Elliptic Labs Signs Expansion Contract with Commercial Segment of PC Customer

Elliptic Labs, a leading global AI software company based in Oslo, Norway, has announced a new expansion contract with an existing commercial customer in the PC market. The customer, whose identity was not disclosed in the press release, will be integrating Elliptic Labs' AI Virtual Presence Sensor technology into their products.

Elliptic Labs is known for its innovative AI Virtual Smart Sensors, which are currently integrated into over 500 million devices worldwide. These sensors use artificial intelligence to mimic the functionality of traditional hardware sensors, such as presence, proximity, and ambient light sensors, but without the need for additional hardware components. This results in smaller, more energy-efficient devices, as well as improved functionality and accuracy.

The AI Virtual Presence Sensor is one of Elliptic Labs' flagship products, which uses AI algorithms to detect the presence or absence of people or objects in front of a device. This technology is particularly useful for PCs, as it can be used to enable features such as automatic screen dimming when the user is away, or automatic login when they return.

The new expansion contract between Elliptic Labs and its commercial customer is significant, as it represents an increase in business for the Norwegian tech firm. The terms of the contract were not disclosed, but it is clear that the customer has seen value in Elliptic Labs' technology and intends to deploy it more widely within their product line.

Elliptic Labs' stock price (ELLITP-OSL) was up by 3.2% on the day of the announcement, reflecting investor confidence in the company's continued growth and success in the market.

Overall, this expansion contract is a positive development for Elliptic Labs, as it demonstrates the growing demand for their innovative AI technology in the PC market. With their ability to provide functionalities similar to traditional hardware sensors without the need for additional components, Elliptic Labs is well-positioned to continue disrupting the sensor market and expanding its customer base.