A Memorandum of Understanding has been struck between the Internet of Things Technologies Company and Fogsphere, the region's top AIoT and computer vision company. The company is a joint venture between the Public Investment Fund of Saudi Arabia and the stc Group. The partnership aims to improve collaboration in the Kingdom of Saudi Arabia's field of video analysis and its integration with commercial and industrial IoT systems, which will further strengthen the industry's 4.0 ecosystem and encourage the adoption of cutting-edge, privacy-friendly computer vision applications by the private sector and public sector in line with the Kingdom's Vision 2030.
On June 13, 2023, at the Saudi Smart Manufacturing conference in Saudi Arabia, the MoU was signed by Othman Al Dahash, CEO of iot squared, and Pasquale Giampa, CEO of Fogsphere.
Through this cooperation, Fogsphere® will give iot squared access to its computer vision and Internet of Things platform and engineering services, assisting in the growth of iot squared's portfolio of AIoT-based products. The two partners will also work together to identify target markets, industry verticals, and applications in the Kingdom that need AIoT services and supply them with the required solutions and cutting-edge AI algorithms.
As part of the partnership, iot squared will use Fogsphere's AIoT technologies to help businesses and industries all around the Kingdom innovate new services, optimize operations, and create safer working conditions.
Additionally, Fogsphere® and iot squared will work together to develop Industry 4.0 use cases in Saudi Arabia and use its cutting-edge, scalable, and commercially flexible platform for AIoT use cases to leverage complex AI and computer vision implementations in line with the country's vision to fast-track digital transformation.