Amesite Inc. (NASDAQ: AMST) CEO Dr. Ann Marie Sastry recently delivered a presentation at a leading Micro-Cap conference hosted by Sidoti & Company LLC. As an online platform and product developer powered by artificial intelligence (AI), Amesite is positioning itself to disrupt the current educational model. It plans to accomplish this with its robust, technology-first approach.
In her presentation, Sastry set out how Detroit-based Amesite has the goal of becoming a leading education specialist for delivering improved e-learning experiences and outcomes. In 2022 Amesite started a collaboration with Microsoft for the use of its Azure cloud, and it was featured in a story on Microsoft’s website. In February of 2023, it officially adopted GPT-3, the technology behind ChatGPT, onto its learning management system (LMS). In April, it launched the anticipated Version 6.0 (V6) of its platform.
V6 is integrated with GPT-4, the AI system powering Bing and ChatGPT Plus. Amesite’s platform now includes AI capabilities such as learning and creative assistants, as well as a free course on GPT fundamentals. Its generative AI capabilities mean that the platform now allows customers to create features like educational games, interactive learning experiences, leaderboards and other learning incentives.
A Strong Position In A Growing Market
Amesite’s vision for education and upskilling is for learners not to be educated in silos but instead, be brought into a larger learning community. The company provides a top-tier learning management system (LMS) that sits at the intersection of several industries, including AI, online education and software-as-a-service (SaaS). Amesite believes it can harness the growth of each of these markets to scale its customer base and grow revenue.
Each market is poised for significant growth in the next decade. The AI market was worth $136 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 37.3% between 2023 and 2030. Meanwhile, the SaaS market is expected to grow from $167 billion in 2022 to $462 billion by 2028, at a CAGR of 18.5% during the forecast period, and online education is projected to reach a value of $602 billion by 2030, growing at a CAGR of 17.2% over 2023-2030.
Amesite already works with numerous universities, museums, government agencies and businesses to deliver its suite of online products. Its LMS delivers a 99% retention rate across its paid products, compared with a 60% industry average retention rate.
How Amesite Is Doing Education Differently
Something that differentiates Amesite’s position in the market is its approach to client data. While it uses analytics to improve customer experience, the company has a strict approach of never selling data to third parties or using data for exploitative purposes.
Amesite also delivers what Sastry described as the best-in-class code and architecture in its LMS. Its V6 platform tools enable the integration of thousands of application programming interfaces (APIs). These APIs, along with Amesite’s collaboration with Microsoft, mean that Amesite’s offerings are easily scalable, and are capable of fast and efficient product delivery. Its robust architecture allows the company to continuously integrate improvements into the system.
In a case study released earlier this year, Amesite revealed it was able to onboard 50 courses in four days for its client, the leading commodity management company EWIE Group of Companies (EGC). On average, Amesite is able to provide a custom-branded, enterprise-scale system for clients within just 24 hours, and its easy-to-use platform means custom-developed content is fully accessible within only one month.
Other companies in the space include Coursera Inc. (NYSE: COUR), 2U (NASDAQ: TWOU) and Powerschool Holdings Inc. (NYSE: PWSC). According to Amesite – citing data from a third-party source – Amesite has a higher positive consumer sentiment score and a lower negative sentiment score than any of its competitors.
Amesite Inc., an artificial intelligence driven platform and course designer, provides online products in the United States. The company uses machine learning to offer a mass customized experience to learners. Its customers include businesses, universities and colleges, K-12 schools, and non-profit organizations. The company was incorporated in 2017 and is headquartered in Detroit, Michigan.
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