Guardforce AI

What Guardforce AI does

Guardforce AI Co., Limited (NASDAQ: GFAI) is a Cayman Islands-incorporated, Singapore-headquartered public company that evolved from a four-decade legacy in secured logistics and cash-in-transit services into a multi-vertical AI solutions provider. The company serves banks, airports, toll plazas, and commercial retailers in Southeast Asia through its Guardforce Cash Solutions Security (GFCS) subsidiary, and operates approximately 400 Guardforce Deposit Machines (GDM) across Thailand generating recurring service fees. Its newer AI offerings include Smart Retail (computer vision cameras, RFID inventory tracking, and electronic shelf labels deployed across 17+ retail locations in Thailand), DVGO (an AI travel agent platform that moved from beta to public launch in January 2026), Wishnote event robotics (approximately 100 contracted events in Thailand), and MGAI healthcare AI (AI-driven speech therapy and rehabilitation, acquired March 2026, serving 110,000+ patients through 20,000+ rehabilitation specialists in mainland China).

The company's core technology is the Intelligent Cloud Platform (ICP), a proprietary multi-agent orchestration infrastructure that connects AI agents and robots into a single system managing data analytics, decision logic, and real-world actions in real time. AI capabilities span computer vision, natural language processing, recommendation engines, autonomous agent workflows, and generative AI for therapy content. Distribution combines direct enterprise sales leveraging 40-year customer relationships in Southeast Asia, self-serve product-led growth for the DVGO platform at deepvoyage.ai, and event-driven deployments for Wishnote robotics. The company reports fiscal 2025 revenue of $35.2 million (8% year-over-year growth), with AI, robotics, and smart solutions growing 15.3% to represent 13.4% of total revenue.

The business model spans multiple revenue streams: recurring service fees per Smart Cash GDM deployment (subscription), managed services for secured logistics, hardware and deployment revenue for Smart Retail, subscription revenue projected from MGAI (with milestones of $0.5M in 2026, $1M in 2027, and $1.5M in 2028), and subscription revenue for the DVGO travel platform. The company has approximately 1,001-5,000 employees across operating geographies of Thailand, Singapore, Hong Kong, mainland China, and Taiwan. Strategic execution faces a Nasdaq minimum bid price compliance risk, with a December 2026 deadline to maintain the $1.00 listing requirement on the Capital Market.

Name

Guardforce AI

Legal name

Guardforce AI Co., Limited

Website

https://www.guardforceai.com/

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Guardforce AI (NASDAQ: GFAI) is an Asia-based AI solutions provider that evolved from a four-decade secured logistics business into a multi-product AI platform serving banks, retailers, travel advisors, and healthcare providers through Smart Cash, Smart Retail, DVGO travel agent, event robotics, and MGAI speech therapy AI.

Ownership category

akta.pro rank

Product category

AI-Enabled Security & Cash Management Services

NAICS

Armored Car Services (561613)

SIC

Services-Detective, Guard & Armored Car Services (7381)

akta.pro primary industry

End-to-End Enterprise AI Platforms (MLOps & Model Lifecycle Management) (HDAEANAA)

Keywords

• AI security solutions
• Cash management services
• Secured logistics services
• Retail analytics AI
• AI agent platform

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Smart Cash Recurring Service Fees: Each GDM (Guardforce Deposit Machine) deployment generates a recurring service fee, contributing predictable ongoing revenue. Approximately 400 machines currently deployed across Thailand.
2. Secured Logistics Services: Licensed cash-in-transit operations and cash processing facilities serving banks, airports, toll plazas, and commercial retail across Southeast Asia for over four decades.
3. Smart Retail Deployments: AI-driven CCTV surveillance analytics and RFID-based inventory systems deployed to retail locations, generating deployment and ongoing service revenue. Expanding across existing 5,000-store customer base.
4. MGAI Healthcare AI: AI-driven speech therapy and rehabilitation solutions through MGAI subsidiary. Revenue milestones of US$0.5 million for 2026, US$1 million for 2027, and US$1.5 million for 2028.
5. DVGO AI Agent Platform: AI-powered travel planning and concierge services for travel advisors, with trip proposal generation and itinerary management capabilities.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Guardforce AI fundamentally sells AI-powered security, cash management, and asset protection solutions to enterprises and travel advisors across Asia. Its product portfolio spans the DVGO AI travel agent platform, Smart Cash (GDM deposit machines plus secured logistics), Smart Retail (AI cameras plus RFID), Wishnote event robotics, and MGAI speech therapy AI, all unified through a proprietary Intelligent Cloud Platform (ICP) and monetized through recurring service fees, subscriptions, and managed services contracts.

Product overview

Guardforce AI operates a multi-product platform architecture combining legacy secured logistics services with AI-powered technology solutions. The core offerings include DVGO (AI travel agent platform), Smart Cash (automated cash management), Smart Retail (AI-powered retail analytics), and Robotics-as-a-Service. These are unified through the proprietary Intelligent Cloud Platform (ICP) which orchestrates multi-agent coordination and data analytics across all products. The company recently expanded into healthcare AI through the acquisition of MGAI for speech therapy services. The product portfolio represents a strategic shift from traditional cash logistics toward AI-for-service solutions while leveraging existing B2B relationships and operational infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• DVGO (DeepVoyage Go): Large-scale real-world vertical AI Agent designed to help travel advisors deliver faster, smarter, and highly personalized travel services. Powered by the company's Intelligent Cloud Platform (ICP) and multi-agent system.
• Wishnote
• GFCS (Guardforce Cash Solutions Security)
• Smart Cash
• Smart Retail
• RoboTravel Agent

