Fobi AI: Harnessing the Power of Artificial Intelligence
The use of AI and data analytics has skyrocketed in the wake of the Covid pandemic. With the dramatic changes to working arrangements, supply chain disruptions, and fluctuating consumer purchasing habits, companies are beginning to reckon with the power and potential of artificial intelligence and data optimization. According to a recent study by PwC, 52% of American companies have ramped up their adoption of AI due to the pandemic, and more generally, 86% of companies say that AI is becoming mainstream technology. It’s all part of a longer-term trend of digital transformation that’s reshaping nearly every sector and industry on the planet.
The trend towards the widespread adoption of AI is good news for data intelligence company Fobi AI. Founded in 2018 as Loop Insights by CEO and Chairman of the Board Rob Anson – Fobi has quickly become a world leader in real-time data analytics and wallet pass engagement. The company uses the power of artificial intelligence to help clients across an increasingly diverse list of industries create interoperable data connectivity, turn that data into real-time actionable insights, and then use those insights to engage with customers. Interoperability is the real-time data exchange between different systems that speak directly to one another in the same language, instantly interpreting incoming data and presenting it as it was received while preserving its original context.
Fobi’s bread and butter has been in helping the beleaguered bricks and mortar retail space through their API's and unique IoT (Internet of Things) Fobi device. The Fobi device integrates into a company’s existing IT infrastructure to enable real-time data connectivity and analysis. Anson has been watching companies adapt to the new reality of AI. “People don’t quite understand or appreciate the power of artificial intelligence, and what it’s going to mean in the next three to five years, because automation is everything. It’s real time data. And that’s what we’re providing to the physical venue operators and to the retailers today – bridging the gaps between online and offline with real time measurement, real time reporting, and real time dynamic results.”
But Fobi is thinking bigger, and broader than retail. The last year has seen the company participate in an array of acquisitions and significant partnerships with major global brands (Apple, Google, Amazon, NTT Data, etc.) that leverage Fobi’s proprietary AI and IP in as many ways and into as many applications as possible. Anson is confident that Fobi can help them all. “Everyone’s looking for a point of differentiation, a point of stickiness. Each and every day I get proposals with new opportunities for something that I had never even thought of.”
Fobi’s strategy of aggressive acquisitions and penetrating multiple markets simultaneously – from FinTech to digital couponing to consumer-packaged-goods (CPG), and even the energy and mining sector – has widened the company’s scope and put them in a position of strength to become a global AI disruptor.
In September 2021, Fobi entered into an agreement to buy Qples, a Texas-based digital coupon start-up, for $3.2 million USD. The Qples platform will be integrated with Passcreator, Fobi’s wallet pass platform, allowing brands to deliver digital coupons into any digital platform and track the performance via data analytics. The deal was a no-brainer for Anson. “We take Qples’ traditional retail business model – print at home couponing. Now throw in the wallet pass and it becomes very powerful. It’s an activation channel. When you look at adding the power of data intelligence that we provide for the retailer, it adds tremendous value to their existing client base.”
Fobi recently entered the financial technology (Fintech) space with their $1.2 million acquisition of leading Android wallet pass operator PassWallet. The deal will see Fobi expand further into the digital wallet market, which is set to grow at a rate of 23% per year according to a 2021 report by JP Morgan. For Anson, the deal will give Fobi the ability ultimately to compete with Google Pay, by operating in countries where Google Pay isn’t supported. “PassWallet is a great opportunity for us. It was an underused, underappreciated asset, that when you plug in what we’re doing, plus the mobile payment side of that, that opens up a whole new world of revenues.”
Fobi’s platform-agnostic technology is allowing them to reach out into even more diverse sectors. The company recently entered into a data consulting agreement with Azincourt Energy, a resource exploration company focused on finding uranium and other alternative fuel sources. The deal will see Fobi’s AI applications and data mining techniques assist Azincourt in analyzing vast amounts of aggregated data to ultimately help them discover more impactful drill holes. For Anson, the deal is another chance to demonstrate the power of their AI in an unexpected sector. “With Azincourt Energy, they can now plugin Fobi, and we help them ingest all the data into our data warehouse, we help them process all of their visualizations and the tools that they want to use for reporting. By leveraging the data of artificial intelligence, we now give them the ability to become laser-focused as to where to drill, when to drill, and how to drill.”
There are other major tech players in the data analytics space. Companies like Splunk (NASDAQ: SPLK), and Alteryx Analytics (NYSE: AYX), and others are, like Fobi, in the business of using AI to analyze data in real-time for various applications. But none have the same model as Fobi – applying their proprietary AI across a broad spectrum of industries and sectors while pursuing an aggressive M&A strategy.
It’s Fobi’s unique approach, and the massive societal digital shift, that has Anson excited about the company’s future. “There’s a big shift coming, and we’re extremely well-positioned to capitalize on that. Everything that we’ve done from day one has been done the right way, from building a truly commercialized scalable product, using automation and artificial intelligence to expedite and streamline these manual processes. That’s why we’re driving and leading the way right now.”
For Fobi, the digital future can’t come soon enough.
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