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By Faith Ashmore, Benzinga
AI is rapidly gaining momentum and transforming industries across the board, even those that have traditionally been slow to adopt new technologies, like academia. As states increasingly recognize the need to build highly skilled workforces, community and regional colleges and universities in the U.S. are playing a more vital role than ever before. To accomplish their missions, these institutions often require more advanced software and services that can facilitate large-scale workforce development quickly and efficiently. AI-powered solutions are proving to be increasingly useful in achieving operational efficiency and meeting the needs of the future. However, not every university and college has the resources or knowledge to fully invest in AI technology.
Amesite Inc. (NASDAQ: AMST) is an artificial intelligence software company that offers a cloud-based learning platform for businesses and education. The company's smart and intuitive learning environments assist organizations – including businesses, community colleges, universities, non-profits and government agencies – to launch branded learning programs easily and affordably. With a focus on providing innovative solutions, Amesite enables organizations to evolve with the times by offering a zero-cost set-up fee platform that leverages AI and facilitates personalized, engaging and efficient learning experiences. The company is known for its best-in-class learning management system (LMS) which can integrate with thousands of Application Programming Interface (APIs), enabling them to share information with different software applications.
The past year saw the strategic evolution of Amesite’s business strategy to better serve its partners by moving to a much more affordable business plan with a no-cost set-up fee model, which is a key differentiator from other SaaS e-learning platforms. This change was made economically possible by the company’s implementation of its AI capabilities. The no-cost set-up fee approach significantly expands the target market for Amesite and enables companies and universities to provide professional training without big upfront investments and offer degrees and certifications to students with lower tuition fees than the competition. From an internal standpoint, Amesite says prioritizing AI-first processes and workflows has had an impact of reducing operating expenses by 51.9%. The company also reports that sales-qualified leads have seen a nearly 200% increase from the first quarter of 2023 to the first quarter of 2024.
Before AI took off and was widely adopted, Amesite reports it was already engaging with and adopting the technology as one of the first ed-tech companies to embrace AI. Amesite reports it has gained momentum when compared to competitors and is now able to provide a cost-efficient product to its customers through a no-cost set-up fee model – effectively making it risk-free. Although from another industry, this is a similar approach to how Tesla (NASDAQ: TSLA) approached its EV business model and took a mass-market approach. Tesla created a standard in the auto industry that enabled it to bring on more customers, and Amesite similarly aims to set a standard in its educational industry utilizing AI in the background.
Over the course of 2023, Amesite made strides in both the private and public sectors, which cumulated into the no-cost set-up fee model which has increased sales inquiries. In March, Amesite announced that it was COPPA and FERPA-compliant; these designations protect children’s safety and personal data online. This certification allows Amesite’s customers to sell learning products to over 49.5 million K12 students. The company reports that it has already seen success with the continued education market.
In June, the company announced that company had received an award from the National Association for Business Resources: Michigan’s Best & Brightest in Wellness® for the fifth consecutive year. The company also announced 12 new courses with its partner, Michigan Works! Southeast (MWSE) during the year. These courses focused on how digitalization is reshaping the workplace, providing Michigan residents with valuable resources to excel in the modern workplace.
In August, Amesite announced the renewal of its partnership with Central Michigan University. While there are other companies in the ed-tech space like Coursera (NYSE: COUR) and 2U (NASDAQ: TWOU), Amesite’s early AI adoption and continued evolution are beginning to result in more potential sales activity for the company in addition to achieving its no-cost set-up fee milestone but (significantly for investors) this shift began to roll out in September 2023, with an understandable delay in contract announcement wins. The company now boasts of being able to provide custom-branded, enterprise-scale systems for clients within 24 hours – and partners seem to be taking notice.
Since the official rollout in September, the company announced a five-year partnership with Drake State Community and Technical College in November. Amesite also announced a five-year partnership with West Virginia Northern Community College in December.
Amesite’s commitment to providing companies and organizations with the tools needed to leverage powerful AI at a low cost and with scalable options sets it apart from its contemporaries and its competition. Speaking on the commercial demand for Amesite’s tools, CEO and Founder Dr. Ann Marie Sastry shared, “Workforce development agencies have a significant opportunity to leverage modern tools to assist individuals in their growth and readiness for the job market, and we are excited to be able to provide critical skills to a multi-billion-dollar market and expect these offerings to be in high demand. At Amesite, we've focused on creating solutions that easily integrate into existing systems. Our partnership with Microsoft enables us to deploy these tools swiftly, often within a 24-hour window.”
According to Market Research Future, the global AI in education market is projected to grow from $3.45 billion in 2023 to $23.82 billion in 2030. The SaaS market is expected to grow from $167 billion in 2022 to $462 billion by 2028. As Amesite’s progress indicates, companies that capitalize on these two industries and drive growth forward could have a positive outlook in the coming years.
As Amesite begins to see the positive results of its new AI-enable model, investors may see that Amesite could potentially be well-positioned to continue to grow and expand its partnerships, resulting in more clients and more revenues.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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