Avant Technologies Inc (AVAI)

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Avant Technologies Addresses Progress on AI Supercomputer-Driven Data Centers
Avant Technologies, Inc.
Tue, Jun 25, 2024, 8:00 AM EDT

Avant Technologies, Inc

LAS VEGAS, June 25, 2024 (GLOBE NEWSWIRE) -- Avant Technologies, Inc. (OTCQB: AVAI) (“Avant” or the “Company”), a leader in artificial intelligence (AI) technology specializing in cutting edge AI and data center infrastructure solutions, today announced a progress report on the Company’s efforts to deliver unprecedented and cost-effective compute infrastructure that unlocks the full potential of AI and ushers in a new era of technological advancement.

Avant’s Chief Executive Officer (CEO), William Hisey, discussed the Company’s work to position Avant at the leading edge of the supercomputer-driven data center industry and to set new standards for managing and storing AI applications. “First and foremost, our plan is to address the pervasive costs and performance limitations that continue to hinder AI, machine learning, and big data analytics development and commercialization. There is a real unmet need as rapid growth across the entirety of the AI and big data industries is outpacing the necessary infrastructure for an industry that demands exponential power and capacity while remaining cost effective.”

The global cloud computing market size was valued at $545.8 billion in 2022, and it is projected to reach $1.24 trillion by 20271. Meanwhile, the private cloud market is projected to grow at a CAGR of 29.7% - growing to more than $528 billion by 20292, while the global cloud AI market is estimated to grow to $647 billion by 2030, registering a CAGR of 39.6%.

Avant’s CEO continued, “Late last year we unveiled our plans to develop a true edge-native distributed supercomputer to cater to the complex computing needs of AI applications and to empower AI software companies with unprecedented capabilities, enabling them to push the boundaries of AI development and deployment. Avant’s ‘edge-native’ approach doesn’t rely on cloud-based services so we can offer AI and big data companies many advantages over the more familiar ‘cloud-native’ approach, including, reduced latency, improved security and privacy, increased scalability, and reduced costs.”

To that end, Avant began to advance its plan in February 2024 by first entering a technology codevelopment partnership with Wired4Tech, Inc., a Florida-based information technology development company, to aid in the design, development, and initial implementation of Avant's planned high-density compute infrastructure and distributed supercomputing solutions.

Avant’s CEO stated that growing early demand for the Company’s high-density compute infrastructure is coming from both the on-premises and colocation segments of the private cloud sector. The rapidly growing demand for new data center capacity, combined with the progress of Avant’s solution development over the past 6 months led the Company to announce in March 2024, that Avant expects its first state-of-the-art AI-focused data center would be built in Milwaukee, Wisconsin, and operational in the first half of 2025.

https://finance.yahoo.com/news/avant-technologies-addresses-progress-ai-120000845.html

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