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Calgary, Alberta / April 2, 2024 – TheNewswire - Impact Analytics Inc. (“Impact Analytics” or the “Company”) (CSE: PACT), a risk assessment, data intelligence and financial services platform powered by AI, is proud to announce that it has acquired the rights to a provisional patent (the “Provisional Patent”) for its AI and data analysis techniques, intended for use in the Company’s product stack under development, including LANA Cash, Credissential and the PACT Platform. The Provisional Patent was acquired from a research subcontractor of the Company and was originally filed with the United States Patent and Trademark Office (the “USPTO”) on September 8, 2023, under U.S. Provisional Patent Application Serial No. 63/537,421.
The Provisional Patent relates to a broad spectrum of innovative methodologies, the overarching purpose of which is intended to make disparate data more readily available for machine and artificial intelligence-based decision making. The Provisional Patent relates to several techniques believed by the Company to be novel, including:
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Continuous Monitoring and Updating: The Provisional Patent relates to a system that continuously monitors for new data sources, scrapes relevant data, and updates the training dataset in real-time or near real-time.
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Efficient Data Acquisition and Processing: The methods described in the Provisional Patent include data acquisition techniques, such as scraping data from a wide range of sources, generating relationship maps to distinguish between relevant and irrelevant data, and processing this data into a standardized format for training.
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Dynamic Retraining Mechanism: The Provisional patent relates to a model updating component that re-trains AI with the newly processed training data. This can be triggered periodically or in response to significant changes in data, with the goal of ensuring that the AI’s knowledge base is up to date.
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Integration of Client-Specific Data: In addition to publicly available data, the method described in the Provisional Patent can incorporate client-specific data into the machine training process. This allows for the customization of the AI to better serve specific client needs, potentially improving the relevance and accuracy of the model's outputs for individual users or organizations.
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Feedback Loop for Continuous Improvement: The method described in the Provisional Patent includes mechanisms for gathering user feedback on the AI's performance, which can be used to further refine the data acquisition and training processes. This feedback loop aims to establish that the model continuously evolves and improves over time, adapting to new information and user needs.
Eric Entz, CEO of Impact Analytics, stated “This provisional patent is a key component of our strategy to develop innovative solutions that provide actionable insights and empower businesses and individuals with enhanced decision-making capabilities."
The Provisional Patent is provisional in nature and while it has been filed with the USPTO, the USPTO has not yet assessed the Provisional Patent. The Company expects to submit the Provisional Patent for assessment by the USPTO in the third quarter of 2024. The Provisional Patent expires on September 8, 2024. The rights underlying the Provisional Patent were acquired by way of assignment agreement with the inventor, a research subcontractor of the Company. The Company has agreed to settle legal fees of the inventor incurred in submitting the Provisional Patent and will incur all costs associated with the submission of the Provisional Patent for assessment by the USPTO. There is no guarantee that the Provisional Patent will be accepted by the USPTO and a patent underlying the Provisional Patent may never be granted.
About Impact Analytics
Impact Analytics is a risk assessment, data intelligence and financial services platform powered by AI. The Company is developing a proprietary product stack to optimize and streamline financial decision making for enterprises and individuals. Learn more at https://www.impactrisk.ai/.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer Eric Entz
Head Office 2004 Sherwood Drive Sherwood Park, AB T8A 0Z1
Telephone +1 (587) 208 4044
Email info@impactrisk.ai
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Information
Certain information in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this news release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release.
Forward-looking statements in this news release include, but are not limited to, statements relating to the effect and scope of the Provisional Patent and expected features of the techniques, methodologies and processes to which it relates, the timing of the submission of the Provisional Patent for assessment by the USPTO, expected results relating to the review by the USPTO of the submitted patent and the future plans of the Company, business plans, objectives and strategy. Forward-looking statements are inherently risky and the information and plans disclosed therein may not come to fruition as contemplated or at all.
Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Corporation’s Management Discussion and Analysis, which can be found on SEDAR+ at www.sedarplus.ca.
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