Shares of tech company Datametrex AI Ltd. (TSX-V:DM) had a solid morning trading session on Tuesday, gaining ground after mentioning in a news release that they are working on a project for Hyundai Corp. While most know the South Korean company for the cars it manufactures, 42-year-old Hyundai is much more.
Broadly, it's the second biggest conglomerate in the country and a general trading firm providing export and import services on a litany of products ranging from marine vessels to OEM spare auto parts.
Datametrex says its near completing discussions with partner ABC Solutions on a plan to implement an artificial intelligence (AI) and blockchain solution for the massive real estate development and infrastructure business of Hyundai. Per the plan, Nexa Intelligence, the AI product of Datametrex subsidiary Nexalogy, will be used to analyze data collected across Hyundai's properties, with a priority towards using the information for security and Smart City initiatives. Another Datametrex subsidiary, Graph Blockchain, will develop a private blockchain platform for information on utilities and billing.
Datametrex chief operating officer and president Jeff Stevens says the partnership with ABC Solutions creates opportunities to penetrate many divisions at Hyundai, making the company well positioned in the burgeoning AI/Blockchain space. AI, the practice of building machines that perform tasks based upon previously collected data (read as "learning"), and blockchain, a decentralized ledger that essentially is serving as a next-generation digital filing system, are two of the hottest technologies today spearheading cutting-edge innovation.
Late in 2017, shares of DM began a steady climb along with most others in the blockchain/cryptocurrency market. As they rose together, the group has fallen together, including DM stock dropping from a December high of 47 cents to a low of 11 cents on Friday. The stock is rebounding on today's news, climbing two cents, or 16%, to 14.5 cents as of about 12:30 p.m. in Toronto after hitting a two-and-a-half-week high at 17 cents this morning
