21 April, 2016
ContextVision: Closing in on a game changer
ContextVision is on track to become a specialist in the latest artificial intelligence technology, deep learning. Results from the first quarter were very encouraging, driven forward by the company’s R&D team of experts.
– Adding artificial intelligence to ContextVision is one of the best things that has ever happened to this company. Applying deep learning technology in all our ongoing projects, we have broadened our activities to accelerate toward a new huge potential for the company. The future is looking good, said CEO Anita Tollstadius.
The market for artificial intelligence-based products is projected to be worth 11,1 billion USD per year by 2024.
– The technological evolution within deep learning is currently moving at a great speed, but we see that ContextVision is at the forefront within its niche, with digital pathology as a primary focus, said Tollstadius.
ContextVision has 22 highly skilled R&D computer experts from different parts of the world, forming a very dynamic, creative and motivated team.
– This makes us well suited for developing the company into a deep learning specialist company. We see many future opportunities for this technology, said Tollstadius.
Deep learning is a breakthrough technology and the latest major development in artificial intelligence-finally making computers both smart and self-learning. ContextVision’s first in-house-developed deep learning algorithms have already proved to perform extremely well in the company’s sophisticated computer models.
Deep learning-or deep neural networks-continues to impress experts and a new major milestone was reached when the 18-time world Go champion was beaten by an advanced computer system based on deep neural networks and machine learning. The ancient Chinese game of Go has been considered impossible for computers to play at the championship level because of the extremely high number of possible positions and intuitive nature of the game.
– This is an example of a leap taken by applying the deep learning technology. A broad range of possible applications continue to create huge commercial opportunities. We see major international players such as Google, IBM, Microsoft and Apple investing heavily to develop artificial intelligence-based products, said Tollstadius.
The investments made into the development of new technologies and new product ideas are supported by the profitable core business: medical image enhancement. The company’s first quarter sales was as strong as in the first quarter of last year, with operating margin within the core business at 25%.
ContextVision sales in the first quarter was 18,4 MSEK, compared to 18,4 MSEK in the same quarter last year. The operating profit was 1,4 MSEK (1,9 MSEK) and the operating margin 7,7 % (10,5%).
ContextVision is a medical technology company specializing in image analysis and image processing. Its cutting-edge technology helps doctors accurately interpret medical images, a crucial foundation for better diagnosis and treatment. As an industry pioneer for more than 30 years, ContextVision has decided to take a lead position within deep learning, the latest artificial intelligence technology.
ContextVision is currently investing heavily in the field to expand its product portfolio. The present product portfolio includes state-of-the-art image enhancement software for 2D/3D/4D Ultrasound, MRI, X-Ray and Mammography which is used by leading equipment manufacturers worldwide. ContextVision is based in Sweden and listed on the Oslo Stock Exchange under the ticker COV. For more information, please visit www.contextvision.com.
About deep learning
Deep learning is the fastest growing area of machine learning. Deep learning mimics the brain to create a self-learning computer. It uses neural networks, many layers deep, and large datasets (“Big Data”) to teach computers how to detecting recognizable patterns in data. Deep learning is used in the research community and in industry to help solve many big data problems such as speech recognition and face recognition.