SAN JOSE, Calif. and DENVER, March 15, 2021 (GLOBE NEWSWIRE) -- Iterate.ai, whose innovation ecosystem enables customers to identify signals within trends, monitor more than 1 million emerging technologies, and build pilot-ready applications up to 10x faster, today announced record revenue growth on the strength of maturing products and new customer contracts.
Iterate revenues in 2020 reached 142% what they had been the year prior. This growth was in part driven by Iterate’s success enabling its retail-industry clients to rapidly adapt to massive shifts in consumer behavior brought on by the pandemic. From building solutions for frictionless curbside pickup to touchless checkout, to helping clients create new digital communities and unlocking AI-driven market analyses, Iterate introduced new capabilities throughout 2020 that strengthened clients’ consumer engagement in an unpredictable year. Iterate also steadily expanded its client base over the year, adding a number of major brands in retail, fashion, and CPG.
“The tremendous traction we’ve achieved in the past year is rightly attributed to the fact that we are understanding what our clients need, and then developing the capabilities they require to innovate quickly, safely, and more easily within their ultra-competitive landscapes,” said Jon Nordmark, CEO, Iterate. “For businesses that must scale digital innovation initiatives to set them up for success now and into an unpredictable future, Iterate is the partner to get them there. Looking forward to 2021, we expect our growth to only accelerate, propelled by the strength of our unique and maturing solutions, and the incredible work our team at Iterate is capable of.”
In line with the revenue increase, Iterate has similarly achieved significant product growth over the past year by advancing the feature-set and maturity of both its Evaluation Cloud and Execution Cloud solutions. Powering the Evaluation Cloud, Iterate’s Signals database tool continues to introduce powerful new technology-analysis capabilities. Now tracking more than 1,100,000 technology startups, Signals’ real-time innovation trend visualizations provide AI- and data science-driven solution curation, capability landscapes, and trend intelligence that customers cannot get anywhere else. These advances are a realization of Iterate’s commitment to enabling mature AI capabilities throughout its ecosystem.
Revenue from Iterate’s Execution Cloud alone has doubled in the past year. Interplay, Iterate’s low-code middleware platform powering the Execution Cloud and accelerating the development of digital applications, recently added expansive new functionalities. Interplay now features 34 pre-built AI/ML modules, pursuant to Iterate’s goal of delivering an AI-in-a-Box solution. With this product growth, Iterate’s Execution Cloud democratizes AI capabilities and enables simplified opportunities for product invention in-line with prevailing citizen-developer trends.
Iterate also made strides in broadening its patent portfolio, earning its first patent in 2020 for “Container Architecture for Modular Machine Learning.” This drag-and-drop AI solution extracts complex AI systems to portable containers or modules – democratizing AI by allowing developers to build complex AI solutions without being specialists. Other pending patents submitted by Iterate include a solution that automates scaling and processing for complex AI intensive applications, as well as others focused on enabling developers to leverage powerful and innovative capabilities with greater simplicity.
About Iterate.ai
Located in Silicon Valley and Colorado, Iterate.ai provides the world's simplest, safest, and speediest way to get digital innovation done. Executives use Iterate's advisory services and its patent-pending software as an open innovation tool that organizes and manages a steady stream of digital progress.
Iterate operates two complementary software Clouds – one for evaluation, the other for execution. Together, they create a Digital Innovation Workflow Platform.
Iterate’s Evaluation Cloud provides real-time decision-making guidance related to partnerships, M&A and the development of strategic roadmaps. The Evaluation Cloud includes these products: Signals, Emerging Technology Experience Tools, Curation Technologies, and the Iterate.ai website.
Iterate’s Execution Cloud includes a microservices platform -- branded Interplay. Interplay is used as a digital prototyping tool and as modular middleware that enhances enterprise tech stacks. With more than 460 prewrapped APIs, enterprises leverage Interplay to build and deploy a wide range of AI-based features. Interplay speeds up digital app-building by 10X while reducing IT deployment costs.