hospital, and also for patient experience apps. So, you know, for instance, you integrate maps with appointment scheduling systems and visualize wait times on a map and, of course, then for wayfinding. So yes, we've had good success in hospitals and we'll continue to pursue them strongly because we think we can help improve patient experiences, reduce costs, and generally enhance the safety in hospitals.
spk01: Great. Thank you. Well, that concludes the Q&A and I'll turn it back over to you for the close.
spk00: All right. Thanks, David. So in closing, I guess I want to highlight just You know, our goals and objectives for success before I leave you. So, you know, one, I would say it's our goal is to really establish ourselves as the leader in the indoor intelligence market. You've heard me say before that it's fairly fragmented. There's no 800-pound gorilla, if you will, right? There's some legacy players on the RTLF side with older technologies. There's the CISCOs and RUBAs that have some indoor locationing analytics, you know, as a byproduct of their access points but not their main focus. So, you know, we intend to become the premier provider for indoor intelligence, delivering the power of mapping, locationing, and actionable intelligence for smarter, safer, and more secure environments, and really tap into, you know, the growing industry demand in this space. Organizations are increasingly realizing the value of indoor intelligence and how it can be leveraged, right? And we talked last time about how The pandemic actually created more awareness around the value and use of indoor data, and so we're continuing to see that as people return to or make plans to return to the office. We're targeting industries with the highest rate of adoption and looking at areas like commercial real estate or corporate enterprises, manufacturing, industrial, healthcare, which we just talked about, as well as financial services. In terms of growth, we're also looking at acquisitions and collaborations. So we continue to value various strategic transactions, including companies with technologies and intellectual property that will complement our goals by adding technology, differentiation, customers, geographies that we may not have a presence in, and certainly revenue. And we're also primarily looking for accretive acquisitions that have business value and operational synergies. that can offer us cross-sell and up-sell opportunities. And certainly, we have a solid balance sheet that we're going to leverage. We have $18 million of cash. And as you heard Wendy say, we've raised net proceeds of approximately $78 million. This cash will help us not only meet our operational requirements, it's more than sufficient for that, but also to invest in the growth. And MIA is a part of that, but we're also looking to grow this business organically, and so we're looking forward to showing those results in 21. So I'm very optimistic about the possibilities and opportunities for InPICTion 2021 and our growth trajectory and what I'm seeing here. And so with that, I'd like to thank you all for joining us today and shout out to our customers and partners and our amazing employees across the globe for your continued support. Thank you, everyone. Take care.
spk02: Thank you, ladies and gentlemen. This does conclude today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.
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