Renoworks Launches Next Generation AI Image Recognition and Visualization Technology

Renoworks AI Gen 2 improves delivery of home visualization customer experiences for enterprise customers and homeowners

CALGARY, AB, Feb. 6, 2023 /CNW/ - Renoworks Software Inc. (TSXV: RW) ("Renoworks"), an industry leader in visualization and lead generation technology for the home renovation and new construction sector, announces the launch of its next generation artificial intelligence (AI) image recognition and visualization technology - Renoworks AI Gen 2. AI Gen 2 is faster, more accurate and more scalable, which should lead to better outcomes for all stakeholders utilizing the Renoworks platform.

Renoworks AI Gen 2 harnesses a new state-of-the-art model to recognize exteriors and object edges with improved quality up to 30% better than previous models. This advanced AI model reduces processing times from an average 45 seconds to 10-15 seconds, an efficiency improvement of 3x to 4.5x. The significant improvement in speed should lessen churn of high-quality leads away from the platform, resulting ultimately in more successful transactions for all Renoworks partners and customers. 

Renoworks AI Gen 2 is highly scalable and can handle up to 15x the number of projects than the current process, meaning Renoworks will be able to accommodate growth and usage across its client network at reduced cost.

The new technology also includes better detection of obstructions, such as trees and foliage, which means that homeowners no longer need to frame the best photo for Renoworks AI Gen 2 to generate a perfectly prepared shot for home visualization. In addition, the new model brings potential training costs down by 50-75% than the legacy solution for better cost efficiency for Renoworks.

"The launch of Renoworks AI Gen 2 is a major milestone for our Company, as it not only enhances the customer experience but also aids our clients in remaining competitive in the home improvement market," said Doug Vickerson, CEO of Renoworks Software. "Our investment in AI/ML and data science over the past several years has positioned us to continue strengthening our industry leadership and will be a critical piece in our value chain strategy."

Mr. Vickerson continues, "With this new model, Renoworks could expand potentially beyond exteriors in the future, create opportunities for partnerships with other technology companies and invent new use cases to better the home improvement industry."

Renoworks AI Gen 2 is available as a free upgrade exclusively for customers utilizing the latest version of the Renoworks visualization platform, and a paid upgrade for earlier platform version users.

About Renoworks

Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new home construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers offering solutions to one of the home improvement industry's greatest challenges: enabling homeowners to review their product selections in a hyper-realistic, virtual environment before committing to purchases and construction. Renoworks markets its technologies as an innovative engagement, sales, and marketing platform and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack, and Renoworks API (Application Programming Interface). For more information, visit www.renoworks.com and www.renoworkspro.com.

Forward-Looking Information

Certain statements in this news release, other than statements of historical fact, are forward-looking information that involve various risks and uncertainties. Such statements relating to, among other things, the prospects for the Company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from the information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE RenoWorks Software Inc.

Doug Vickerson, CEO, Phone: [phone], E-mail: [email protected]; Renoworks Software Inc., 2721 Hopewell Place NE, Calgary, Alberta, Canada T1Y 7J7; For investor information for Renoworks, please contact: Sean Peasgood, IR, Phone: [phone], E-mail: [email protected]