Renoworks AI Gen 2 improves delivery of
home visualization customer experiences for enterprise customers
and homeowners
CALGARY,
AB, Feb. 6, 2023 /CNW/ - Renoworks
Software Inc. (TSXV: RW) ("Renoworks"), an industry
leader in visualization and lead generation technology for the home
renovation and new construction sector, announces the launch of its
next generation artificial intelligence (AI) image recognition and
visualization technology - Renoworks
AI Gen 2.
AI Gen 2 is faster, more
accurate and more scalable, which should lead to better outcomes
for all stakeholders utilizing the Renoworks platform.
Renoworks AI Gen 2 harnesses a new state-of-the-art model to
recognize exteriors and object edges with improved quality up to
30% better than previous models. This advanced AI model reduces
processing times from an average 45 seconds to 10-15 seconds, an
efficiency improvement of 3x to 4.5x. The significant improvement
in speed should lessen churn of high-quality leads away from the
platform, resulting ultimately in more successful transactions for
all Renoworks partners and customers.
Renoworks AI Gen 2 is highly scalable and can handle up to 15x
the number of projects than the current process, meaning Renoworks
will be able to accommodate growth and usage across its client
network at reduced cost.
The new technology also includes better detection of
obstructions, such as trees and foliage, which means that
homeowners no longer need to frame the best photo for Renoworks AI
Gen 2 to generate a perfectly prepared shot for home visualization.
In addition, the new model brings potential training costs down by
50-75% than the legacy solution for better cost efficiency for
Renoworks.
"The launch of Renoworks AI Gen 2 is a major milestone for our
Company, as it not only enhances the customer experience but also
aids our clients in remaining competitive in the home improvement
market," said Doug Vickerson, CEO of
Renoworks Software. "Our investment in AI/ML and data science over
the past several years has positioned us to continue strengthening
our industry leadership and will be a critical piece in our value
chain strategy."
Mr. Vickerson continues, "With this new model, Renoworks could
expand potentially beyond exteriors in the future, create
opportunities for partnerships with other technology companies and
invent new use cases to better the home improvement industry."
Renoworks AI Gen 2 is available as a free upgrade exclusively
for customers utilizing the latest version of the Renoworks
visualization platform, and a paid upgrade for earlier platform
version users.
About Renoworks
Renoworks Software Inc. develops and sells unique digital
visualization software and integration solutions for the remodeling
and new home construction industry. Renoworks delivers its
technology to manufacturers, contractors, builders, and retailers
offering solutions to one of the home improvement industry's
greatest challenges: enabling homeowners to review their product
selections in a hyper-realistic, virtual environment before
committing to purchases and construction. Renoworks markets its
technologies as an innovative engagement, sales, and marketing
platform and generates revenues from five main business lines:
Renoworks Enterprise, Renoworks PRO, Renoworks Design Services,
Renoworks FastTrack, and Renoworks API (Application Programming
Interface). For more information, visit www.renoworks.com and
www.renoworkspro.com.
Forward-Looking
Information
Certain statements in this news release, other than
statements of historical fact, are forward-looking information that
involve various risks and uncertainties. Such statements relating
to, among other things, the prospects for the Company to enhance
operating results, are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from the
information contained herein. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions
of the management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.