DIGITAL TRANSFORMATION

Skillful Craftsman Announces a Strategic Alliance to Develop a Metaverse Platform for Smart Technical Skills Training

Skillful Craftsman | March 03, 2022

Skillful Craftsman Announces
Skillful Craftsman Education Technology Ltd. ("the Company") (NASDAQ: EDTK), a provider of interactive online learning services, today announced the signing of a strategic cooperation agreement (the "Agreement") with Jiangsu Hibao Tech Software Co., Ltd. ("Hibao"), a provider of smart factory technology, to develop the Meta-Factory, a smart technical skills training platform.

Both parties agree that they will develop Meta-Factory for the purpose of providing vocational colleges and manufacturing industry customers with multi-person collaborative and multi-scene simulation training bases that will enable them to effectively cater to the rapidly changing labor market for manufacturing factories. Hibao undertakes to offer basic manufacturing industry data, and the company agrees to be responsible for developing a virtual reality ("VR") smart operating platform and establishing vocational training centers.

The Meta-Factory combines virtual reality ("VR") and augmented reality ("AR") technology with advanced immersive user interaction design to assist students in simulating the operation of each step in a smart factory and enhance their learning experience through a high-quality virtual simulation environment. With the integration of various types of production data, three-dimensional spatial data, management data, personnel data, and other static data input via sensors and networks, Meta-Factory is expected to replicate virtual factory buildings, workshops, equipment, personnel, production environments, and dynamic manufacturing processes on a full scale with three-dimensional simulation display, full range adjustment, and scene switching. The Meta-cloud-based Factory's collaborative application module enables time, data, location, production process, and personnel synchronization, enabling real-time monitoring and administration of production processes, logistics, and space, equipment, and employees. Additionally, Meta-Factory will facilitate interaction and communication amongst students in various positions.

"We are very excited to cooperate with Hibao to develop our Meta-Factory by leveraging our respective advantages and have a high expectation for what Meta-Factory can bring to the vocational education industry. Building a Metaverse platform is significant for vocational students to have an immersive skills training experience that meets the trend of the industry. Following the guidelines of the Chinese government and its plan to promote vocational education, we are committed to serving students and vocational colleges with our technologies and upgraded skill training platform, helping them meet the rapid development trend of modern smart factories. The development of Meta-Factory is a significant milestone for the company to pave the way to achieve a long-term goal of providing high-quality training to students. "

-Mr. Xiaofeng Gao, Chairman and Co-CEO of Skillful Craftsman

This news contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations, forecasts, and predictions regarding future events.

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Artificial intelligence (AI) can enable a new era in the digital transformation journey, offering tremendous potential to transform industries for greater efficiency, sustainability and workforce engagement. Even though the impact of AI applications in manufacturing and value chains is known, the full opportunity from their deployment is still to be uncovered due to a number of organizational and technical roadblocks. Recognizing this need, the World Economic Forum’s Platform for Shaping the Future of Advanced Manufacturing and Value Chains and Platform for Shaping the Future of Technology Governance: Artificial Intelligence and Machine Learning, together with the Centre for the Fourth Industrial Revolution Türkiye, convened industry, technology and academic experts to shed light on these challenges and propose a step-by-step approach to overcome them.

Spotlight

Artificial intelligence (AI) can enable a new era in the digital transformation journey, offering tremendous potential to transform industries for greater efficiency, sustainability and workforce engagement. Even though the impact of AI applications in manufacturing and value chains is known, the full opportunity from their deployment is still to be uncovered due to a number of organizational and technical roadblocks. Recognizing this need, the World Economic Forum’s Platform for Shaping the Future of Advanced Manufacturing and Value Chains and Platform for Shaping the Future of Technology Governance: Artificial Intelligence and Machine Learning, together with the Centre for the Fourth Industrial Revolution Türkiye, convened industry, technology and academic experts to shed light on these challenges and propose a step-by-step approach to overcome them.

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