Remark AI Wins $6M 30-Month Recurring Revenue Subscription Contract To Provide Rio De Janeiro Police Cars With License Plate And Mobile Facial Recognition Capabilities
Portfolio Pulse from Benzinga Newsdesk
Remark AI has secured a $6M, 30-month recurring revenue subscription contract to provide Rio de Janeiro police cars with license plate and mobile facial recognition capabilities.
May 31, 2023 | 1:03 pm
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Remark AI, a subsidiary of Remark Holdings (MARK), has won a $6M contract to provide facial recognition technology to Rio de Janeiro police cars.
The $6M contract is a significant revenue source for Remark AI and its parent company, Remark Holdings (MARK). This deal will likely boost MARK's stock price in the short term as it demonstrates the company's ability to secure large contracts and expand its presence in the facial recognition market.
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