Know Labs Launches Subsidiary, AI Mind Inc., Generates $4.2 Million in NFT Revenue to Fund Continued Non-Invasive Glucose Monitoring Device Development

Know Labs, Inc., an emerging leader in non-invasive medical diagnostics, today announced that a new subsidiary created to work with the company’s Artificial Intelligence (AI) Deep Learning Platform has generated initial revenue of approximately $4.2 million from Non-Fungible Token (NFT) sales. This revenue will be used to fund ongoing progress toward development of AI technologies for Know Labs’ non-invasive glucose monitoring devices KnowU and UBand.

The new subsidiary, AI Mind Inc. (AIM), is focused on identifying opportunities to utilize the company’s artificial intelligence, machine learning and proprietary algorithms, which enable the Know Labs Bio-RFID platform to identify and measure blood glucose levels accurately and non-invasively. Know Labs believes it is among the first public companies to generate NFT revenues from AI algorithms.

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The company’s AI engine has the ability to process large amounts of data to identify properties or trends, while recognizing patterns – an essential functionality for Know Labs’ non-invasive blood glucose monitoring devices. While refining the company’s algorithms and enhancing the AI engine, Know Labs CEO Phil Bosua and the company’s engineering team understood the AI engine can be used to recognize complex patterns as well as to create patterns in the form of digital images and text-based solutions.

The Know Labs team, recognizing the dynamic and growing market for NFTs, in which digital assets are bought and sold on online exchanges, began to develop NFTs in the form of digital art by working with the company’s AI engine. The first 100 NFTs created by the AIM engineering and creative team sold quickly on the NFT exchange, OpenSea. The team created additional batches of NFTs, which also were sold to NFT investors and collectors. Examples of the AI-generated NFTs can be seen here (Explosion of Color) here (Singularity) and here (Light and Dark).

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“We were stunned to discover that the AI engine we have developed can, in addition to identifying molecules non-invasively, also create unique, digital patterns from our test data,” Bosua said. “Our AI engine enables our devices to capture highly accurate blood glucose readings with our Bio-RFID sensors. Now, that same AI engine has begun to generate millions in revenue for our company, which will be used to help fund our vision and achieve our goals. AI is going to be intrinsic to all industries moving forward. We now understand how big the societal impact of AI will be, it will be even bigger than the internet.”

To date, the Know Labs AIM subsidiary has sold more than 1,000 NFTs and has generated revenue in excess of 1,000 Ethereum, which converted to approximately $4.2 million. The company believes additional revenue may be generated from NFT sales during the first fiscal quarter, with proceeds used to fund the development of Know Labs’ AI technologies powering its non-invasive glucose monitoring devices. Revenue from NFT sales will be reported in the company’s first quarter 10Q, to be filed in February 2022.

“The ability to generate substantial revenue from a subsidiary created to monetize our trade secret AI algorithms is significant, because it potentially provides a new source of funding for our work toward developing what we believe will be the first medical-grade non-invasive glucose monitoring device,” said Ron Erickson, Know Labs Board Chairman. “Our team remains focused on bringing non-invasive diagnostic devices to market. We will soon kick-off a 200-participant internal clinical trial to refine our AI algorithms and further validate our technology’s accuracy. As we move toward the FDA approval process for our glucose monitoring devices, we’ll continue to seize opportunities to create incremental value for our shareholders, including through our new subsidiary.”

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