SINGAPORE - OrangeKloud Technology Inc. (NASDAQ: ORKT), a Singaporean tech firm, has entered into a collaboration with AI Singapore (AISG) to innovate in the field of mobile application development through its eMOBIQ® No-Code platform. The partnership, announced today, aims to streamline the app creation process using advanced artificial intelligence (AI), potentially reducing development time from weeks to hours.
The joint project under AISG’s 100 Experiments program will focus on creating a chain of AI agents to facilitate an automated app development process. This initiative is expected to eliminate the need for coding knowledge, allowing even those without programming skills to build apps using natural language. The collaboration leverages large language model knowledge combined with enterprise domain expertise to achieve this goal.
Alex Goh, CEO of OrangeKloud, expressed enthusiasm for the project, noting that it aligns with Singapore's efforts to enhance its AI capabilities and could significantly impact the digital economy. Goh highlighted the potential commercial value of the endeavor, which aims to empower users to rapidly build enterprise applications.
Laurence Liew, AISG’s Director of AI Innovation, remarked on the productivity gains anticipated from the use of AI in OrangeKloud’s No-Code platform. This enhancement is expected to quicken the pace at which OrangeKloud's customers can design, build, and deploy applications.
OrangeKloud Technology Inc. specializes in providing its eMOBIQ® No-Code platform for the development of mobile applications, focusing on small and medium enterprises (SMEs) and corporations across various industries. AI Singapore is a national initiative aimed at boosting the city-state's AI capabilities to drive the future digital economy.
This news is based on a press release statement and does not include any forward-looking statements that may be subject to market conditions or other influencing factors.
In other recent news, Singapore-based Orangekloud Technology Inc. has submitted a report to the U.S. Securities and Exchange Commission (SEC). The report, a standard Form 6-K filing for foreign private issuers, provides current corporate information as per regulatory requirements. This recent development reaffirms Orangekloud Technology's commitment to transparency and regulatory compliance, a mandatory practice for all foreign entities listed on U.S. exchanges.
The filing, signed by CEO Goh Kian Hwa, does not indicate any immediate financial or operational changes for the company but serves as routine disclosure. As part of the filing, Orangekloud Technology included a press release, a common practice for companies to communicate their latest developments and financial health. However, the document provided no additional financial details or operational updates beyond what is required for the 6-K form submission.
The company has indicated its intention to continue filing annual reports under the cover of Form 20-F, a comprehensive statement of a foreign company's financial performance. Investors and stakeholders can access the report under the SEC file number 333-277162.
InvestingPro Insights
OrangeKloud Technology Inc. (NASDAQ: ORKT) has recently made a significant move in the tech industry by partnering with AI Singapore to innovate the app development sector. As the company embarks on this new venture, it's important for investors to understand the financial landscape in which OrangeKloud is operating. Here are some key insights based on the latest data from InvestingPro:
The market capitalization of OrangeKloud stands at $125.13 million, reflecting the company's current valuation in the market. Despite the innovative strides, the company has a negative P/E ratio of -119.9, indicating that it has not been profitable in the last twelve months as of Q4 2023. With a high Price / Book ratio of 78.07, the stock trades at a premium compared to its book value, which could suggest investor confidence in the company's growth potential or intellectual property.
InvestingPro Tips reveal that OrangeKloud's stock has experienced significant volatility recently, with a one-week price total return showing a decrease of -14.73%. This high price volatility is characteristic of the company's trading pattern, which could be a point of consideration for potential investors. Moreover, the company operates with a moderate level of debt, which is an important factor for assessing financial health and risk.
For those interested in a deeper dive into OrangeKloud's financial metrics and strategic analysis, InvestingPro offers additional tips that can provide further insights into the company's performance and potential investment opportunities.
As a reminder, OrangeKloud Technology Inc. does not pay a dividend to shareholders, which may influence the investment decision for those seeking regular income from their investments. For a more comprehensive understanding of OrangeKloud's financials and strategic positioning, you can access more InvestingPro Tips at: https://www.investing.com/pro/ORKT.
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