Intermap Announces $1 Million Program in Malaysia and Business Updates - Seite 2

Indonesian Mapping Program Underway with First Milestones Complete

Intermap has received the first payment for the Indonesian mapping program and has made significant progress in project preparations and deployment. Collaborating with government officials and key business partners, the program is now underway to capture and analyze intricate geospatial data, promising valuable insights for sustainable development and resource management in the region. Official kickoff meetings with government representatives and business partners have set the stage for mapping Sulawesi’s diverse landscape, representing 10% of the country’s land area.

“This program marks a pivotal moment in our commitment to providing Indonesia with a national basemap to specifications suitable for commercial applications,” said Mr. Blott. “Through cutting-edge technology, meticulous planning and strategic partnerships, we are laying the groundwork for a successful execution of this first phase and a seamless transition to the next phase of mapping the rest of the country. The result will be a national digital infrastructure that drives economic growth by providing interoperable precision elevation data supported by relevant and proven application layers for it to be successfully commercialized.”

To empower local communities and foster commercialization of geospatial data, Intermap is conducting in-country training with Indonesian personnel on data usage. Designed to equip participants with essential skills and knowledge, the training underscores the Company’s commitment to building capacity and driving sustainable development at the grassroots level in Indonesia. Building on this foundation, Intermap is working to secure additional contracts and expand its presence in the region where it enjoys a distinct competitive advantage because of its unique mapping technology.

Global Insurance Business Starts 2024 With Strong Growth

Intermap’s global insurance business is off to a strong start in 2024 with awards reaching $1 million from a new client subscription and multiple renewals.

Driven by demand related to climate change and other factors, the Company’s analytics address the highest combined ratio available in the insurance industry, resulting in growing demand for Intermap’s proven underwriting software and tailored global geospatial data. During 2023, Intermap leveraged proprietary AI/ML advancements, funded in part through its important U.S. government development contracts, to continue to make its geospatial data available to expanding commercial use cases. By making greater volumes of relevant data accessible with low latency to new and frequently non-expert users, Intermap expanded its gross margins, with average subscription size rising by 50% since 2020 and user data volumes increasing by 59% over the course of 2023, with no customer attrition. This rapid topline and bottom-line growth highlights how geospatial intelligence is commercialized by Intermap to measure profitable risk in critical markets plagued by rising uncertainty.