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AI Stock News Bite - CXApp Inc. (NASDAQ: CXAI) Stock Soars on News of Partnership with Google Cloud


April 1, 2024 ( Newswire) ( AI Stock News Bite - CXApp Inc. (NASDAQ: CXAI ) stock skyrocketed today giving investors betting on Ai huge gains, trading at $6.64, up $ 4.19 or 171.02%. The stock had a morning high of $7.07 on volume of over 226 million at the time of this report. The stock's average volume is 3.6 million shares .

CXApp Inc announced the signing of strategic partnership and development agreements with Google Cloud as part of the launch of the CXAI Platform.

Khurram Sheikh, Chairman and Chief Executive Officer of CXApp said, "The CXAI SaaS platform is anchored on the intersection of customer experience (CX) and artificial intelligence (AI) providing digital transformation for the workplace for enhanced experiences across people, places and things.

We are pleased to announce the following strategic initiatives with the Google Cloud team as we make progress on our journey to shape the future of work:

1. AI (Artificial Intelligence) Partnership

a. CXAI Platform

Our AI-native platform is built upon our mobile-first, cloud-first Work SuperApp. The Work SuperApp provides a full-stack solution that allows employees to experience all their work tools in a single application. We provide our customer's employees with a simplified immersive user interface, natural language processing inputs, and the assistants to digitally navigate and automate their workday - all seamlessly from anywhere, creating a more human-centric work model.

Our state-of-the-art CXAI technology platform is based on 37 filed patents, with 17 of them already granted. This substantial intellectual property not only establishes our company as a technological frontrunner but also secures our position as a pioneer in the industry.

a. Our AI tools and models are being built on the strong foundation of our full stack software solution that provides contextual awareness using indoor mapping and on-device positioning technology as well as the data collection of millions of data points from our enterprise app. This new area of spatial intelligence creates the opportunity to personalize the workplace experience at the same time as redefine the workplace environment.

b. Generative AI

On the CXAI platform we are developing category-leading horizontal and vertical Generative AI applications. Google is partnering with us in enabling these applications with many of their new technologies including the Vertex AI platform. We believe these AI-native applications will become the norm for the new knowledge economy and generate transformational employee experiences everywhere.

c. Experiential Analytics

The key output of our AI applications is a data and analytics engine that fuses the user, space, and things data to create what we are calling "Experience Analytics".These are the key insights and outcomes that will drive the help solve the future of work problems.

2. Google Cloud and Modernization of SaaS Infrastructure

a. Google Cloud powers most of CXApp's enterprise customer applications today and is a natural partner as we expand into advancement of our service offerings.

b. As part of our agreement, Google and its service partners will provide advanced services including end-to-end security, analytics and monitoring as well as usage-based SaaS performance enhancements to create the best-in-class cloud-mobile experience for our clients on the new CXAI Platform.

c. The first deployment of the CXAI Platform is expected to be in the summer, subject to successful testing and validation with a major new client.

d. CXAI's strategy of 'land & expand' also continues to be a key contributor to growing subscription revenues with our existing customer base and the addition of more tailored SaaS offerings will further increase our revenue base.

3. CXAI on Google Marketplace

a. Google has agreed to add the CXAI application platform to the Google Marketplace and signed a go-to-market partnership agreement. Google Cloud's sales and marketing teams will work with CXAI on targeting key clients and providing them the best workplace platform experience.

b. This is a big step in enabling all of Google's existing clients to have access to the CXAI platform with seamless and automated delivery.

c. This will also allow a more standardized offering of our solutions available to a larger customer base expanding our total addressable market.

The CXAI technology leadership team, including our Chief Technology Officer, Naresh Soni, is planning to be at the Google Cloud Next conference in Las Vegas April 9-11 and will be meeting with the Google Cloud senior team on progress on the above initiatives and the execution plan for 2024."

"Our strategic partnership and development agreements with Google Cloud signify a pivotal moment in our journey. By leveraging our AI-native platform, powered by cutting-edge technology and data insights, we're poised to be the technology leader enabling transformative workplace experiences", stated Naresh Soni, CTO of CXApp Inc.

Khurram Sheikh concluded "We are excited about expanding our partnership with Google Cloud in shaping the future of work with our leading-edge technology solutions. We are mission-focused on defining a new category in enterprise software: Employee Experiences. We have an amazing customer base diversified globally and across all major sectors ready for massive scale-up with our next generation AI platform."

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