PYMNTS.com October 17, 2024
Artificial intelligence is fueling explosive growth in the tech industry, with companies from chip manufacturers to security startups reporting soaring revenues and attracting significant investment. Taiwan Semiconductor Manufacturing Co. posted a 54% jump in quarterly profits on strong AI chip demand, while AI security firm AITX saw a 348% revenue surge. Governance platform Relyance AI secured $32.1 million in funding to help enterprises navigate the complex landscape of AI implementation and data protection.
Startup’s Revenue Highlights Demand for Automated Security
As a sign of the rapidly evolving security technology landscape, artificial intelligence startup AITX reported a 348% year-over-year revenue increase for its second quarter, which ended on August 31.
The company, which develops AI-powered security devices, saw its revenue climb...
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