LiveTiles shares jump 40% on news of AI bot partnership with Microsoft
Australian software firm LiveTiles has teamed up with Microsoft in a joint venture which will see the two tech businesses deploy artificial intelligence (AI) solutions to some of the biggest companies in the US.
The announcement of the partnership led to a surge in LiveTiles stock. Its share price rose by more than 40% to over $0.32 a share.
Though Australia-founded, the company is headquartered in New York and already boasts a customer portfolio that features PespiCo, thyssenkrupp and CNN. It has operations spread across the likes of London, Zurich, Sydney, Melbourne and Hobart.
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Named LiveTiles Bots, the software to be deployed with Microsoft enables users to build their own AI programs. The US giant has confirmed it is already in discussions with several Fortune 500 companies with a view to testing and rolling the system out.
In a statement, LiveTiles said: “Microsoft's AI and Analytics group will promote LiveTiles Bots as a solution that demystifies AI technology and can be quickly deployed within its Azure platform to mid and large-sized organizations in the United States.”
LiveTiles will also engage in a promotional campaign across the country by holding a number of joint workshops with Microsoft to demonstrate its AI technology.