KUALA LUMPUR (Dec 6): SNS Network Technology Bhd (KL:SNS) has signed a three-year memorandum of understanding with Mimos Bhd to enhance software testing processes and drive innovation in artificial intelligence (AI).

The partnership aims at exploring collaboration on independent verification and validation (IV&V) services, as well as developing practical AI use cases for an AI factory, said SNS Network in a bourse filing on Friday.

By combining Mimos' expertise in AI research and development with SNS Networks' infrastructure, the collaboration seeks to deliver robust and scalable AI solutions to businesses, said SNS Network.

The focus, it said, will be on developing advanced AI algorithms and use cases that address specific enterprise challenges and opportunities.

“With an 8% and 16% compounded annual growth rate of the forecasted market for global IV&V (2023-2030) and test outsourcing (2022-2027), demand for IV&V and test outsourcing is strongly felt across emerging technologies,” said SNS Network managing director Ko Yun Hung in a statement.

The principal activity of SNS Network is the provision of ICT products, services and solutions, device repair and related services as well as the sale of broadband services.

Meanwhile, Mimos’ research and development activities currently focus on semiconductor and thin film research, advanced electronics and embedded systems.

SNS Network’s share price closed half a sen or 0.88% higher at 58 sen on Friday, valuing the company at RM931.66 million.