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As AI reshapes commerce, an Australian company is making the tech accessible

October 27, 2021

As AI reshapes commerce, an Australian company is making the tech accessible

The global market for Artificial Intelligence is expected to generate as much as US$11 trillion by 2025, and one Australian company is looking to capture part of this market by making the technology accessible to all.,

The global market for Artificial Intelligence is expected to generate as much as US$11 trillion by 2025, and one Australian company is looking to capture part of this market by making the technology accessible to all.,

meldCX was formed with the goal of making AI accessible for everyday business owners, enabling them to track and record their customers’ in-store experiences the same way a digital retailer measures clicks and engagement on a website.

It is just like an online analytics tool as meldCX’s suite of AI-enabled products provide actionable data and insights to help business owners manage their physical storefronts – from identifying which products are resonating with customers to optimising how and when kiosks are cleaned.

Since being founded in 2017, meldCX has grown to encompass more than 80 staff globally and cater to the likes of Nestle, Westpac, Mitsubishi Group, Endeavor Group, Australia Post and Marriott International.

Many of these clients have been brought to meldCX through the company’s extensive partnership network, which currently stretches across 40 names (and is on track to grow to 110 by the end of 2022).

These partners include some of the largest businesses in global technology, including Google, Intel, Cisco Meraki and Microsoft. meldCX is also an affiliated company within the ACER and AOPEN groups – themselves both world leaders in hardware and cloud-based technologies.

These partnerships have helped meldCX generate revenues of roughly $1 million and secure approximately 50 enterprise and government clients – a figure that looks set to grow to 80 by the end of next year.

 

 

What meldCX offer

meldCX’s range of products give autonomous devices (including cameras and touchscreens) the ability to ‘see’ the world around them, collecting data and making actionable decisions or offer useful insights.

For clients, this has a range of uses. Companies using meldCX’s software can reduce the amount of time staff dedicate to meaningless tasks, or increase their business’s capacity.

The company offers two main products: meldCX Core, a Platform-as-a-Service (PaaS) solution; and Viana, an easy-to-use Software-as-a-Service (SaaS) solution.

meldCX Core was designed for tech teams, effectively giving them a set of ‘digital lego blocks’ to build their own AI and physical self-serve environments. 

These building blocks have been certified by all the major tech companies, and can help clients produce usable solutions within months instead of years. 

The company’s second product, Viana, is a ‘low- or no-code’ product – an AI-enabled IoT platform designed to be used by people without extensive tech knowledge. 

Using Viana, meldCX’s clients are able to roll out an AI solution with just a few clicks of their mouse.

Clients have used Viana to do everything from manage traffic in real time, monitor a customer’s full retail journey, reduce the likelihood of human error, and even measure the way people react to digital advertising they see in a physical store.

More recently, meldCX has developed SAMi (Surface Awareness Management intelligence), an AI tool that empowers cameras and touchscreens to monitor how and when physical spaces are being used and notify cleaners when these areas need to be tidied.

This tool has gained new relevance in the post-pandemic environment.

 

A growing opportunity

The eroding distinction between physical and virtual space has created a market for digital transformation, which in 2019 was valued at US$905 billion.

By 2025, this is predicted to have grown to US$2.3 trillion, representing a compound annual growth rate of 18.5%.

meldCX plans to capture this growth through a three-tier strategy: expand into new territories, leverage partnerships to grow its salesforce, and create packaged modules that are less reliant on edge technology.

To achieve this, the company has created a ‘regional product roadmap’ to guide its expansion into new markets, both in terms of the company’s reach and its product offering. This roadmap includes expanding the business’s presence in the US with new senior executive hires to maximise its early successes.

Several regions within Europe, the Middle East and Africa have also been marked by the company as potential opportunities for expansion.

To support this geographic growth, meldCX plans to tap into the extensive distribution networks built and managed by the company’s established partnership base to grow the business’s sales force up to 10 times its current size.

Additionally, four new global business development roles will be created within meldCX, dedicated to the company’s strategic partners as part of a plan to bolster co-selling capacity.

These two growth plans will be supplemented by enhancements to meldCX’s technology, which will see the business move away from offering edge-only products and services to include edgeless offerings (with limited or no device dependencies).

This will mitigate the risks associated with the current global computer chip shortage; which is directly impacting the production of IoT and edge devices.

meldCX has made AI technology readily accessible for businesses in numerous industries around the world, and these businesses continue to find new ways to utilise the software to enhance their own operations and improve their customers’ experiences.

Each new use case represents a new opportunity for meldCX to grow organically with their clients, something made possible by the company’s offering and first-mover advantage.

We recommend our subscribers tune into meldCX’s upcoming investor webcast, if even only to hear about AI’s growing role in commerce and the implications this has for businesses.

 

For more information on how meldCX’s Viana software is being used by its clients, please watch the following videos:

 

Sources:


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