AGEDB Technology Ltd. Announces Joint R&D Agreement to Enhance Microsoft Azure

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Aug 06, 2024, 09:30 ET

TORONTO, Aug. 6, 2024 /PRNewswire/ - AGEDB Technology Ltd. ("AGEDB" or the "Company") (TSXV: AGET), a leading provider of graph database software and services, today announced a strategic joint R&D agreement with Ovation Solutions Inc. and Bitnine co., Ltd. This collaboration aims to integrate AGEDB's Apache AGE-based graph database and Bitnine's AgensSQL GenAI into Microsoft Azure Stack Hub, significantly enhancing its capabilities for enterprise customers.

Key Highlights of the Agreement:

Joint R&D: As a recognized Microsoft partner, Ovation Solutions will lead the joint R&D efforts to integrate AGEDB's Apache AGE-based graph database and Bitnine's AgensSQL GenAI into Microsoft Azure Stack Hub. Their expertise ensures a seamless integration and management of the integrated Azure Stack Hub solutions.
Advanced Capabilities: The integration of Apache AGE-based graph database and AgensSQL GenAI will provide Azure Stack Hub with advanced graph database functionalities and AI-driven analytics for improved security and operational insights.
Significant Investment in Innovation: The joint R&D project represents a substantial commitment from AGEDB, Ovation Solutions, Bitnine, and Microsoft. This collaboration underscores the importance of advancing Azure Stack Hub's technological capabilities and delivering enhanced solutions to enterprise clients.

Roles and Responsibilities:

Ovation Solutions: Responsible for technology integration, implementation services, ongoing support, market readiness, performance monitoring, resource allocation, and facilitating joint R&D collaboration.
AGEDB Technology: Focused on the development of Apache AGE-based graph database, providing technical support, regular updates, and conducting training sessions.
Bitnine: Tasked with developing AI-powered analytics, implementing real-time monitoring tools, and offering advanced technical support
Microsoft: Provides technical guidance, compliance and certification support, ensuring the software meets Azure Stack Hub's security, performance, and operational standards.

Financial Terms:

Ovation Solutions will compensate AGEDB with a total of $3 million USD for the software and services provided, with payments structured across various project milestones.

About AGEDB Technology Ltd.

AGEDB Technology Ltd. specializes in graph database software and services, delivering innovative technologies to enhance data management and security for businesses worldwide. With a focus on cutting-edge research and development, AGEDB is committed to driving technological advancements in the database and AI markets.

About Ovation Solutions Inc.

Ovation Solutions Inc. is a leading provider of system integration and implementation services. As a trusted and highly integrated partner of Microsoft, Ovation provides a wide range of data and AI solutions to enterprises based on Microsoft products, which highlights Ovation's strong relationship with Microsoft.

About Bitnine Co., Ltd.

Bitnine Co., Ltd. is a leader in PostgreSQL, graph database and AI technologies. Through continuous innovation and expertise in data solutions, Bitnine empowers organizations to harness the power of data for informed decision-making and enhanced security.

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This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause AGEDB Technology Ltd.'s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

SOURCE AGEDB Technology Ltd.