VCI Global Awarded Exclusive Distributorship for the World’s First AI-Powered Post-Harvest Robotic Packing System by Wootzano
22 February 2024 - 12:00AM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
today announced that it has entered into an agreement with Wootzano
Limited (“Wootzano”) to appoint VCI Global as its exclusive
distributor of Wootzano’s Avarai robotic packing systems in
Malaysia. The agreement augments VCI Global’s capabilities and
value as an innovating provider of business development and
consulting services to an ever-expanding variety of industrial
sectors.
Under the terms of the agreement, VCI Global
will receive priority supply and pricing terms from Wootzano on any
orders of the Avarai food-handling robotic system in Malaysia,
which the Company plans to introduce to its consulting customers
within various niches of the agricultural growing and distribution
markets. As consideration for these exclusive rights, VCI Global
has agreed to a schedule of minimum purchase commitments, starting
in 2024. Management believes that there is potential for deployment
of 10,000 Avarai robots by the year 2030 in Malaysia.
Wootzano, a UK-based robotics company, offers
innovative robot solutions powered by advanced sensory capabilities
for robotic hands, cutting-edge vision technology, artificial
intelligence (AI), sophisticated machine learning algorithms, and
cloud updates. Among its flagship products is Avarai, hailed as the
world’s first post-harvest robotic packing system, capable of
delicately handling various fruits and vegetables with ease and
precision, featuring the world’s first fully compliant electronic
skin (E-Skin) known as Wootzskin.
In 2022, the agriculture sector contributed
approximately RM 99 billion to Malaysia’s gross domestic product
(GDP) and employed close to 1.86 million people, according to the
Statista Research Department. The Avarai system has been designed
as a labor-saving solution, boasting a 60% reduction in human labor
requirement and a productivity increase of up to 50% compared to
traditional methods, aiming to address the persistent issue of
labor shortage in the agriculture sector.
According to research by the Federal
Agricultural Marketing Authority (FAMA), insufficient knowledge of
good handling practices and workers’ attitudes, particularly
concerning inefficient or improper handling systems, are identified
as the two major contributing factors to post-harvest losses of
fruits and vegetables. Among post-harvest handling activities,
packaging of fruits and vegetables has been found to hold the
greatest potential in reducing such losses. The introduction of the
Avarai system to Malaysia offers promising prospects for
significantly preventing post-harvest losses at the packing stage
through its delicate and precision handling of fresh produce.
“Avarai revolutionizes the post-harvest
industry, addressing labor shortages and ensuring hygienic, uniform
handling of fresh produce. Designed to emulate human behavior,
Avarai preserves freshness for consumers and boosts packhouse
efficiency. We are very excited to introduce Avarai to Malaysia
with VCI Global, aiming to transform the packhouse industry. With
45+ patents, Avarai is the world’s first and only commercially
available robotic system for post-harvest. Wootzano is fully geared
to bring our modular and highly dexterous robotic system to
Malaysia,” said Dr Atif Syed, Founder and CEO of Wootzano.
“We are proud to have been chosen as Wootzano’s
distribution partner. This presents a tremendous opportunity to
help revolutionize Malaysia’s post-harvest supply chain. As we
embark on this transformative journey, we eagerly anticipate
deepening our collaboration with Wootzano across the expansive
realms of AI and robotics,” said Dato’ Victor Hoo, Group Executive
Chairman and Chief Executive Officer of VCI Global.
About VCI Global Limited
VCI Global Limited has established itself as a
world-class multi-disciplinary consultancy group in the areas of
business, technology, and marketing consultancy. Our dedicated team
of consultants possesses extensive expertise in capital markets,
investor/public relations, marketing, real estate, and technology
consultancy, ensuring the fulfilment and surpassing of clients'
requirements and objectives. Our commitment to excellence ensures
that our valued clients receive not only expert advice, but a
comprehensive partnership aimed at achieving their business goals
and staying ahead in today's competitive business environment.
For more information on the Company, please log
on to https://v-capital.co/.
About Wootzano Limited
Wootzano is a British state-of-the-art robotics
company based in Sedgefield, in the northeast of England. Their
highly dexterous robotic system, AvaraiTM, is crafted to meet the
needs of the post-harvest industry by supplementing a struggling
workforce in the packing of delicate, soft produce. Each feature is
designed with the customer in mind to provide an immediate
solution, without compromising on standards. The award-winning
electronic skin provides a greater sensory awareness to the robotic
hands and enables it to know the precise force needed to delicately
pick and pack soft produce without causing internal or external
damage to the fruit. Paired with the cutting-edge vision technology
and sophisticated machine learning algorithms the systems can learn
and see in real time, giving the customer a system that only gets
better over time.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company’s
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company’s
products and the Company’s customers’ economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company’s filings with the United States Securities and
Exchange Commission (SEC). The forward-looking statements contained
in this press release are made as of the date of this press
release, and the Company does not undertake any responsibility to
update the forward-looking statements in this release, except in
accordance with applicable law.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
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