Products and services

• DeepVoyage Go (DVGO) AI-powered cross-border travel and concierge platform that helps travel advisors deliver faster, smarter, and personalized travel services. Uses multi-agent orchestration to support itinerary planning, real-time trip adjustment, and local service connection.
• Smart Cash Integrated cash management solution combining the Guardforce Deposit Machine (GDM) with real-time web-based cash visibility platform and secured logistics collection. Automates cash counting, deposit verification, and bank reconciliation for retail environments, with approximately 400 machines deployed across Thailand.
• Smart Retail AI-powered retail operations solution combining computer vision cameras for people counting and behavioral analytics, RFID inventory tracking, and electronic shelf labels to improve visibility, reduce shrinkage, and enable intelligent store management across physical retail locations.
• Wishnote Event-robotics solution designed for weddings and large-scale celebrations. Acts as an interactive hub welcoming guests, collecting digital messages, and sharing live photos and videos through a companion app, deployed at nearly 100 events in Thailand.
• MGAI AI-driven speech therapy and rehabilitation platform serving over 110,000 patients through a network of 20,000+ rehabilitation specialists in mainland China. Targets the children's speech and language therapy market projected to grow to $2.14 billion by 2033.
• Legacy Secured Logistics Traditional cash-in-transit and asset protection services including licensed cash collection, secure transport, and cash processing facilities serving banks, airports, toll plazas, and commercial retail across Southeast Asia for over four decades.

Quantifiable outcome

• 73% of retail transactions in Southeast Asia still happen offline, creating massive addressable market for physical retail AI solutions
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability13 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and major.

• MGAI LimitedcoreStrategic or Co-development Partner · 17 March 2026Completed acquisition of 100% of MGAI Limited on March 17, 2026. MGAI operates AI-driven speech therapy and rehabilitation solutions serving over 110,000 patients through hospitals and healthcare professionals in mainland China. Revenue targets: US$0.5M (2026), US$1M (2027), US$1.5M (2028).
• Major Global Sportswear Brand (Thailand)majorStrategic or Co-development Partner · 27 February 2026Partnership extension for AI-driven smart retail solutions deployment in Thailand. Earlier work included implementations at two stores and AI-enabled camera systems across 13 additional locations following proof-of-concept phase completed mid-2025.
• Major Global Sportswear Brand (Thailand)majorStrategic or Co-development Partner · 26 February 2026Extended smart retail partnership with Thailand branch of major global sportswear brand. Deployment requests received for 5 additional retail locations in 2026 and 1 in 2027. Previously installed solutions at 2 locations and AI camera systems across 13 stores in 2025 following proof-of-concept. Smart retail platform combines CCTV analytics with RFID inventory tracking.
• Major Global Sportswear Brand (Thailand)majorStrategic or Co-development Partner · 26 February 2026Smart retail solutions partnership covering Thailand operations. Deployment requests for 5 additional locations in 2026 and 1 in 2027. Company CEO noted potential to deploy across existing 5,000-store customer base.
• MGAI LimitedcoreStrategic or Co-development Partner · 9 February 2026Acquisition target: Hong Kong-based company providing AI-driven speech therapy and rehabilitation services through Shenzhen Muyan Education Technology Consulting. Deal structure: US$300,000 cash plus 5 million restricted ordinary shares with performance-based vesting through 2028. Gives Guardforce AI 61.85% controlling stake in Muyan Education, which has served over 110,000 patients and has 20,000+ rehabilitation professionals on board.

Scale indicators12 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Brink's: Global cash-in-transit, cash management, and secure logistics provider. Most directly comparable peer given Guardforce AI's 40+ year legacy secured logistics business serving banks and retailers.
• Loomis: Global cash handling, cash-in-transit, and secure logistics company. Closely comparable to Guardforce AI's core cash management and secured logistics operations across Southeast Asia.
• Prosegur Cash: Cash management and security solutions provider with global operations including Asia-Pacific. Comparable to Guardforce AI's cash-in-transit business and the digital transformation effort underway via GFCS rebrand.

Broad incumbents

• G4S (Allied Universal): Global security services provider offering cash solutions, guarding, and technology-driven security. Comparable to Guardforce AI's combined secured logistics and smart security solutions portfolio.
• Securitas: Large security services firm increasingly investing in technology and AI-driven security solutions. Comparable to Guardforce AI's pivot from traditional guarding to AI-augmented security offerings.

Emerging players

• C3.ai: Enterprise AI platform offering vertical AI applications and agent-based solutions. Comparable to Guardforce AI's ICP platform strategy and multi-agent orchestration across verticals.
• Palantir Technologies: Enterprise AI/data platform serving operational use cases with an ontology and agent framework approach. Comparable to Guardforce AI's ICP-led multi-agent orchestration across physical-world operations.
• Trax: Retail computer vision and analytics provider for in-store operational intelligence. Comparable to Guardforce AI's Smart Retail computer vision, people counting, and behavioral analytics capabilities.
• Mindtrip: AI-powered travel planning platform serving travel advisors with automated itinerary generation. Comparable to Guardforce AI's DVGO AI travel agent targeting travel advisors globally.
• Standard AI: Computer vision platform for autonomous retail operations including loss prevention and inventory. Comparable to Guardforce AI's Smart Retail AI cameras and RFID-driven inventory tracking.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Guardforceai
• YouTubeyoutube.com/@guardforceai
• LinkedInsg.linkedin.com/company/gfaigroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Guardforce AI