At the event, where the company's founders Emre Balduk and Ertuğrul Kazancı described the system in practice to the journalists, which uses the Microsoft Azure infrastructure, Microsoft Southeastern Europe Technology Director Berkay Mimaroğlu also emphasized on the opportunities offered by them to domestic artificial intelligence startups.
Minimizes Investment Risks
Domestic startup cotcast.ai, which uses artificial intelligence to make an assumption on cotton prices, was introduced to the press at an event held at Microsoft Turkey office. Combining the experience of Nazar Tekstil in the field of cotton, operating in the textile industry in Kahramanmaraş for three generations, with Hey Teknoloji's vision in the field of artificial intelligence, cotcast.ai aims to optimize the entire textile supply chain from farmers to ready made clothing manufacturers, from ginners to garment manufacturers, and to increase sustainability with its artificial intelligence model. The platform, which sets out its journey as a brand coming out from a TÜBİTAK project, also helps global investors minimize their investment risks with its high-accuracy predictions.
Aiming to easiness the competition by accurately managing risks in the cotton market, which is an extremely important agricultural product item for the Turkish economy, cotcast.ai contributes to making production and trade more efficient with the artificial intelligence-supported solutions it offers to predict market movements. Thanks to cotcast.ai analysis supported by global data and current information, it is possible to access detailed information on worldwide cotton production, demand, stocks and prices. cotcast.ai targets the entire textile supply stakeholders as well as investors whom are willing to invest in the cotton stock market. In addition, the platform plans to offer similar tools in other commodities and energy sectors as well, which led by agricultural products, in the coming period.
“We Assist our Users in making More Informed and Accurate Decisions”
Cotcast.ai Founding Partner Emre Balduk said that a highly regarded potential existed in meeting the information demand in the agriculture, textile and stock market sectors with artificial intelligence tools and said, “cotcast.ai was shaped in line with the needs of sector shareholders as well as those whom are considering investing in the cotton field, and we are aiming to position this platform as a reliable guide for the users. In order to verify the accuracy of our model, we carried out 'backtest' simulations, displaying how the system can achieve critical peaks when applied historical data. These simulations revealed that cotcast.ai predicted cotton prices with a 99.45 percent accuracy rate. In a market where even a 1 cent price variation causes hundreds of thousands of US dollars, we help our users to make more conscious and accurate decisions about the market.”
"Artificial Intelligence Offers Advantages to the User"
Speaking at the event, cotcast.ai's other Founding Partner Ertuğrul Kazancı underlined the vision of becoming a domestic unicorn by exporting the technology which is a production of cotcast.ai to the world. Kazancı said, “Making data-driven projections is gaining importance in every field. Artificial Intelligence has brought a very unique outlook to the studies in this field. In this way, being able to make sense of complex relationships by analyzing large sums of data and identifying hidden trends and patterns around the data sets in the fastest way; meanwhile, minimizing human caused errors offers important advantages to the user. We are making cotcast.ai available to actors in the textile industry all over the world.”
While sharing their proud to host the introductory launch of cotcast.ai, which is a member of the Founders Hub initiative created by Microsoft to support start-ups and also uses the Microsoft cloud Azure infrastructure, Microsoft Southeastern Europe Technology Director Berkay Mimaroğlu said that within the scope of the Founders Hub program which came into existence in Turkey in 2021, they supported 1524 start-ups so far from the idea to the growth stage through the entire process. Mimaroğlu said, “The startups in question which approved of Founders Hub used a total of $15,049,820 in Azure credits. I would like to open a parenthesis here and state that every new year we grant twice as much Azure credit compared to the previous year. On the other hand, 1,351 start-ups had the opportunity to increase their productivity by integrating artificial intelligence thanks to Azure's Open AI services. Currently, more than a thousand of our entrepreneurs continue to benefit from the opportunities provided by Founders Hub, which also offers other Microsoft products such as GitHub and M365 advantageously. 40 percent of the startups participating in the program consist of startups that are consolidated and growing in Turkey."
