FRONTEO Announces That More Than 50 Companies Have Adopted Products Equipped with Its AI Engine KIBIT
July 6, 2017
TOKYO, July 06, 2017 (GLOBE NEWSWIRE) — FRONTEO, Inc. (“FRONTEO”) (NASDAQ:FTEO) (TSE:2158), a leading provider of artificial intelligence (“AI”) based big data analysis services, announced at its Ordinary General Meeting of Shareholders on June 29th that more than 50 companies have introduced products equipped with KIBIT, the AI engine developed by FRONTEO.
FRONTEO’s AI business includes the “KIBIT Knowledge Probe” system for the supporting analysis of business data, the “KIBIT Patent Explorer” system for patent research and analysis, the “KIBIT Email Auditor” system, the “AI Process Outsourcing” system that promotes processes that use AI, the “AI Utilization Expert Development Program”, and the “Financial Institution Solutions” system.
FRONTEO’s AI business had 45 companies as clients and achieved 280 million yen in sales in FY2016 (ended March 31, 2017), which is more than double FY2015 (ended March 31, 2016) with 20 companies as clients and 110 million yen in sales. Adoption of FRONTEO’s services has continued to grow in the current fiscal year, and the cumulative number of companies implementing the services is now more than 50 as of June 29, 2017. These solid achievements are results of increased awareness in the improvement of operational efficiency and the creation of added value through the use of companies’ text data assets, the increased understanding of the implementation of artificial intelligence, positive customer feedback regarding trial results that had been conducted up until the previous year, and the Company’s ability to provide a full range of related services for software products equipped with KIBIT.
KIBIT Knowledge Probe is widely used in the analysis of various text data handled by companies. In particular, it is attracting attention for its improvement of customer satisfaction, compliance efforts, and application in Regtech (Regulation × Technology) for financial institutions. Further developments such as the implementation to support the judgment of fund managers during investments are expected. KIBIT Knowledge Probe has also started to be used in HRtech (Human Resource × Technology) to improve retention rates by finding signs that point to employee turnover.
Utilization of KIBIT Patent Explorer by manufacturers is increasing, especially in the chemicals sector. In addition to the utilization by professionals in human resource development programs, Patent Explorer is also penetrating into the intellectual property sector, such as the establishment of a platform for KIBIT Patent Explorer users to exchange collected information. In addition, KIBIT Email Auditor has been adopted by foreign companies.
Products equipped with KIBIT offer affordable implementation and running costs, and are highly regarded among AI-related products as a result of their user friendly features, application with a small amount of data, and their practical effectiveness such as providing analysis results in a short amount of time. FRONTEO will further strengthen the adoption of KIBIT-related AI products while continuing to provide a sound development and sales framework.
About FRONTEO, Inc.
FRONTEO, Inc. (“FRONTEO”) (Nasdaq:FTEO) (TSE:2158) supports the analysis of big data based on behavior informatics by utilizing its technology, "KIBIT". FRONTEO's KIBIT technology is driven by FRONTEO artificial intelligence based on knowledge acquired through its litigation support services. KIBIT incorporates experts' tacit knowledge, including their experiences and intuitions, and utilizes that knowledge for big data analysis. FRONTEO continues to expand its business operations by applying KIBIT to new fields such as healthcare and marketing. FRONTEO was founded in 2003 as a provider of e-discovery and international litigation support services. These services include the preservation, investigation and analysis of evidence materials contained in electronic data, and computer forensic investigation. FRONTEO provides e-discovery and litigation support by making full use of its data analysis platform, "Lit i View", and its Predictive Coding technology adapted to Asian languages. The company name was changed from UBIC, Inc. to FRONTEO, Inc. as of July 1, 2016. For more information about FRONTEO, visit http://www.fronteo.com/global/.