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Loop Insights gets $100K from Amazon Web Services to advance its AI brick-and-mortar retail program

The Vancouver-based company’s platform combines AI with Internet of Things technology, allowing businesses to connect their physical and digital assets

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“These funds will expedite several critical processes surrounding data security and data architecture," CEO Rob Anson said

Loop Insights Inc (CVE:MTRX) has received $100,000 in development funds from Amazon Web Services, allowing the company to enhance the functionality of its artificial intelligence platform designed to level the playing field between brick-and-mortar retailers and their online competitors.

"We feel that Amazon is clearly a global leader when it comes to data security and AI applications, so it is exciting that our product is being recognized and supported by them,” CEO Rob Anson said.

“These funds will expedite several critical processes surrounding data security and data architecture, which will keep Loop at the forefront of modern-day AI capabilities."

Shares of Loop flashed 28% higher to C$0.09 in Toronto.

The Vancouver-based company’s platform combines AI with Internet of Things technology, allowing businesses to connect their physical and digital assets to provide in-person customers with individualized deals and a more tailored in-store experience all at scale.

The idea is to bring the convenience and personalization of online shopping to brick and mortar stores.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Loop Insights Inc.

Price: 0.115 CAD

TSX-V:MTRX
Market: TSX-V
Market Cap: $7.3 m
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