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Through the partnership, both Cathay and Canaan expect to expand their international coverage as the global economy recovers with the help of technology.
Canaan Inc ADR (NASDAQ: CAN), a semiconductor solution provider, has announced a strategic partnership with Cathay Tri-Tech., Inc. (“Cathey”) to introduce its artificial intelligence facial recognition module to the Japanese market. Notably, Canaan’s AI facial recognition module utilizes its Kendryte K210 AI chip.
Cathay, a subsidiary of THine Electronics Inc. primarily designs, and manufactures mobile communications software and mobile communications equipment. The firm was established 27 years ago and is headquartered in Japan. However, since 2013, the firm has been involved in the development and manufacture of embedded software and other products used in mobile communications terminals devices.
On the other hand, Canaan Inc. has thrived in the field of high-performance computing solutions through its 16nm chip, and K210 chip that is the world’s first-ever RISC-V-based edge artificial intelligence (AI) chip. Notably, the company has mostly utilized its K210 chip in the smart door locks among other use cases.
Cathay and Canaan Partnership
Through the partnership, both Cathay and Canaan expect to expand their international coverage as the global economy recovers with the help of technology. Both entities will benefit mutually from the partnership as they pool together resources in the future.
“The increasingly attractive nature of our AI solutions has enabled us to forge a partnership with Cathay, expand our international coverage, and explore more applications of our AI solutions. Compared with other AI facial recognition modules, our module is quite competitive both in terms of size and power consumption. In addition, our AI facial recognition module has a recognition accuracy of more than 99.6%. Looking ahead, we believe that our ongoing development and refinement of our AI solutions will allow us to establish more win-win relationships with companies overseas,” Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, noted through a press release.
Notably, Canaan is expected to explore further possibilities for its artificial intelligence solutions through the newly launched partnership with Cathay. On the other hand, Cathay anticipates utilizing Canaan’s AI facial recognition module and its existing IoT product line to develop an Artificial Intelligence of Things (“IoT”) product line.
Shares of Canaan continued with the dip during the pre-market trading session. According to market data provided by MarketWatch, Canaan stocks closed yesterday trading at $13.16, down approximately 4.43% at the end of the day. Meanwhile, they are down approximately 2.13% and trading around $12.88 during the pre-market.
Notably, Canaan stocks rallied approximately 211% last year and are up over 122% year-to-date according to MarketWatch. However, they are down approximately 24.37%, and 3.31% in the past one month and five days respectively through Thursday.